Summary of Non-Employee Director Compensation (as Amended)
This document outlines the compensation structure for non-employee directors of the company. Non-employee directors receive an annual cash retainer, with additional amounts for serving as Chairman or Audit Committee Chair. Directors are also compensated for attending board meetings, either in person or by phone, and are reimbursed for travel and lodging expenses. In addition to cash compensation, non-employee directors receive equity grants in the form of company common stock, both upon joining the board and annually thereafter.
Exhibit 10.38
Summary of Non-Employee Director Compensation, as Amended
Cash Compensation:
Annual Retainer for Non-Employee Directors (other than Chairman): $20,000
Annual Retainer for Non-Employee Chairman of the Board (to be paid to Lead Independent Director in the event of an employee or non-independent Chairman): $30,000
Annual compensation for service as Chairman of the Audit Committee: $12,500
Compensation per Board (or any Special Meeting Attended In Person: $1,000
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
