THE GYMBOREE CORPORATION SUMMARY OF NONEMPLOYEE DIRECTOR COMPENSATION
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EX-10.76 2 dex1076.htm SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION Summary of Non-Employee Director Compensation
Exhibit 10.76
THE GYMBOREE CORPORATION
SUMMARY OF NONEMPLOYEE DIRECTOR COMPENSATION
The components of nonemployee director compensation are set forth below.
| Annual Board retainer fee (except for the Chairman of the Audit Committee) | $ | 50,000 | (1) | |
| Annual retainer fee for the Chairman of Audit Committee | $ | 60,000 | (1) | |
| Annual automatic grant of restricted stock of the Company | $ | 70,000 | (2) |
| (1) | The annual retainer fee is paid on a quarterly basis on the first day of the fiscal quarter. In addition, the Company reimburses nonemployee directors for actual travel and out-of-pocket expenses incurred in connection with their services. There are no additional fees for meeting attendance. |
| (2) | The grants of restricted stock will be made annually on the date of the annual stockholders meeting, and the number of shares to be granted will be determined by dividing $70,000 by the closing price for the Company’s common stock on that date as reported on the Nasdaq National Market. Shares subject to the restricted stock awards are subject to a forfeiture restriction that lapses with respect to one-third of the shares per year. The forfeiture restriction will lapse on an accelerated basis upon retirement. |
In addition to the foregoing, all directors receive discounts on Gymboree merchandise and on participation in Gymboree’s Play & Music programs.
