BioSante Pharmaceuticals, Inc. Non-Employee Director Compensation Arrangements
BioSante Pharmaceuticals, Inc. outlines its compensation policy for non-employee directors. Non-employee directors receive an annual retainer of $20,000, plus fees for attending board or committee meetings—$1,000 for in-person attendance and $500 for participation by phone. The Chairman of the Board and the Chairman of the Audit and Finance Committee receive higher annual retainers of $45,000 and $25,000, respectively. Directors may also be granted stock options at the board's discretion and are reimbursed for actual expenses incurred while attending meetings.
Exhibit 10.36
BIOSANTE PHARMACEUTICALS, INC.
DESCRIPTION OF NON-EMPLOYEE DIRECTOR
COMPENSATION ARRANGEMENTS
Retainer and Meeting Fees. Except as described below, each of our non-employee directors is paid a $20,000 annual retainer and $1,000 for each board or committee meeting attended in person and $500 for each board or committee meeting attended via telephone. Our Chairman of the Board is paid a $45,000 annual retainer and our Chairman of the Audit and Finance Committee is a paid a $25,000 annual retainer.
Stock Options. Non-employee directors are granted options to purchase shares of BioSante common stock from time to time in the sole discretion of the board of directors.
Reimbursement of Expenses. Non-employee directors are reimbursed for actual expenses, include travel expenses, incurred in attending board and committee meetings.
