Non-Employee Director Compensation Policy for Board and Committee Service
This document outlines the compensation policy for non-employee directors of the company. Directors receive an annual fee of $40,000, paid half in cash and half in company stock, as well as additional fees for attending board and committee meetings, serving as committee chairs, and acting as lead director. Directors are also granted fully vested stock options annually. The policy specifies the amounts for each type of service and the structure of payments.
Exhibit 10.1
Non-Employee Director Fees and Other Compensation
| Annual Director Fees |
| $40,000 (1) |
|
|
|
|
| In Person Meeting Fees |
| $1,000 |
|
|
|
|
| Telephonic Meeting Fees |
| $1,000 |
|
|
|
|
| Committee Chair Fee |
| Audit Committee: $10,000 |
|
|
|
|
| Committee Fee (Non Chair) |
| Audit Committee: $5,000 |
|
|
|
|
| Committee In Person Meeting Fees |
| $1,000 (if committee meeting is on a day without a Board meeting) |
|
|
|
|
| Committee Telephonic Meeting Fees |
| $1,000 (if committee meeting is on a day without a Board meeting) |
|
|
|
|
| Lead Director |
| $10,000 |
|
|
|
|
| Annual Option Awards |
| On an annual basis, each director is entitled to receive options to purchase 3,000 shares of common stock, plus 250 shares of common stock for each year of service beginning in 1997. The options are fully vested upon grant. |
(1) Fees are payable 50% in cash and 50% in shares of common stock.
