Summary of Board of Directors Compensation

EX-10.1 2 exh_101.htm EXHIBIT 10.1 exh_101.htm
Exhibit 10.1
Summary of Board of Directors Compensation


Compensation Element
  
Revised Program
for non-employee
directors*
Cash Compensation
    
Annual Board Member Retainer
  
$30,000
     
Board Chair Retainer (Additional)
  
$15,000
Committee Chair Retainers
    
Audit
  
$7,500
Compensation
  
$7,500
Nominating and Corporate Governance Committee (if also serving as Chairman of the Board, receives member fee instead)
  
$4,000
Special Committees (as applicable)
  
$5,000
Committee Member Retainers
    
Audit
  
$5,000
Compensation
  
$3,750
Nominating and Corporate Governance Committee
  
$2,500
Special Committees (as applicable)
  
$2,500
Equity Compensation
    
Initial Equity Grant
10,000 options (1)
(not revised)
Annual Equity Grant
6,000 options (2)
(not revised)
     
 
(1)
50% vests at first annual meeting of stockholders following appointment and 50% vests at second annual meeting of stockholders following appointment.
 
(2)
100% vests at next annual meeting of stockholders.
 
* Revised compensation to be in effect as of the beginning of third fiscal quarter
    
     
     
 
Additionally, Adept reimburses non-employee Board members for reasonable out-of pocket expenses incurred in the performance of their duties as directors, which in practice is primarily related to travel expenses associated with Board or committee meetings or with committee assignments, but no additional compensation is paid for attendance at Board or committee meetings.