Examples of Supplemental Annual Retainer in a sentence
A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a chairperson of the Audit Committee of the Board during the Plan Year.
In no event shall any installment of the Supplemental Annual Retainer be paid later than March 15 following the year to which such installment relates.
Payment of such prorated Supplemental Annual Retainer shall begin on the date that the person first becomes chairperson of the Audit Committee, and shall resume on a quarterly basis thereafter.
The amount of the Supplemental Annual Retainer for the chairperson of the Audit Committee shall be established from time to time by the Board.
Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Audit Committee shall be $10,000.