Document:

ex10_3.htm

EXHIBIT 10.3

 

INSPERITY, INC. 2012 INCENTIVE PLAN

INITIAL DIRECTOR STOCK AWARD AGREEMENT

This Restricted Stock Agreement (“Agreement”) is between Insperity, Inc. (the “Company”) and _______________ (the “Grantee”), a nonemployee member of the Board of Directors of the Company (a “Director”), regarding an award (“Award”) of _____________ shares of Common Stock (as defined in the Insperity Inc. 2012 Incentive Plan (the “2012 Incentive Plan”), such Common Stock comprising this Award referred to herein as “Restricted Stock”), awarded to the Grantee on ____________ (the “Award Date”), such number of shares subject to adjustment as provided in the 2012 Incentive Plan, and further subject to the following terms and conditions:

 

1.            Relationship to 2012 Incentive Plan. This Award is granted pursuant to the 2012 Incentive Plan, as provided under the Insperity, Inc. Directors Compensation Plan (the “Directors Compensation Plan”), subject to all of the terms, conditions and provisions of, and administrative interpretations under, the 2012 Incentive Plan, if any, which have been adopted by the Committee thereunder. Any question of interpretation arising under this Agreement shall be determined by the Committee and its determinations shall be final and conclusive upon all parties in interest. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the 2012 Incentive Plan. For purposes of this Agreement, the term “Service” shall mean service as a Director.

 

2.            Vesting Schedule.

 

(a)           Subject to Section 3 below, the Award hereby granted shall become vested in three (3) cumulative annual installments, with one-third (1/3) of the Restricted Stock becoming vested on the first (1st) anniversary of the Award Date, another one-third (1/3) becoming vested on the second (2nd) anniversary of the Award Date, and the remaining one-third (1/3) becoming vested on the third (3rd) anniversary of the Award Date.

 

(b)           All unvested shares of Restricted Stock subject to this Award shall vest, irrespective of the limitations set forth in subparagraph (a) above, provided that the Grantee has been in continuous Service since the Award Date, upon the occurrence of:

 

(i)           a Change in Control, unless otherwise provided for in the 2012 Incentive Plan, or

 

(ii)          the Grantee’s termination of Service by reason of death or Disability.

 

(c)           For purposes of this Agreement:

 

(i)           “Disability” means Disability as such term is defined under the Directors Compensation Plan.

 

3.            Forfeiture of Award.  Except as provided in another written agreement between the Grantee and the Company, if the Grantee’s Service terminates other than by reason of death or Disability, all unvested Restricted Stock as of the Service termination date shall be forfeited. No additional shares shall vest after the Grantee’s Service has terminated for any reason other than death or Disability. The Company has sole discretionary authority to determine when a Grantee’s Service terminates for all purposes under this Agreement and the 2012 Incentive Plan.

 

  

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4.            Escrow of Shares.  During the period of time between the Award Date and the earlier of the date the Restricted Stock vests or is forfeited (the “Restriction Period”), the Restricted Stock shall be registered in the name of the Grantee and held in escrow by the Company, and the Grantee agrees, upon the Company’s written request, to provide a stock power endorsed by the Grantee in blank.  If any certificate is issued during the Restriction Period, it shall bear a legend as provided by the Company, conspicuously referring to the terms, conditions and restrictions described in this Agreement.  Upon termination of the Restriction Period, a certificate representing such shares shall be delivered upon written request to the Grantee as promptly as is reasonably practicable following such termination.

 

5.            Code Section 83(b) Election.  The Grantee shall be permitted to make an election under Code Section 83(b), to include an amount in income in respect of the Award of Restricted Stock in accordance with the requirements of Code Section 83(b).

 

6.             Dividends and Voting Rights.  The Grantee is entitled to receive all dividends and other distributions made with respect to Restricted Stock registered in his name and is entitled to vote or execute proxies with respect to such registered Restricted Stock, unless and until the Restricted Stock is forfeited.

