Developing our endoscopic microcutter. We have begun development of the Cardica Microcutter ES8, a multi-fire endolinear microcutter device based on our proprietary staple-on-a-strip technology, which would expand our commercial opportunity into additional surgical markets. Our microcutter technology is designed to allow the connecting, stapling and cutting of tissue similar to currently marketed competitive endolinear stapling products. The innovative features we plan to incorporate into this new product line are an ability to deploy multiple successive rows of staples without replacing cartridges, a significant reduction in tool shaft diameter and the ability to increase the amount of articulation of the end-effector. Our planned introduction of the microcutter would enable more minimally invasive procedures in general, bariatric, thoracic, gynecologic and urologic surgeries, such as single port surgery
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EX-10.16 4 c06205exv10w16.htm EXHIBIT 10.16 Exhibit 10.16
Exhibit 10.16
Non-Employee Director Compensation
Cash compensation for non-employee directors is as follows:
| Annual | Board Meeting Attended | Committee Meeting Attended | ||||||||||||||||||
| Position | Retainer* | In Person | By Telephone | In Person | By Telephone | |||||||||||||||
Board Chairman | $ | 40,000 | $ | 2,500 | $ | 700 | $ | 650 | $ | 500 | ||||||||||
Audit Committee Chairman | $ | 30,000 | $ | 2,000 | $ | 500 | $ | 650 | $ | 500 | ||||||||||
Compensation Committee Chairman | $ | 27,500 | $ | 2,000 | $ | 500 | $ | 650 | $ | 500 | ||||||||||
Nominating Committee Chairman | $ | 25,000 | $ | 2,000 | $ | 500 | $ | 650 | $ | 500 | ||||||||||
Board Member (other than Board or Committee Chairs) | $ | 20,000 | $ | 2,000 | $ | 500 | $ | 650 | $ | 500 | ||||||||||
* Each non-employee director is entitled to only one annual retainer fee.
Equity compensation for non-employee directors is as follows:
Annual Grants. Each year, immediately following Cardica, Inc.’s Annual Meeting of Stockholders, each non-employee director will be granted an option to purchase 12,200 shares of the Company’s common stock. Each such option will vest monthly over the ensuing year.
Initial Grants. Automatically upon becoming a director, any new non-employee director shall be granted an option to purchase 36,100 shares of Cardica, Inc.’s common stock, vesting monthly over three years.
The foregoing compensation for non-employee directors was approved by Cardica, Inc.’s board of directors on October 10, 2009, effective immediately.
