SEC Contract Filing

Filing Date: 2018-03-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>2
<FILENAME>ex_106745.htm
<DESCRIPTION>EXHIBIT 10.20
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.20</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Non-Employee Director Compensation </b></i><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><i><b>Policy</b></i></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Cash Compensation Arrangements </i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Compensation for our non-employee directors consists of cash and stock options. The Compensation Committee periodically reviews the compensation paid to non-employee directors for their service on the Board and its committees and recommends any changes considered appropriate to the full Board for its approval. In 2013, the Compensation Committee conducted a competitive analysis of industry practices and director compensation programs at comparable companies. Based on this analysis, in January 2013 the Compensation Committee recommended revisions to our non-employee director compensation program. In February 2013, our Board revised the non-employee director compensation policy, which became effective January<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&nbsp;1, 2013. Pursuant to the revised non-employee director compensation policy, each member of our Board, who is not our employee, receives an annual retainer of $40,000. In addition, our non-employee directors receive the following cash compensation for Board services, as applicable: </font></p>

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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&bull;</p>
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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">the Board Chair receives an additional annual retainer of $20,000;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">the Audit Committee Chair receives an additional annual retainer of $15,000;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">the Compensation Committee Chair receives an additional annual retainer of $7,500;</p>
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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">the Nominating and Corporate Governance Committee Chair receives an additional annual retainer of $6,000;</p>
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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">an Audit Committee member receives an additional annual retainer of $7,500;</p>
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