Common use of Service on the Board of Directors Clause in Contracts

Service on the Board of Directors. (i) During the Term, the Executive shall serve as a member of the Board and shall not receive any additional compensation or benefits for her service as a Board member. (ii) After the Term of this Agreement expires, if requested by the Chairman of the Board, the Executive may at her election serve as a member of the Board. If the Executive serves as a member of the Board after the Term of this Agreement expires, the Executive shall receive the same cash compensation and benefits paid or available to other Board members, which shall include an annualized stipend of not less than Fifty Thousand Dollars ($50,000). Such annual stipend shall be pro-rated for any partial year of service on the Board after the expiration of the Term.

Service on the Board of Directors. (i) During the Term, the Executive shall serve as a member of the Board and shall not receive any additional compensation or benefits for her his service as a Board member. (ii) After the Term of this Agreement expires, if requested by the Chairman of the Board, the Executive may at her his election serve as a member of the Board. If the Executive serves as a member of the Board after the Term of this Agreement expires, the Executive shall receive the same cash compensation and benefits paid or available to other Board members, which shall include an annualized stipend of not less than Fifty Thousand Dollars ($50,000). Such annual stipend shall be pro-rated for any partial year of service on the Board after the expiration of the Term.