Adeza Biomedical Corporation Non-Employee Director Cash Retainer Policy (July 22, 2005)
Adeza Biomedical Corporation has established a cash retainer policy for its non-employee directors, effective July 22, 2005. Under this policy, the chairman of the board receives a $10,000 quarterly retainer, committee chairs receive $9,000, and other non-employee directors receive $8,000 per quarter. These payments cover up to 15 in-person board or committee meetings per year, with an additional $1,000 paid for each meeting beyond that limit. This policy is separate from any stock option grants under the company's 2004 Equity Incentive Plan.
Exhibit 10.1
Summary of Adeza Biomedical Corporation Non-employee
Director Cash Retainer Policy Adopted on July 22, 2005
The Compensation Committee of the Board of Directors of Adeza Biomedical Corporation (the “Company”) has adopted a cash retainer policy for non-employee directors of the Company. Pursuant to the policy: (i) the chairman of the Board of Directors will receive a quarterly retainer of $10,000; (ii) the chair of each of the standing committees of the Board of Directors (other than the chairman of the Board of Directors) will receive a quarterly retainer of $9,000; and (iii) each other non-employee director will receive a quarterly retainer of $8,000. The quarterly retainers provided for in the policy are intended to cover up to 15 in person board and committee meetings annually. Directors will receive an additional $1,000 per in person board or committee meeting in excess of 15 meetings.
The above-described cash retainer policy is in addition to the automatic option grant provisions of the Company’s 2004 Equity Incentive Plan applicable to non-employee directors.
