WPT Enterprises, Inc. Non-Employee Director Compensation Terms Effective October 1, 2008
WPT Enterprises, Inc. outlines the compensation for its non-employee Board members, effective October 1, 2008. Each non-employee director receives an annual payment of $20,000. The Chairman of the Audit Committee receives an additional $35,000 annually, and the Chairman of the Compensation Committee receives an extra $5,000 annually. Upon re-election, each non-employee director is granted a stock option to purchase 4,000 shares at the current market price under the 2004 Stock Incentive Plan.
Exhibit 10.26
MATERIAL TERMS OF COMPENSATION OF
NON-EMPLOYEE MEMBERS
OF THE BOARD OF DIRECTORS
EFFECTIVE OCTOBER 1, 2008
Each non-employee member of WPT Enterprises, Inc.’s Board of Directors will receive the following as compensation for serving on the Board of Directors:
· Annual payment of $20,000.
· Chairman of the Audit Committee of the Board of Directors will be paid an additional annual payment of $35,000.
· Chairman of the Compensation Committee of the Board of Directors will be paid an additional annual payment of $5,000.
· On the date of each non-employee director’s re-election to the Board, a non-qualified stock option under the Company’s 2004 Stock Incentive Plan to purchase 4,000 shares of common stock at an exercise price per share equal to the fair market value per share of the common stock will be granted.
