MEDICALCV, INC. NON-EMPLOYEEDIRECTOR COMPENSATION POLICY
EXHIBIT 10.1
MEDICALCV, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
Effective July 1, 2007, cash compensation for service on the Board of Directors is as follows:
Annual Cash Compensation
| Board Member (other than Board Chair) |
| $ | 10,000 |
|
| Board Chair |
| $ | 24,000 |
|
| Audit Committee Member (other than Audit Committee Chair) |
| $ | 1,500 |
|
| Audit Committee Chair |
| $ | 4,000 |
|
| Compensation Committee Member (other than Compensation Committee Chair) |
| $ | 1,000 |
|
| Compensation Committee Chair |
| $ | 1,500 |
|
| Corporate Governance and Nominating Committee Member (other than Corporate |
|
|
| |
| Governance and Nominating Committee Chair) |
| $ | 1,000 |
|
| Corporate Governance and Nominating Committee Chair |
| $ | 1,500 |
|
|
|
|
|
| |
| Board Meeting Fee (in person) |
| $ | 1,500 |
|
| Board Meeting Fee (telephonic) |
| $ | 500 |
|
| Committee Meeting Fee (in person) |
| $ | 500 |
|
| Committee Meeting Fee (telephonic) |
| $ | 500 |
|
Effective upon shareholder approval at the 2007 Annual Meeting of proposed amendments to the 2005 Director Stock Option Plan, equity compensation for service on the Board of Directors will be as follows:
Equity Compensation
Under the 2005 Director Stock Option Plan, each year, as of the date of the annual meeting of shareholders of the Company, each non-employee director who has been elected or reelected or who is continuing as a member of the Board as of the adjournment of the annual meeting, automatically receives an option award in the amount of 10,000 shares. In addition, each non-employee director who is elected to the Board other than at an annual meeting of shareholders of the Company automatically receives an initial option award in the amount of 10,000 shares. The date of such initial award shall be the date of election of such person to the Board.
Amended and Restated August 16, 2007
