Attached files
| file | filename |
|---|---|
| 10-K - ARTS WAY MANUFACTURING CO INC | v175069_10k.htm |
| EX-32.1 - ARTS WAY MANUFACTURING CO INC | v175069_ex32-1.htm |
| EX-23.1 - ARTS WAY MANUFACTURING CO INC | v175069_ex23-1.htm |
| EX-31.1 - ARTS WAY MANUFACTURING CO INC | v175069_ex31-1.htm |
| EX-10.8 - ARTS WAY MANUFACTURING CO INC | v175069_ex10-8.htm |
| EX-10.3 - ARTS WAY MANUFACTURING CO INC | v175069_ex10-3.htm |
| EX-10.32 - ARTS WAY MANUFACTURING CO INC | v175069_ex10-32.htm |
Exhibit
10.7
Summary
of Compensation Arrangements with Directors
2009
Fiscal Year
Art’s-Way Manufacturing Co.,
Inc. (the “Company”) currently does not have a written Board
compensation plan. For the 2009 fiscal year, the Board determined that each of
the Company’s directors would receive a cash retainer fee for his service, paid
as follows:
|
Director Name
|
Compensation during
Fiscal Year 2009
|
|||
|
J.
Ward McConnell, Jr.
Executive
Chairman of the Board
|
$ | 150,000 | ||
|
Marc
H. McConnell
Executive
Vice Chairman of the Board
|
$ | 58,000 | ||
|
Thomas
E. Buffamante
|
$ | 30,000 | ||
|
David
R. Castle
|
$ | 30,000 | ||
|
Fred
W. Krahmer
|
$ | 30,000 | ||
|
James
Lynch
|
$ | 30,000 | ||
|
Douglas
McClellan
|
$ | 30,000 | ||
The Company also reimburses directors
for out-of-pocket expenses related to their attendance at board meetings and
performance of other services as Board members.
In addition, pursuant to the Company’s
2007 Non-Employee Directors’ Stock Option Plan, each director is automatically
granted non-qualified stock options to purchase 2,000 (post-split) shares of the
Company’s common stock each year on the date of the Annual Meeting of
Stockholders.