Summary of Compensation for
Non-Employee Directors and Named Executive Officers
Non-Employee Director Compensation Summary
Additional $5,000 for serving as chair of audit committee
Retainers are payable in cash in equal, quarterly installments in arrears
Board and Committee Meeting Fees
$2,000 per meeting for each Board of Directors meeting attended
$1,000 per meeting for each Board committee meeting attended
Annual Equity Award
1,000 shares of restricted stock are awarded to all non-employee directors (other than Gerald J. Ford and
Donald J. Edwards) pursuant to the 2002 Long Term Incentive Plan of First Acceptance Corporation (the
“Company”), on the date of each annual meeting of the Company’s stockholders.
Named Executive Officer Compensation Summary
Current salaries for named executive officers:
Under the terms of his employment agreement, Stephen J. Harrison is entitled to receive an annual bonus
equal to up to 100% of his base salary, based upon the attainment of performance-based objectives established
by the Company’s Board of Directors. Under the terms of their respective employment agreements, Edward L.
Pierce, Kevin P. Cohn, Dan L. Walker and Keith E. Bornemann are entitled to receive an annual bonus of up to
75%, 66.7%, 50% and 35%, respectively, of their base salaries, provided that the annual bonus for Edward L.
Pierce and Kevin P. Cohn will be no less than $75,000 and $83,750, respectively, for fiscal 2008.
The named executive officers of the Company may also receive bonuses as determined in the discretion of the
Stephen J. Harrison
Chief Executive Officer
Edward L. Pierce
Thomas M. Harrison, Jr. (1)
Former Executive Vice President and Secretary
Kevin P. Cohn
Senior Vice President and Chief Financial Officer