Summary of 2006 Director Compensation Arrangements for Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. outlines the 2006 compensation for its non-employee directors. Directors receive an annual retainer, additional fees for chairing committees, $1,000 per meeting attended, reimbursement for meeting expenses, and a grant of 1,200 restricted shares vesting in 2009. A tax gross-up payment is also provided. Directors can defer their compensation under the company's deferred compensation plan. Employee directors do not receive additional compensation for board service.
EXHIBIT 10.12
SUMMARY OF DIRECTOR COMPENSATION ARRANGEMENTS
Non-employee directors of Alexandria Real Estate Equities, Inc. (the "Company") will receive the following compensation in 2006:
- An annual retainer fee of $20,000;
- The committee chairpersons will receive additional annual fees as follows:
Board of Directors Chairperson $10,000 Audit Committee Chairperson $15,000 Compensation Committee Chairperson $10,000 Nominating & Governance Committee Chairperson $ 5,000
- A fee payable for each meeting attended of the Company's Board of Directors, or committee thereof, equal to $1,000;
- Reimbursement of out-of-pocket expenses incurred to attend such meetings;
- A restricted stock grant of 1,200 shares of common stock on January 1, 2006 under the Company's Amended and Restated 1997 Stock Award and Incentive Plan, such shares vesting in full on January 1, 2009; and
- A tax "gross-up" fee of $38,640, equal to 40% of the value of the restricted stock grant of 1,200 shares of common stock based on the closing price of our common stock on January 1, 2006.
The Company's non-employee directors may elect to defer all or any portion of the fees above in accordance with the Company's deferred compensation plan for its directors.
Directors who are also employees of the Company will not receive any compensation for their services as directors of the Company.