 

7.             Delivery of Shares.  The Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such sale or delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any national securities exchange or inter-dealer quotation system upon which the Common Stock is listed or quoted.  In no event shall the Company be obligated to take any affirmative action in order to cause the delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement.

 

8.             Notices and Disclosure.  Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the Company with respect to this Award shall be in writing and shall be delivered:

 

(a)           by registered or certified United States mail, postage prepaid, to Insperity, Inc., Attn:  General Counsel, 19001 Crescent Springs Drive, Kingwood, Texas 77339;

 

(b)           by hand delivery or otherwise to Insperity, Inc., Attn:  General Counsel, 19001 Crescent Springs Drive, Kingwood, Texas 77339; or

 

(c)           by email to the Company’s General Counsel or his delegate.

 

Notwithstanding the foregoing, in the event that the address of the Company is changed, notices shall instead be made pursuant to the foregoing provisions at the Company’s then current address.

 

  

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Any notices provided for in this Agreement or in the 2012 Incentive Plan shall be given in writing and shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the Company to the Grantee, five (5) days after deposit in the United States mail, postage prepaid, addressed to the Grantee at the address specified at the end of this Agreement or at such other address as the Grantee hereafter designates by written notice to the Company.

 

The foregoing notwithstanding, the Grantee agrees that the Company may deliver by email all documents relating to the 2012 Incentive Plan or this Award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). The Grantee also agrees that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a web site, such posting is deemed to notify the Grantee.

 

9.             Assignment of Award.  Except as otherwise permitted by the Committee, the Grantee’s rights under the 2012 Incentive Plan and this Agreement are personal; no assignment or transfer of the Grantee’s rights under and interest in this Award may be made by the Grantee other than by will or by the laws of descent and distribution or by a qualified domestic relations order, and this Award is payable during his lifetime only to the Grantee, or in the case of a Grantee who is mentally incapacitated, this Award shall be payable to his guardian or legal representative.

 

10.           Payment of Par Value.  The Company’s obligation to deliver the shares of Restricted Stock to Grantee upon the vesting of such shares shall be subject to the payment in full of the requisite par value per share of the shares of Restricted Stock prior to such issuance (collectively, the “Par Value”).  The Grantee approves and authorizes the Company to deduct the Par Value of the shares of Restricted Stock from the Grantee’s cash compensation from the Company or its affiliates. If the Company is unable to or otherwise does not make such compensation deduction and has not received from Grantee cash, a check or other available funds for the full amount of the Par Value by 5:00 P.M. Central Standard Time within thirty (30) days after the Award Date; or Grantee has not made by that date such other provision for the payment of the Par Value in form satisfactory to the Committee or Board in its sole discretion, the Company shall pay the Par Value of the shares of Restricted Stock on behalf of Grantee and will report the amount of such payment as income to Grantee for the taxable period of Grantee during which the shares of Restricted Stock are granted. Grantee acknowledges and agrees that he shall be responsible for the payment of any and all federal, state and local taxes on such income if the Company pays the Par Value on behalf of Grantee.

 

11.           Withholding.  The Company’s obligation to deliver shares of Restricted Stock to the Grantee upon the vesting of such shares shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements (the “Required Withholding”).  If applicable, the Company shall withhold from the Restricted Stock that would otherwise have been delivered to the Grantee the number of shares necessary to satisfy the Grantee’s Required Withholding, and deliver the remaining whole shares of Restricted Stock to the Grantee, unless the Grantee has made arrangements with the Company for the Grantee to deliver to the Company cash, a check or other available funds for the full amount of the Required Withholding by 5:00 p.m. Central Standard Time on the date the shares of Restricted Stock become vested.  The amount of the Required Withholding and the number of shares of Restricted Stock to be withheld by the Company, if applicable, to satisfy the Grantee’s Required Withholding, shall be based on the Fair Market Value of the shares of vested Restricted Stock on the date prior to the applicable date of vesting.

