EX-10.3
from 10-K
2 pages
Whereas, Following an Analysis of the Recommendations Received From an Independent Compensation Consultant Engaged by the Committee in 2022, the Committee Has Determined That It Would Like to Retain and Reward the Performance of the Corporation’s Board of Directors (The “Board”) by Adopting and Approving the Recommendations to Restructure the Cash and Stock Compensation That Constitute the Board Fee and Committee Fees; Now, Therefore, Be It Resolved, That This Committee Hereby Recommends That the Following Compensation Structure for the Board and Each Committee Be Approved by the Board of Directors, Effective as of January 1, 2023: Board of Directors a Retainer of $35,000 Per Year for Each Independent Board Member Plus Equity Consisting of $60,000 Worth of Restricted Stock Per Year, Issued in $15,000 Increments on the Last Day of Each Quarter and Priced at Fair Market Value, Vesting Immediately. Committee Members at the End of Each Quarter, the Independent Board Members Shall Receive Equal Payments of the Below Annual Fees: A Standard Fee of $5,500 Per Year Paid Out to Each Non-Executive Audit Committee Member, Except With Regard to the Audit Committee Chair, Who Shall Receive a Fee of $15,000 Per Year. a Standard Fee of $4,500 Per Year Paid Out to Each Non-Executive Compensation Committee Member, Except With Regard to the Compensation Committee Chair, Who Shall Receive a Fee of $10,000 Per Year
12/34/56
