Advanced Magnetics, Inc. Director Compensation Summary
This document outlines the compensation policy for non-employee directors of Advanced Magnetics, Inc. Non-employee directors receive $4,000 per quarter for board service, provided they attend at least three out of four scheduled meetings in the prior fiscal year. If attendance falls below this threshold, the fee is reduced by $1,000 for each additional missed meeting. New directors receive the full fee in their first year. Additional compensation includes $1,000 per committee meeting attended and a $2,000 annual retainer for chairing the Audit or Compensation Committees.
Exhibit 10.8
Summary of the Advanced Magnetics, Inc.
Director Compensation
Every non-employee Director will receive $4,000 per quarter for service on the Board of Directors. A non-employee Director must attend at least 3 of 4 regularly scheduled meetings during the prior fiscal year to earn the full $4,000 quarterly fee. If a non-employee Director attends less than 3 of the 4 regularly scheduled meetings in the prior fiscal year, this fee will be reduced for the current fiscal year by $1,000 for each missed meeting after the first missed meeting. Any new non-employee Director will receive the full quarterly retainer fee during his or her first full year as a member of the Board of Directors.
In addition, each non-employee Director that is a member of the Audit Committee and/or the Compensation Committee will receive $1,000 for attendance in person or by phone at a meeting of such committees. The Chairperson of each of the Audit Committee and the Compensation Committee shall each receive an additional annual retainer fee of $2,000.
