Non-Employee Directors Compensation Agreement for Board and Committee Service
This agreement outlines the compensation for non-employee directors of the company. Directors receive an annual retainer paid in deferred stock units, with an additional retainer for the chairman. Directors can choose to receive part of their compensation in cash. They also receive cash fees for attending board and committee meetings, as well as additional fees for serving as committee chairpersons. Each director is granted options to purchase 5,000 shares of common stock annually. The agreement specifies the structure and form of compensation for board service.
Exhibit 10.20
Non-employee Directors Compensation
| Annual Retainer: | • $65,000, paid in the form of deferred stock units of common stock • $40,000 ($135,000 for the chairman of the board), paid in deferred stock units of common stock or in cash, at the option of the director |
| Attendance fees — Board meetings: | $2,000 in cash, per meeting |
| Attendance fees — Committee meetings: | $1,500 in cash, per meeting |
| Chairperson fees: | $10,000 in cash, for audit committee $5,000 in cash, for compensation committee and nominating/corporate governance committee |
| Options: | options to purchase 5,000 shares of common stock per year |