 

  

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12.           Stock Certificates.  Certificates representing the Common Stock issued pursuant to the Award will bear all legends required by law and necessary or advisable to effectuate the provisions of the 2012 Incentive Plan and this Award.  The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant to this Award until all restrictions and conditions set forth in the 2012 Incentive Plan or this Agreement and in the legends referred to in this Section 12 have been complied with.

 

13.           Successors and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by the Grantee, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), except that the Grantee may not assign any rights or obligations under this Agreement except to the extent and in the manner expressly permitted herein.

 

14.           No Service Guaranteed.  No provision of this Agreement shall confer any right upon the Grantee to continued Service as a Director.

 

15.           Severability.  If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable for any reason, such invalidity, illegality, or unenforceability shall not affect any of the other terms, provisions, covenants, or conditions of this Agreement, each of which shall be binding and enforceable.

 

16.           Governing Law.  This Agreement, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by, construed, and enforced in accordance with the laws of the State of Texas.

 

17.           Entire Agreement; Binding Effect. This Agreement shall cover all shares of Common Stock acquired by the Grantee pursuant to this Agreement, including any community and/or separate property interest owned by the Grantee’s spouse in said shares.  All terms, conditions and limitations on transferability imposed under this Agreement upon shares acquired by the Grantee shall apply to any interest of the Grantee’s spouse in such shares. This Agreement and the 2012 Incentive Plan constitute the entire understanding between the parties regarding this Award, and supersedes any and all prior written or oral agreements between the parties with respect to the subject matter hereof. There are no representations, agreements, arrangements, or understanding, either written or oral, between or among the parties with respect to the subject matter hereof which are not set forth in this Agreement.  This Agreement is binding upon the Grantee’s heirs, executors and personal representatives with respect to all provisions hereof. Except as set forth herein, this Agreement cannot be modified, altered or amended, to the detriment of the Grantee, except by an agreement, in writing, signed by both a duly authorized executive officer of the Company and the Grantee.

 

  

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INSPERITY, INC.

	  
	  	  	  	  	  	  
	
Award Date: 

	 	  	
By:

	 	  
	 	 	 	
Name:  

	Paul J. Sarvadi	 
	  	  	  	
Title:

	
Chairman of the Board and

	  
	  	  	  	  	
Chief Executive Officer

	  

 

Acknowledgement and Acceptance by the Grantee

 

I, _________________________, the undersigned Grantee, hereby acknowledge that I have received copies of the Insperity, Inc. Directors Compensation Plan and the Insperity, Inc. 2012 Incentive Plan (the “2012 Incentive Plan”) and that I will consult with and rely upon only my own tax, legal and financial advisors regarding the consequences and risks of the Award.  I hereby agree to and accept the foregoing Restricted Stock Agreement, subject to the terms and provisions of the 2012 Incentive Plan and administrative interpretations thereof referred to above.

	  	  	  	
GRANTEE:

	  
	  	  	  	  	  
	
Date:

	 	  	  	  
	 	 	 	 	 
	  	  	  	
Grantee’s Address

	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

 

 

5ex10_4.htm

Exhibit 10.4

INSPERITY, INC.

DIRECTORS COMPENSATION PLAN

(Amended and Restated as of August 15, 2012)

 

  

  

  

 

INSPERITY, INC.

DIRECTORS COMPENSATION PLAN

Table of Contents

 

	  	  	
Page

	
SECTION 1.

	
DEFINITIONS

	
1

	  	  	  
	
SECTION 2.

	
ADMINISTRATION

	
4

	  	  	  
	
SECTION 3.

	
PARTICIPANTS

	
4

	  	  	  
	
SECTION 4.

	
BENEFITS

	
4

	  	  	  
	
SECTION 5.

	
GENERAL PROVISIONS

	
7

 

i

  

  

 

Exhibit 10.4

 

INSPERITY, INC.

