Exhibit 10.35 Summary of Director Compensation
EX-10.35 3 c92455exv10w35.htm EXHIBIT 10.35 SUMMARY OF DIRECTOR COMPENSATION exv10w35
Exhibit 10.35
SUMMARY OF DIRECTOR COMPENSATION
Compensation of non-employee directors consists of the following:
| • | an annual retainer of $24,000, payable $6,000 per quarter; | |
| • | a fee of $3,500 for each Board meeting attended in person; | |
| • | a fee of $1,000 for any teleconference Board meeting; | |
| • | a fee of $1,000 for each committee meeting attended in person, $1,000 for each teleconference meeting of the Audit Committee, and $250 for each teleconference meeting of a committee other than the Audit Committee; | |
| • | an annual retainer of $5,000 for the Chairpersons of the Audit and Compensation Committees; and | |
| • | an annual fee of $110,000 for the Chairman of the Board, who is not an executive officer of the registrant, in lieu of the annual retainer and any meeting fees. |
In addition, under the 2004 Director Stock Option Plan, on the third trading date following the date of the 2005 annual meeting, each non-employee director (currently seven persons) will receive a non-qualified option to purchase 8,000 shares of common stock at a purchase price equal to the fair market value of the common stock on the date of grant. Under the 2004 Director Stock Option Plan, a non-employee director is only eligible for one grant under the Plan.
