This excerpt taken from the ECHO DEF 14A filed Jun 4, 2007.
Compensation of Directors
The general policy of the Board is that compensation for independent directors should be cash or equity-based compensation, depending upon the desire of the specific director. We do not pay management directors for Board service in addition to their regular employee compensation. The Compensation Committee, which consists solely of independent directors, has the primary responsibility for reviewing and considering any revisions to director compensation. The Board reviews the committees recommendations and determines the amount of director compensation. The committee can engage the services of outside advisers, experts, and others to assist the committee in determining director compensation. During 2006, the committee did not use an outside adviser to aid in setting director compensation.
The Board followed the recommendation of the Compensation Committee and maintained director compensation at the same levels in 2006 as was paid in 2005. In fiscal 2006, Messrs. Georgantas, Lucas, and Field each received $55,000 and Mr. Terzian received $50,000. Mr. Lockhart received 4,514 shares of restricted common stock which was deposited into a Non-Qualified Deferred Compensation Plan for the account of Mr. Lockhart. In fiscal 2005, Messrs. Georgantas, Lucas and Field each received $55,000 and Mr. Terzian received $52,500. Mr. Lockhart, appointed on May 5, 2005, to fill a vacancy on the Board of Directors, received $8,333 in fiscal 2005. Each outside director received $48,250 in fiscal 2004 and $28,000 and 3,031 shares of Common Stock in fiscal 2003. Directors are compensated for all reasonable expenses and are not compensated for special meetings.