Annual Director Fee

Annual Director Fee. An annual fee earned by an Eligible Director for service on the Board of Directors

Annual Director Fee. Each Eligible Director shall be entitled to an Annual Director Fee, which may be adjusted by the Board from time to time, as follows: 4.1.1 Cash Portion of the Annual Director Fee. Each Eligible Director shall receive the amount of eighty two thousand five hundred dollars ($82,500) (the "Cash Portion of the Annual Director Fee"). The Cash Portion of the Annual Director Fee (after reduction pursuant to Section 4.3 hereof, if any) shall be paid to an Eligible Director in four equal quarterly... installments in arrears on the first business day following the end of each quarter of the Plan Year in which the Eligible Director provided services to the Company. Notwithstanding the foregoing, (a) any Eligible Director who serves as Chairman of the Board shall receive the amount of eighty five thousand dollars ($85,000) in addition to the $82,500 payment referred to above, (b) any Eligible Director who serves as Vice Chairman of the Board shall receive the amount of fifty five thousand dollars ($55,000) in addition to the $82,500 payment referred to above, and (c) any Eligible Director that serves as Lead Independent Director shall receive the amount of twenty five thousand dollars ($25,000) in addition to the $82,500 payment referred to above, with all other provisions of this subsection being applicable to such Eligible Director(s). 4.1.2 Equity Portion of the Annual Director Fee. Each Eligible Director shall receive Equity valued at one hundred and twenty thousand dollars ($120,000) (the "Equity Portion of the Annual Director Fee"). The Equity Portion of the Annual Director Fee shall be paid in arrears as provided in Section 5 below. View More