Cardica, Inc. Non-Employee Director Compensation Policy (Effective January 11, 2007)
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Summary
This document outlines the compensation policy for non-employee directors of Cardica, Inc. Effective January 11, 2007, non-employee directors receive annual retainers and fees for attending board meetings, with additional compensation for the Board Chairman and Audit Committee Chair. Each non-employee director is also granted a fully-vested stock option to purchase 2,500 shares of Cardica, Inc. common stock each year, with a four-year term for each option. The policy ensures clear and consistent compensation for board service.
EX-10.17 2 f26918exv10w17.htm EXHIBIT 10.17 exv10w17
Exhibit 10.17
Cardica, Inc.
Non-Employee Director Compensation
Non-Employee Director Compensation
Effective January 11, 2007
| Annual | Per Board Meeting | Per Board Meeting | ||||||||||
| Position | Retainer | in Person | by Telephone | |||||||||
Board Chairman | $ | 30,000 | $ | 2,000 | $ | 500 | ||||||
Audit Committee Chair | $ | 17,500 | $ | 2,000 | $ | 500 | ||||||
Board Member | $ | 10,000 | $ | 2,000 | $ | 500 | ||||||
Each non-employee director will only be entitled to one annual retainer fee. On January 11, 2007, each non-employee director was granted a fully-vested option to purchase 2,500 shares of Cardica, Inc. common stock, with each such option subject to a four year term. Each year, immediately following the Cardica, Inc. Annual Stockholders Meeting, each non-employee director will be granted a fully-vested option to purchase 2,500 shares of Cardica, Inc. common stock, with each such option subject to a four year term.
