Common use of Director Compensation Clause in Contracts

Director Compensation. (a) As partial compensation for services provided herein, for so long as Director remains a member of the Board hereunder the Company shall pay to Director cash compensation equal to $5,000 per year, paid quarterly in arrears. (b) As partial compensation for services provided herein, the Sponsor hereby grants and shall transfer to Director 5,000 Founder Shares. Director agrees to forfeit 2,500 Founder Shares back to the Sponsor if Director no longer remains a member of the Board at any time prior to the one-year anniversary of the consummation of the Public Offering. (c) During the term of this Agreement, the Company shall reimburse Director on a monthly basis for all reasonable out-of-pocket expenses incurred by Director in connection with fulfilling the services described in paragraph 2(b) hereof; provided, however, that Director complies with the applicable policies, practices and procedures of the Company and submits proper expense reports, receipts or similar documentation of such expenses. (d) Director’s status during the term of this Agreement shall be that of an independent contractor and not, for any purpose, that of an employee. All payments and other consideration made or provided to Director shall be made or provided without withholding or deduction of any kind, and Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.

Director Compensation. (a) As partial compensation for services provided herein, for so long as Director remains a member of the Board hereunder the Company shall pay to Director cash compensation equal to $5,000 per year, paid quarterly in arrears. (b) As partial compensation for services provided herein, the Sponsor hereby grants and shall transfer to Director 5,000 Founder Shares. Director agrees to forfeit 2,500 Founder Shares back to the Sponsor if Director no longer remains a member of the Board at any time prior to the one-year anniversary of the consummation of the Public Offering. (c) During the term of this Agreement, the Company shall reimburse Director on a monthly basis for all reasonable out-of-pocket expenses incurred by Director in connection with fulfilling the services described in paragraph 2(b) hereof; providedprovided , howeverhowever , that Director complies with the applicable policies, practices and procedures of the Company and submits proper expense reports, receipts or similar documentation of such expenses. (d) Director’s status during the term of this Agreement shall be that of an independent contractor and not, for any purpose, that of an employee. All payments and other consideration made or provided to Director shall be made or provided without withholding or deduction of any kind, and Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.