Summary of Compensation Agreement for John C. Hodgman as Sole Director of Cygnus, Inc.
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Summary
This agreement outlines the compensation for John C. Hodgman as the sole director of Cygnus, Inc. He will receive a total director's fee of $15,000 for a three-year term ending November 21, 2008. The full amount will be paid on December 23, 2005, but Mr. Hodgman must repay a prorated portion if he stops serving before the term ends.
EX-10.1 3 f15432exv10w1.htm EXHIBIT 10.1 exv10w1
EXHIBIT 10.1
SUMMARY OF COMPENSATION OF JOHN C HODGMAN
AS SOLE DIRECTOR OF CYGNUS, INC.
AS SOLE DIRECTOR OF CYGNUS, INC.
| John C Hodgman shall receive a director’s fee of $5,000 per year for three years for his services as sole director of Cygnus. The three year period will expire on November 21, 2008. The aggregate director’s fee of $15,000 for all three years will be paid to Mr. Hodgman on December 23, 2005, subject to an undertaking that Mr. Hodgman will repay a prorated amount of the fees should he cease serving prior to November 21, 2008. |
