Non-Employee Director Compensation Description under 2007 Equity Incentive Plan
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This document outlines the compensation for non-employee directors of the company. Each non-employee director receives an annual retainer of $40,000, while the Lead Director receives $45,000. Directors also receive an annual grant of options to purchase 2,000 shares of company stock, or they may choose a direct stock grant of equivalent value. These options are granted under the 2007 Equity Incentive Plan, are immediately exercisable, and remain valid for 10 years from the grant date.
EX-10.13 2 a50331211ex10-13.htm EXHIBIT 10.13 a50331211ex10-13.htm
Exhibit 10.13
Written Description of Non-employee Director Compensation
Each non-employee Director is paid an annual retainer of $40,000 (except the Lead Director, who receives a $45,000 retainer), plus an annual grant of options to purchase 2,000 shares of the Company’s stock or, if the director elects, a direct stock grant of a number of shares equal to the value of such options. The options or stock are granted under the Company’s 2007 Equity Incentive Plan, which provides for options to be granted to directors with an exercise price equal to the fair market value of the Company’s stock on the date of grant. The options are immediately exercisable upon grant and remain outstanding for a period of 10 years from the date of grant.
