Summary of Board of Directors Compensation Effective December 17, 2005
This document outlines the compensation plan for members of the Board of Directors, effective December 17, 2005. Directors receive an annual retainer of $24,000, meeting fees for board and committee attendance, and additional compensation for lead directors and committee chairs. Directors are also granted stock options upon joining the board and for each additional year of service. The agreement specifies the amounts and conditions for these payments and awards.
Exhibit 10.1
Summary of Board of Directors Compensation Effective December 17, 2005
1. Annual retainer of $24,000
2. Meeting fees of $1,000 per meeting attended. Lead Director to receive a meeting fee of $3,000 per meeting attended.
3. Committee meeting fee of $500 per meeting attended. Committee Chair to receive a meeting fee of $3,000 per committee meeting attended.
4. Award of options to purchase 30,000 shares of Company common stock upon initial election to the Board of Directors.
5. Award of options to purchase 15,000 shares of Company common stock for each additional year of service on the Board.
