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SECTION 4.05. COMPENSATION

Directors as such shall receive no salary for their services as Directors; however, the Board may, by resolution from time to time, authorize payment of:

  1. a fixed sum plus expenses for attendance at each regular or Special Meeting of the Board of Directors,
  2. all reasonable and necessary expenses incurred by Directors while attending seminars and conventions,
  3. a stipend to provide insurance premiums attributable to Directors, their spouses and children, and/or
  4. all reasonable and necessary expenses incurred by Directors which the Board deems to be in the best interest of the Cooperative.