Summary of Director Compensation
Exhibit 10.5
SUMMARY OF DIRECTOR COMPENSATION
The following is a summary of the compensation terms of the non-executive directors of Cyren Ltd. (the “Company”).
At the Company’s 2019 Annual Meeting of Shareholders, the Company’s shareholders approved the following compensation for its non-executive directors, to remain in effect from the shareholder approval date of July 30, 2019:
| 1) | Annual Cash Compensation: |
| ● | All eligible non-executive directors will receive $7,500 per quarter; and |
| ● | A non-executive director serving as a Lead Director will receive $15,000 per quarter. |
| 2) | Equity Compensation: |
| ● | New non-executive directors are currently entitled to an initial grant of 50,000 options. | |
| ● | All eligible non-executive directors will be granted 20,000 restricted stock units per year; |
| ● | A non-executive director serving as the Lead Director will receive a grant of 30,000 restricted stock units per year for such services; and |
| ● | A non-executive director serving as the Chairperson of the Audit Committee will be granted 4,000 additional restricted stock units per year for such services. |
Other than the foregoing cash compensation and equity compensation, the Company does not compensate its non-executive directors for serving on its board of directors. Non-executive directors are reimbursed for expenses associated with their service on the board of directors.
