This excerpt taken from the VLG DEF 14A filed Oct 2, 2006.
The Company pays each non-employee director a $1,250 fee for each Board meeting attended and a $600 fee for each committee meeting attended. Each committee Chairman receives an annual retainer of $7,200. Mr. West receives an annual retainer of $25,000 for his service as Chairman of the Board. All other non-employee directors, excluding Mr. Indelicato, receive an annual retainer of $6,000. Directors are also reimbursed for certain reasonable expenses incurred in attending meetings. Officers of the Company do not receive any additional compensation for serving the Company as members of the Board of Directors or any of its committees.
In January 2006, the Company granted options to purchase 5,000 shares of common stock to Mr. Hespe. The options vest three years from the grant date and expire ten years from the grant date. The exercise price of the options is $21.28 per share which was the closing market price on that date.
William A. Indelicato, a director of the Company, served as Vice Chairman and Chief Executive Officer pursuant to an agreement between Mr. Indelicato and the Company. The agreement also provided that ADE Vantage, Inc., a company wholly owned by Mr. Indelicato would provide services to the Company relating to the Companys acquisition program. In addition, the Company retained ADE Vantage, Inc., to provide acquisition support. This agreement was terminated on January 31, 2006 when Mr. Indelicato became an employee of the company. See Executive Compensation-Compensation Committee Interlocks and Insider Participation-Indelicato and ADE Vantage, Inc. Consulting Arrangements.