EXHIBIT 10.65
SMTC CORPORATION BOARD COMPENSATION
On September 29, 2004, the Board of Directors (Board) of SMTC Corporation revised the fees payable to non-executive directors serving on the Board, effective as of January 1, 2005, as follows:
$US | |||
Annual Board retainer |
$ | 40,000 | |
Minimum portion of retainer in form of stock or deferred share units (DSUs) until threshold* attained |
$ | 25,000 | |
Annual Audit Committee Member retainer |
$ | 4,000 | |
Annual other Committee Member retainer |
$ | 2,000 | |
Non-Executive Chairman of the Board additional compensation (no meeting fees) |
$ | 35,000 | |
Chairman of the Audit Committee additional annual retainer |
$ | 6,000 | |
Chairman of all other committees additional annual retainer |
$ | 3,000 | |
Board meeting fee per meeting |
$ | 1,200 | |
Committee meeting fee per meeting |
$ | 1,200 | |
Telephone meetings-Board per meeting |
$ | 600 | |
Telephone meetings-Committee per meeting |
$ | 600 | |
* Threshold of mandatory stock ownership after four years (in shares or DSUs) |
$ | 100,000 |