Cognex Corporation Summary of Director Compensation

Contract Categories: Human Resources › Compensation Agreements
Summary

Cognex Corporation outlines its compensation policy for members of its Board of Directors, excluding Robert J. Shillman and Patrick A. Alias. Directors receive an annual cash fee of $7,500, plus $4,000 for each meeting attended. Additional fees are provided for service on the Compensation/Stock Option Committee ($2,000 annually) and the Audit Committee ($3,500 annually, with extra amounts for the Chairman and for meeting attendance). Directors also receive annual stock option grants, except for Dr. Shillman and Mr. Alias, who do not receive additional compensation for board service.

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EX-10.T 3 b63634ccexv10wt.htm EX-10.T SUMMARY OF DIRECTOR COMPENSATION exv10wt  

EXHIBIT 10T
COGNEX CORPORATION
SUMMARY OF DIRECTOR COMPENSATION
Cognex Corporation (the “Company”) pays each Director (other than Robert J. Shillman and Patrick A. Alias) an annual fee for his services on the Company’s Board of Directors and its committees, plus additional amounts for each meeting attended. Each Director receives annual cash compensation in the amount of $7,500, plus an additional $4,000 for each meeting attended. Each Director who serves on the Compensation/Stock Option Committee of the Company’s Board of Directors receives an annual fee of $2,000. Each Director who serves on the Audit Committee of the Company’s Board of Directors receives an annual fee of $3,500. The Chairman of the Audit Committee receives an additional annual fee of $2,500. Each Audit Committee member also receives $500 for each quarterly meeting attended to discuss the Company’s financial results and $1,500 for any additional meetings attended.
All of the Directors (other than Dr. Shillman) also receive an annual option grant of 7,500 shares for 2007. These options have a ten-year term and vest in four equal annual installments.
Dr. Shillman, who is the Company’s Chief Executive Officer, receives no additional compensation to serve on the Company’s Board of Directors and Mr. Alias, who is an employee of the Company, receives no additional cash compensation to serve on the Company’s Board of Directors.