DIRECTORS COMPENSATION PLAN

PREAMBLE

WHEREAS, Insperity, Inc. (the “Company”) previously adopted the Insperity, Inc. Directors Compensation Plan (the “Plan”) in order to promote the interests of the Company by encouraging Directors (as defined below) to acquire or increase their equity interests in the Company and to provide a means whereby such persons may develop a sense of proprietorship and personal involvement in the development and financial success of the Company;

 

WHEREAS, the Company desires to amend and restate the Plan in its entirety;

 

NOW, THEREFORE, the Company hereby amends and restates the Plan as set forth herein, effective as of August 15, 2012.

 

SECTION 1.

 

DEFINITIONS

 

For purposes of the Plan, the following terms shall have the meanings indicated:

 

1.1           Annual Director Award Date means for each calendar year in which this Plan is in effect, the date on which the annual meeting of the stockholders of the Company is held in that year.

 

1.2           Applicable Date means:

 

	
  

	
(a)

	
for the annual Board retainer, committee membership retainers and annual committee chair fees, the last day of the quarter; or

 

	
  

	
(b)

	
for meeting fees, the day preceding the day of the meeting.

 

1.3           Award Agreement means Award Agreement as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

  

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1.4           Board means the Board of Directors of the Company.

 

1.5           Cause means:

 

	
  

	
(a)

	
the Director whose removal is proposed has been convicted, or when a Director is granted immunity to testify when another has been convicted, of a felony by a court of competent jurisdiction and such conviction is no longer subject to direct appeal;

 

	
  

	
(b)

	
such Director has been found by the affirmative vote of a majority of the entire Board at any regular or special meeting of the Board called for that purpose or by a court of competent jurisdiction to have been guilty of willful misconduct in the performance of his or her duties to the Company in a matter of substantial importance to the Company; or

 

	
  

	
(c)

	
such Director has been adjudicated by a court of competent jurisdiction to be mentally incompetent, which mental incompetency directly affects his or her ability as a Director of the Company.

 

1.6           Committee means the Compensation Committee of the Board or any other committee as may be designated by the Board.

 

1.7           Common Stock means Common Stock as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

1.8           Compensation means the Participant’s annual Board retainer and committee membership retainers and any meeting fees for each regular and special meeting, (including telephonic meetings), and any retainers and fees earned by the Participant for chairing committees during the applicable Plan Year, as set forth in Appendix A, which may be amended from time to time by the Board.

 

  

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1.9           Director means a member of the Board, excluding any individual who is also an employee of the Company or a subsidiary thereof.

 

1.10           Disability means the inability to perform the duties of the Director’s position for a period of six (6) consecutive months or for an aggregate of six (6) months during any twelve (12) month period after the Grant Date by reason of any medically determinable physical or mental impairment, as determined by the Board in the Board’s sole discretion.

 

1.11           Exercise Price means the Exercise Price as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

1.12           Fair Market Value means, as applied to a specific date, Fair Market Value as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

1.13           Grant Date means the automatic date of grant of an award under the Plan as provided for in Section 4.

 

1.14           Insperity, Inc. 2012 Incentive Plan or 2012 Incentive Plan means the Insperity, Inc. 2012 Incentive Plan, effective May 16, 2012, and as amended from time to time.

 

1.15           Option means an Option as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

1.16           Participant means each Director, excluding any Director who elects in writing not to participate in the Plan.

 

1.17           Stock Award means a Stock Award as such term is defined under the Insperity, Inc. 2012 Incentive Plan.

 

1.18           Treasury Stock means issued shares of Company Stock that are held by the Company.

 

  

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SECTION 2.

 

ADMINISTRATION

 

2.1           Administration.  The Plan shall be administered by the Board.  The Board shall have the complete authority and power to interpret the Plan, prescribe, amend and rescind rules relating to its administration, determine a Participant’s right to a payment and the amount of such payment, and to take all other actions necessary or desirable for the administration of the Plan.  All actions and decisions of the Board shall be final and binding upon all persons.

