Exhibit 10.1

 

DIRECTORS COMPENSATION SUMMARY

 

Outside directors receive compensation for board service.

That compensation includes:

 

Annual Retainer:

 

$4,000 for all outside directors

 

 

 

Annual Stipend:

 

Board Chairman - $15,000

 

 

 

 

 

Audit Committee Chairman - $15,000

 

 

 

 

 

Compensation Committee Chairman - $3,000

 

 

 

Attendance Fees:

 

$2,500 for each Board meeting

 

 

 

 

 

$2,000 for each Audit Committee meeting

 

 

 

 

 

$1,000 for each Compensation Committee meeting

 

 

 

 

 

Reduced to $500 in all cases for telephonic attendance.

 

 

 

Equity Grants:

 

The Company plans to continue to grant stock options to purchase 5,000 shares
(or equivalent value) to each newly appointed outside director and annually to
each continuing outside director.

 

 

 

Plus Expenses related to attendance

 

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