COMPENSATION OF DIRECTORS (UNAUDITED)

It is the Association’s policy to reimburse directors for mileage as well as documented business expenses while serving in an official capacity. A copy of the Association’s reimbursement policies is available to shareholders upon request.

For 2022, directors were compensated for their services based on annual retainers as follows:

Retainer amounts are adjusted for meeting absences or attendance at meetings in excess of scheduled Board meetings. Directors are also reimbursed for reasonable expenses incurred while serving in an official capacity and are paid a per diem of $500 per calculated travel day. The aggregate amount of compensation and reimbursements for travel, subsistence, and other related expenses for all directors was $2.8 million for 2022, $2.5 million for 2021, and $2.1 million for 2020.

Compensation information for each director who served in 2022 is shown in the following table:

1. Term ended August 2022.

2. Term began August 2022.

3. Service on one Board Committee is included in annual retainer. Additional compensation is paid for service on a second chartered committee.

4. Total compensation includes retainers and all per diems paid in 2022.