 

2.2           Capitalized Terms.  To the extent not defined in this Plan, capitalized terms shall have the meanings assigned thereto in the 2012 Incentive Plan.

SECTION 3.

 

PARTICIPANTS

 

3.1           Participants.  Each Director shall be eligible to be a Participant.

SECTION 4.

 

BENEFITS

 

4.1           Retainer, Meeting and Committee Chair Fees.  The Compensation of Directors is set forth in Appendix A.   The Compensation for annual retainers and annual committee chair fees, if any, shall be paid to each Director on a quarterly basis, with each installment being equal to one-fourth of the annualized amount set forth in Appendix A and being paid as soon as administratively feasible following the end of the quarter.  The Compensation for meeting fees, if any, shall be paid to each Director as soon as administratively feasible after the meeting to which such fees relate.  Annually, each Director may elect, prior to the date that the Compensation would otherwise be paid to such Director in cash, to receive all such Compensation in shares of Company Stock.  The number of shares of Company Stock to be paid to an electing Director shall be determined by dividing the Director’s Compensation to be paid on such date by the Fair Market Value of the Company Stock on the Applicable Date, with any fractional share paid in cash.  Notwithstanding the foregoing, however, payment in shares of Company Stock may only be made by the Company with shares of Treasury Stock.  In the event the number of shares of Treasury Stock is insufficient on any date to make all such payments provided for in this Section 4.1 in full, then all Directors who are entitled to receive shares of Company Stock on such date shall share ratably in the number of shares available and the balance of each such Director’s Compensation shall be paid in cash.  An individual Director’s ratable share shall be calculated by dividing such Director’s eligible Compensation applicable to such payment by the total of all electing Directors’ eligible Compensation applicable to such payment.  An election to receive payment of Compensation in Company Stock rather than in cash shall be made in such manner as the Committee may from time to time prescribe.

 

  

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4.2           Equity Award Grants.  Directors shall be granted equity awards in accordance with the terms provided below and subject to applicable terms and limitations set forth in the Company’s 2012 Incentive Plan and the applicable Award Agreements.  Notwithstanding anything herein to the contrary, if the number of shares of Common Stock available for equity awards under the 2012 Incentive Plan is insufficient to make all grants of the awards provided for below on the applicable grant date, then all Directors who are entitled to an award on such date shall share ratably in the number of shares then available for awards under the 2012 Incentive Plan, and Directors shall have no right to receive an award with respect to the deficiencies in the number of available shares.

 

4.3           Initial Director Award.  Each Director who is elected or appointed to the Board for the first time after August 15, 2012, shall be automatically granted, on the date of his or her election or appointment to the Board, a Stock Award of a number of shares of Restricted Stock with an aggregate Fair Market Value as set forth in Appendix A, determined as of the date prior to the Grant Date.  The Award shall be rounded up to the next higher whole share amount in the case of a fractional share amount, which shall become vested as to one-third (1/3) of the shares on each anniversary of the Grant Date, unless such Director gives advance written notice to the Board that he or she does not wish to receive such Stock Award.  Notwithstanding the foregoing, if the Director terminates his or her service as a member of the Board, or his service is otherwise terminated, his or her unvested portion of such Stock Award, if any, shall terminate immediately on such termination date, unless such termination of service is due to death or Disability, in which event the unvested portion of such Stock Award shall become immediately 100% vested on such termination date.

