Summary of Non-Employee Director Compensation
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Summary
This document outlines the compensation policy for non-employee directors of the company. Non-employee directors receive an initial stock option grant, annual retainers, additional compensation for serving as committee chairs, annual option grants, and payments for attending extra meetings. Directors are also reimbursed for board-related expenses. Stock options vest over four years, with 25% vesting after the first year and the remainder vesting monthly over the next three years. Directors who are employees of the company, CVC, or Francisco Partners do not receive additional compensation for board service.
EX-10.6 3 v17783exv10w6.txt EXHIBIT 10.6 EXHIBIT 10.6 Summary of Director Compensation Directors who are also our employees, or employees of CVC or Francisco Partners, do not receive any additional compensation for service on our board of directors. The following table shows the compensation set for our non-employee directors:
The options granted to our Directors vest as follows: 25 percent of the shares vest on the first anniversary of the grant date and the balance vests ratably over the next three years. All options were granted with exercise prices equal to the market value of our common stock on the date of the grant.