The IR firm is WRONG.
Check the Annual Report. Directors earn 48,000 per year [see the (1) note below], 12,000 per quarter as shown below - plus any options or company stock plan awards. It may be that 48,000 is a low amount - which the options help to attract directors who think 48k isn't enough. The table below is for compensation for the 4th quarter. Directors earned 12,000 cash, with other compensation that doubled those earnings.
From the last 10-K:
COMPENSATION OF DIRECTORS
Our directors are reimbursed for reasonable out-of-pocket expenses in connection with attendance at Board of Director and committee meetings. In addition, our directors are eligible for grants of options to purchase shares of our common stock at the discretion of our Board of Directors.
The following table summarizes compensation paid to all of our directors:
Name / Fees Earned or Paid in Cash / Stock Awards / Option Awards / All Other Compensation / Total
($)
Yoshitaro Kumagai 12,000 Nil Nil 20,500 32,500
Lawrance J. Langs 12,000 Nil Nil 12,500 24,500
Edward Kolic 12,000 Nil Nil 12,500 24,500
(1)
On May 23, 2014, the Board of Directors set the annual compensation payable to each member of the Board of Directors at $48,000 per annum for the period from June 1, 2014 to May 31, 2015. The fees earned or paid in cash of $12,000 for each Director was for the service period of June 1, 2014 to August 31, 2014 during this fiscal year.
(2)
All other compensation for Mr. Kumagai, Mr. Langs and Mr. Kolic includes participation in the employee share purchase plan described above under long term incentive plans and $8,000 for consulting fees for Mr. Kumagai.
(3)
All other compensation is stated in United States dollars and compensation was provided in Canadian dollars.
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