Current assets
EX-10.28 3 f50426exv10w28.htm EXHIBIT 10.28 exv10w28
Exhibit 10.28
Non-Employee Director Compensation
Cash compensation for non-employee directors is as follows:
| Committee | ||||||||||||||||
| Annual | Board Meeting Attended | Meeting | ||||||||||||||
| Position | Retainer* | In Person | By Telephone | Attended | ||||||||||||
Board Chairman | $ | 30,000 | $ | 2,000 | $ | 500 | $ | 500 | ||||||||
Audit Committee Chairman | $ | 30,000 | $ | 2,000 | $ | 500 | $ | 500 | ||||||||
Compensation Committee Chairman | $ | 27,500 | $ | 2,000 | $ | 500 | $ | 500 | ||||||||
Nominating and Corporate Governance Committee Chairman | $ | 25,000 | $ | 2,000 | $ | 500 | $ | 500 | ||||||||
Board Member (other than Board or Committee Chairs) | $ | 20,000 | $ | 2,000 | $ | 500 | $ | 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 5,000 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 15,000 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 August 13, 2008, effective immediately.
