Summary of Non-Employee Director Compensation Effective June 1, 2005
This document outlines the compensation plan for non-employee directors of the company, effective June 1, 2005. Non-employee directors receive a monthly stipend of $1,000 and a $1,500 fee for each meeting attended. The chairman of the Audit Committee receives an additional $4,000 per Audit Committee meeting. Under the Restated 2002 Director Option Plan, each non-employee director is granted 14,286 stock options upon first election or appointment, and an additional 14,286 options after each annual meeting or 12 months after the last grant, whichever is later.
Exhibit 10.2
Summary of Non-Employee Director Compensation
Effective June 1, 2005, we began paying each of our non-employee directors a monthly stipend of $1,000, and a per meeting fee of $1,500. In addition, the chairman of the Audit Committee receives $4,000 for each meeting of the Audit Committee attended. Furthermore, under our Restated 2002 Director Option Plan, each non-employee director receives 14,286 options on the date of his or her first election or appointment. In addition, each non-employee director receives 14,286 options on the date of the first board meeting following our annual meeting of stockholders or the 12-month anniversary of the last grant under the plan, whichever is later.
