Annual Cash Retainers. Subject to the approval by the Compensation Committee of the Board, the Corporation shall pay to the Director for his/her services as Director an annual cash retainer of ______, payable quarterly in arrears on the tenth day of January, April, July and October in each year of service. If the Director ceases to be a member of the Board for any reason during a quarter, the Director shall be entitled to a pro rata portion of the cash retainer(s) payable to him/her for the quarter.
Annual Cash Retainers. Subject to the approval by the Compensation Committee of the Board, the Company shall pay to the Director for his/her services as Director an annual cash retainer of ______, subject to regular review of the Compensation Committee of the Board whose decision shall be final, conclusive and binding on the Director, payable quarterly in arrears on the tenth day of January, April, July and October in each year of service. If the Director ceases to be a member of the Board for any reason during a quarter, the Director shall be entitled to a pro rata portion of the cash retainer(s) payable to him/her for the quarter.
