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Exhibit 10.17
Director Compensation
Policy
From January 1, 2008 to
December 31, 2008, the payment structure was as follows for
our independent directors:
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$20,000 one-time restricted stock
grant to new independent Board members;
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$10,000 cash to each independent
Board member as 1/3 of the annual director fee;
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$20,000 annual restricted stock
grant to each independent Board member as 2/3 of the annual
director fee;
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$10,000 cash to the Lead Director
as an annual fee;
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$10,000 cash to the Audit
Committee Chairman as an annual fee;
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$5,000 cash to the Compensation
Committee Chairman as an annual fee;
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$5,000 cash to the Nominating and
Corporate Governance Committee Chairman as an annual
fee;
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$2,500 cash to Audit Committee
members as an annual fee;
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$2,500 cash to each non-employee
director per day of Board meetings attended in person if the Board
meeting is held in the director’s home country or $7,500 cash
to each non-employee director for each Board meeting attended in
person if the meeting is not held in the director’s home
country. The $7,500 fee is a flat fee that is payable only once per
meeting, no matter how long the meeting lasts;
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$2,500 cash for the first Board
meeting attended telephonically in
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