Term and ISO Board Compensation. Except for the President, who serves as an ex-officio member of the ISO Board, Directors shall serve staggered four (4) year terms and may be reelected. The terms of the initial Directorsshall be staggered, as determined by the Selection Committee. Except for the President, whose compensation shall be set forth in a separate contract, Directors shall be compensated by an annual retainer and meeting fees, and shall be reimbursed for their expenses. The retainer and meeting fees will initially be established by the Selection Committee. Any change in Directors’ compensation will be subject to the ISO Board approval, after the Management Committee has had an opportunity to review and comment on any proposed change.
Term and ISO Board Compensation. Except for the {Executive Director, that} [President, who] serves as an ex[-]officio member of the [ISO] Board, Directors shall serve staggered four (4) year terms and may be reelected. The terms of the initial Directors shall be staggered, as determined by the Selection Committee. Except for the {Executive Director} [President, whose compensation shall be set forth in a separate contract], Directors shall be compensated by an annual retainer and meeting fees, and shall be reimbursed for their expenses. The retainer and meeting fees will initially be established by the Selection Committee. Any change in {Directors'} [Directors’] compensation will be subject to [the ISO] Board approval, after the Management Committee has had an opportunity to review and comment on any proposed change.
