EXHIBIT 10.2

 

INDEPENDENT DIRECTOR COMPENSATION PLAN

 

  •   COMENCING IN FY06 AND CONTINUING UNTIL REPLACED AND/OR MODIFIED BY THE
BOARD.

 

  •   REPLACES ALL PREVIOUS INDEPENDENT DIRECTOR COMPENSATION PLANS AND/OR
RESOLUTIONS.

 

CASH COMPENSATION

 

  •   ANNUAL RETAINER

 

  •   $ 10,8001

 

  •   BOARD MEETING FEES

 

$ 1,500 PER MEETING

 

  •   COMMITTEE FEES

 

SEE ATTACHMENT B

 

EQUITY COMPENSATION

 

  •   SAR’S2 (or equivalent) valued @ $15,000

 

  •   STOCK GRANT – 1,000 SHARES

 

AUDIT COMMITTEE:

 

Chair compensation - $ 3,000 annually

 

Meeting compensation - $ 1,500 per meeting

 

COMPENSATION COMMITTEE:

 

Chair compensation - $ 1,500 annually

 

Meeting compensation - $ 1,000 per meeting

 

NOMINATING AND GOVERNANCE

 

Chair compensation - $ 1,500 annually

 

Meeting compensation - $ 1,000 per meeting

 

--------------------------------------------------------------------------------

1 Chairman’s annual retainer is $ 60,000.

2 The Compensation committee will recommend to the board each year the exact for
of this component. For FY06 it is cash settled SAR’s.