Summary of Non-Employee Director Compensation for Fiscal 2008
This document outlines the compensation structure for non-employee directors of the company for fiscal year 2008. Non-employee directors receive an annual cash retainer, additional fees for serving as Chairman or on the Audit Committee, and per-meeting attendance fees. They are also reimbursed for reasonable travel and lodging expenses. Equity compensation is provided through initial and annual grants of company common stock, as specified in the 2004 Director Stock Option Plan. The agreement sets forth the amounts and conditions for these payments and grants.
EXHIBIT 10.38
2008 Summary of Non-Employee Director Compensation
Cash Compensation:
Annual Retainer for Non-Employee Directors (other than Chairman): $20,000
Annual Retainer for Non-Employee Chairman of the Board: $30,000
Annual compensation for service as Chairman of the Audit Committee: $7,500
Compensation per Board Meeting Attended In Person: $1000
Compensation per Board Meeting Attended by Telephone: $500
Reimbursement of reasonable travel and lodging expenses incurred in connection with attendance at Board meetings.
Equity Compensation (as provided in 2004 Director Stock Option Plan, as amended):
Initial Grant to Non-Employee Director: 10,000 shares of Common Stock
Annual Grant to Non-Employee Directors: 3,000 shares of Common Stock
