Exhibit 10.12

 

DIRECTOR COMPENSATION

 

The following compensation arrangements have been established for the Board of
Directors of the Company: All outside directors will receive an annual retainer
of $40,000. The chairpersons of Strategic Markets, the Audit Committee, the
Compensation Committee, the Risk Oversight Committee, and the
Nominating/Governance Committee will for these services receive retainers of
$70,000, of $20,000, of $20,000, of $15,000, and of $12,500 respectively.
Additionally, the individual filling the lead director role will receive a
retainer of $50,000. Outside directors also receive a meeting fee of $1,500 for
each Committee meeting attended. Outside directors also receive an annual grant
of $70,000 of stock. No separate compensation is paid to directors who are also
employees of the Company.

 

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