WindTamer Corporation Non-Employee Director Compensation Plan (as amended December 2009)
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Summary
WindTamer Corporation has established a compensation plan for its non-employee directors. Under this plan, each non-employee director receives an annual grant of stock options to purchase 200,000 shares of the company's common stock, with options vesting after one year and expiring after ten years. Directors who join during the year receive a pro-rated grant based on their start date. The plan operates under the company's 2008 Equity Incentive Plan and was amended in December 2009.
EX-10.2 2 f8k123009ex10ii_windtamer.htm WINDTAMER CORPORATION NON-EMPLOYEE DIRECTOR COMPENSATION PLAN. f8k123009ex10ii_windtamer.htm
Exhibit 10.2
WINDTAMER CORPORATION
NON-EMPLOYEE DIRECTOR COMPENSATION PLAN
WindTamer Corporation, (the “Company”) has established the Non-Employee Director Compensation Plan (the “Director Plan”). The Director Plan covers all non-employee directors of the Company. The Director Plan provides for compensation elements comprised of an annual stock option grant.
On January 5th of each year, each non-employee director is entitled to receive an annual award of stock options to purchase 200,000 shares of the Company’s common stock. The stock options are awarded under the Company’s 2008 Equity Incentive Plan (the “2008 Plan”), and subject to the terms of such plan. The stock options shall have a term of ten (10) years and shall vest in full on the first anniversary of the date of grant.
Directors elected after January 1st of any given fiscal year, shall receive an option award pro-rated for each full or partial month remaining during the year in which the director is elected. For instance, a director first elected on June 15th, shall receive an award at a ratio of 7/12ths to the full award, or 116,667 shares.
As amended, December 2009.
