BioSante Pharmaceuticals, Inc. Non-Employee Director Compensation Arrangements
BioSante Pharmaceuticals, Inc. outlines compensation for its non-employee directors, including annual retainers, meeting fees, and reimbursement of expenses. Non-employee directors receive a $20,000 annual retainer, with additional fees for attending meetings in person or by phone. The Chairman of the Board and the Chairman of the Audit and Finance Committee receive higher annual retainers. Directors may also be granted stock options at the board's discretion. All directors are reimbursed for actual expenses related to attending meetings.
Exhibit 10.32
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.
