This excerpt taken from the GLBL 10-K filed Mar 16, 2006.
ITEM 9B. OTHER INFORMATION
Non-Employee Director Compensation Policy
All non-employee directors of the Company that were elected in 2005 received a retainer of $70,000 for the election cycle of which at least $35,000 was in the form of restricted stock, the forfeiture restrictions on which terminated one year after grant. Each of the non-employee directors also receives a $1,500 meeting fee for each Board or committee meeting attended in person ($2,500 in the case of the Audit Committee meetings) and a $750 fee for each telephonic meeting attended ($1,200 in the case of the Audit Committee meetings). In addition, the chairman of each Board committee and the lead director, who holds the position for a full-year, is entitled to receive a $7,500 stipend ($15,000 in the case of the Audit Committee Chairman). Non-Employee directors are entitled to be reimbursed for ordinary and necessary expenses incurred in attending Board or committee meetings.
Recently the Compensation Committee of the Board of Directors amended the non-employee directors' compensation policy. Beginning upon their election at the 2006 Annual Meeting of Shareholders in May 2006, all non-employee directors will be entitled to receive an annual cash retainer of $50,000 for each election cycle, and 10,000 shares of restricted stock granted on the date of their election. Based on the closing price of the Company's common stock on February 13, 2006, the day the Compensation Committee approved the new policy, the value of 10,000 shares was $123,800. The actual value of the restricted stock granted to non-employee directors will depend on the value of the Company's common stock on the date of grant in May. The forfeiture restrictions on the non-employee director restricted stock awards will lapse on the earlier of the date of the 2007 annual shareholders' meeting or June 1, 2007. Under the revised policy, the chairman of each Board committee and the lead director, who holds the position for a full election cycle will be entitled to receive a $7,500 stipend ($15,000 in the case of the Audit Committee Chairman). No meeting fees will be paid under the revised compensation policy but non-employee directors will be entitled to reimbursement for ordinary and necessary expenses incurred in attending Board or committee meeting. In connection with adoption of the revised non-employee director compensation policy, the Board adopted a director stock ownership policy that requires each director to own shares of common stock of the Company valued at five times the annual cash retainer paid to non-employee directors. Under the policy directors will be permitted to sell any shares they hold that exceed such ownership requirement. Directors will have three years to attain the required level of stock ownership.
This excerpt taken from the GLBL 10-Q filed Nov 22, 2005.
Item 5. Other Information.
On November 10, 2005, Global entered into a six-month contract with Mr. William Dore', the Company's Chairman and Chief Executive Officer, under which the Company will lease an office building and adjacent land in Lafayette, Louisiana at the rate of $4,600 per month. The Company will use the Lafayette leased property to conduct business which was formerly done at a leased facility in the Port of Iberia, Louisiana until the damage to the Company's facility in the Port of Iberia from Hurricane Rita is repaired. The terms of the Lafayette lease may be found in Exhibit 10.1.
Item 6. Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
November 21, 2005