 

  

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4.4           Annual Director Award.  On the Annual Director Award Date, each Director who is in office immediately after the annual meeting on such date and who was not elected or appointed to the Board for the first time on such date shall be granted a Stock Award of a number of shares of Common Stock with an aggregate Fair Market Value as set forth in Appendix A, determined as of the date prior to the Grant Date.  In lieu of such Stock Award, each Director may elect prior to the issuance of such Stock Award, in a time and manner determined acceptable by the Board, to receive on the Annual Director Award Date, an Option to purchase a number of shares of Common Stock which has the same aggregate value set forth in Appendix A, determined as of the date prior to the Grant Date, calculated using the valuation methodology most recently utilized by the Company for purposes of financial statement reporting.  The Exercise Price of Options issued under the Plan shall not be less than the Fair Market Value of the Common Stock at the Grant Date.  The Annual Director Awards shall be 100% vested and exercisable and shall be rounded up to the next higher whole share amount in the case of a fractional share amount.  No Annual Director Award will be made to an individual Director if such Director gives advance written notice to the Board that he or she does not wish to receive such award.

 

  

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4.5           Termination of Director Options.  Any Option granted to each Director shall terminate and be of no force and effect with respect to any shares of Common Stock not previously purchased by the Director upon the first to occur of:

 

	 	
(i) 

	
the tenth (10th) anniversary of the Grant Date for such award; or

 

	
  

	
(ii)

	
the expiration of (A) three months following the Director’s termination of service for Cause; or (B) three years following the Director’s termination of service for any other reason.

 

Notwithstanding anything herein to the contrary, the normal expiration date for Options shall not be extended.

 

4.6           Forfeiture of Director Stock Awards.  Any portion of a Stock Award to a Director which has not become vested on or before the date of the Director’s termination of service shall be forfeited.

 

4.7           Award Agreement.  Each Option and Stock Award granted to a Director shall be evidenced by an Award Agreement between the Company and such Director that sets forth the terms, conditions and limitations described in this Plan, if any, the 2012 Incentive Plan and any additional terms, conditions and limitations applicable to the Option or the Stock Award.

 

SECTION 5.

 

GENERAL PROVISIONS

 

5.1           Amendment and Termination.  The Board may from time to time amend, suspend or terminate the Plan, in whole or in part; provided, however, no amendment, suspension or termination of the Plan may impair the right of a Participant to receive any benefit accrued hereunder prior to the effective date of such amendment, suspension or termination. Notwithstanding the preceding sentence, equity awards under the Plan will cease without any action of the Committee or Board if the 2012 Incentive Plan expires and the Board does not designate a successor plan under which the equity awards are to be made.

 

  

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5.2           Compliance with Securities Laws.  It is the intention of the Company that, so long as any of the Company’s equity securities are registered pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, this Plan shall be operated in compliance with Section 16(b) thereof.

 

5.3           Applicable Law.  Except to the extent preempted by applicable federal law, the Plan shall be construed and governed in accordance with the laws of the State of Delaware.

 

  

  

  

 

APPENDIX A

 

Insperity, Inc. Directors Compensation Plan

(Amended and Restated as of August 15, 2012)

Directors' Compensation and Equity Awards

Effective August 15, 2012

 

	  	 	
Board

	 	 	
Compensation Committee

	 	 	
FRMA Committee

	 	 	
N&CG Committee

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
Annual Retainer

	 	$	40,000	 	 	$	3,000	 	 	$	5,000	 	 	
None

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Annual Committee Chair Fees

	 	 	N/A	 	 	$	8,000	 	 	$	10,000	 	 	$	3,000	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Meeting Fees

	 	
$2,000 in person,

$1,000 telephonically*

	 	 	
$1,500 in person,

$750 telephonically*

 

These fees are also paid to the

Chairman for meetings

attended with Management

between regular meetings.

 

Only one meeting fee per day

will be paid.

	 	 	
$1,500 in person,

$750 telephonically*

 

These fees are also paid to the

Chairman for meetings attended

with Management or Auditors

between regular meetings.

 

Only one meeting fee per day

will be paid.

	 	 	 	N/A 	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Initial  Director Award

	 	$	75,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Annual Director Award

	 	$	75,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 

 

  * If a Director attends in person a meeting noticed as a telephonic meeting, the Director receives the in person fee.

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