2005 Director Compensation Arrangements for Harvard Bioscience, Inc.
Harvard Bioscience, Inc. has set compensation terms for its non-employee directors, effective after the 2005 annual stockholders meeting. Each non-employee director receives stock options and an annual cash retainer, with additional compensation for serving on the Audit or Compensation Committees. Stock options vest over three years, and cash payments are made quarterly. Directors are also reimbursed for expenses related to board and committee meetings. These arrangements are based on verbal agreements between the company and its directors.
EXHIBIT 10.3
2005 Director Compensation Arrangements
The following summarizes the compensation arrangements established between Harvard Bioscience, Inc. (the “Company”) and its directors through verbal agreements to be effective as of immediately following the 2005 annual meeting of stockholders of the Company:
Each non-employee Director will be entitled to receive a non-qualified stock option to purchase 25,000 shares of common stock vesting annually over three years and granted on the fifth business day following his or her initial election to the Board and an annual retainer consisting of (a) $12,000 paid in four equal quarterly installments and (b) a non-qualified stock option to purchase 2,500 shares of common stock vesting annually over three years and granted on the fifth business day following each annual stockholders meeting. Each non-employee Director member of the Audit Committee will be entitled to receive an additional annual retainer of $6,000 paid in four equal quarterly installments and an option to purchase 2,500 shares of common stock vesting annually over three years and granted on the fifth business day following each annual stockholders meeting. Each non-employee Director member of the Compensation Committee will be entitled to receive an additional annual retainer of $2,000 paid in four equal quarterly installments. In addition, non-employee Directors are reimbursed for their expenses incurred in connection with attending Board and committee meetings.
