Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - MARINE PRODUCTS CORP | Financial_Report.xls |
| EX-23 - EXHIBIT 23 - MARINE PRODUCTS CORP | t81552_ex23.htm |
| EX-24 - EXHIBIT 24 - MARINE PRODUCTS CORP | t81552_ex24.htm |
| 10-K - FORM 10-K - MARINE PRODUCTS CORP | t81552_10k.htm |
| EX-32.1 - EXHIBIT 32.1 - MARINE PRODUCTS CORP | t81552_ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - MARINE PRODUCTS CORP | t81552_ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - MARINE PRODUCTS CORP | t81552_ex31-1.htm |
EXHIBIT 10.16
SUMMARY OF COMPENSATION ARRANGEMENTS WITH NON-EMPLOYEE DIRECTORS
The following summarizes the current compensation and benefits received by the Company’s non-employee directors as of January 1, 2015. This document is intended to be a summary of existing oral, at will arrangements, and in no way is intended to provide any additional rights to any non-employee director. Compensation of the non-employee directors may be adjusted from time to time.
Retainer
Non-employee directors each receive an annual retainer fee of $40,000. The Chairman of the Audit Committee receives an annual retainer of $20,000, the Chairman of the Compensation Committee receives an annual retainer of $10,000 and the Chairman of each of the Corporate Governance/Nominating Committee and Diversity Committee receives an annual retainer of $6,000. A director that chairs more than one committee receives a retainer with respect to each Committee he chairs. All of the retainers are paid on a quarterly basis.
Meeting Fees
Per meeting fees for non-employee directors are as follows:
| – | For meetings of the Board of Directors, $2,500 |
| – | For meetings of the Compensation Committee, $2,000 |
| – | For meetings of the Corporate Governance/Nominating Committee and Diversity Committee, $1,500. |
| – | For meetings of the Audit Committee either in person or over the telephone, $2,500. |
| – | In addition, the Chairman receives an additional $2,500 for preparing to conduct each quarterly meeting. |
Equity Compensation
Under the terms of the Company’s Stock Incentive Plan, directors are eligible to receive stock options, stock awards, and other types of equity-based compensation awards. However, the Company does not make any such awards to non-employee directors under its current compensation practices.
All non-employee directors are entitled to reimbursement of expenses for all services as a director, including committee participation or special assignments.