Summary of Altera Corporation Non-Employee Director Compensation
This document outlines the compensation program for non-employee directors of Altera Corporation. Non-employee directors receive annual cash retainers for board and committee service, with additional amounts for committee chairs and the lead independent director. Compensation can be deferred under the company's deferred compensation plan. Directors also receive annual stock option grants, with larger grants for new directors. Additional benefits include eligibility for employee-equivalent health coverage and reimbursement for meeting-related expenses.
Exhibit 10.1
Summary of Altera Corporation Non-Employee Director Compensation
Cash Compensation
| Annual Retainer for Board of Directors: | |||||
| Board Membership | $ | 40,000 | |||
| Audit Committee | $ | 10,000 | Chair | ||
| $ | 5,000 | Member | |||
| Compensation Committee | $ | 8,000 | Chair | ||
| $ | 4,000 | Member | |||
| Nominating and Governance Committee | $ | 8,000 | Chair | ||
| $ | 4,000 | Member | |||
| Lead Independent Director | $ | 5,000 | |||
The annual retainer is paid on the date of each year’s annual meeting of stockholders and can be deferred at the director’s election under Altera’s Nonqualified Deferred Compensation Plan. The annual retainer will be prorated if a director’s service begins subsequent to the date of the annual meeting of stockholders. Non-employee directors are eligible to include the annual retainer in our Nonqualified Deferred Compensation Plan.
Equity Compensation
Each year, non-employee directors will receive a stock option grant of 10,000 shares upon re-election as a director. New non-employee directors will receive an initial stock option grant of 40,000 shares upon first becoming a director.
Other Compensation
Non-employee directors are eligible to receive medical, dental, and vision coverage equivalent to benefits offered to employees.
Non-employee directors will be reimbursed for expenses incurred in attending board and committee meetings.
