Non-Employee Directors' Compensation Agreement Effective January 1, 2006

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation for each non-employee director of the company starting January 1, 2006. Each director will receive $15,000 in cash and, pending stockholder approval of the company's Equity Compensation Plan, $15,000 in restricted stock under that plan. The restricted stock will vest in two equal installments on the first and second anniversaries of the grant date.

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EX-10.6 2 d34538exv10w6.htm DIRECTORS' COMPENSATION exv10w6  

Exhibit 10.6
Directors Compensation
Effective January 1, 2006, compensation for each non-employee director of the Company is as follows:
     
(i)
  $15,000 in cash; and
(ii)
  subject to stockholder approval of the Company’s Equity Compensation Plan, $15,000 in restricted stock to be issued under the Company’s Equity Compensation Plan; fifty percent of such restricted stock shall vest on each of the first two anniversaries of the date of grant.