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Exhibit 10.24
Summary Of Director
Compensation
We use a combination of cash and
equity-based compensation to attract and retain qualified
candidates to serve on the Company’s board of directors
(“Board”). In setting director compensation, we
consider the significant amount of time that directors expend in
fulfilling their duties and comparative data regarding director
compensation of our peers. Neither Michael L. Scudder (our
President and Chief Executive Officer) nor Thomas J. Schwartz (our
Executive Vice President) receive compensation for serving as a
member of the Board.
Cash Compensation
. In 2008, the cash component of our director
compensation program consisted of an annual fixed retainer of
$40,000 for each non-employee director plus additional annual
retainers of: (1) $8,000 for the chair of the audit committee;
(2) $4,000 for each audit committee member; (3) $4,000
for the chair of the Compensation Committee; and (4) $4,000
for the chair of the Nominating and Corporate Governance Committee.
As of September 14, 2008, we im
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