Mentor Corporation Non-Employee Directors Fee and Compensation Policy
Mentor Corporation provides its non-employee Board members with a quarterly fee of $12,500, totaling $50,000 annually. The non-employee Chairman of the Board receives a higher quarterly fee of $37,500, or $150,000 annually. The Chairperson of the audit committee receives an additional $5,000 per year, making their total annual fee $55,000. Additionally, all non-employee directors are eligible to receive stock options under the company's amended 2000 Long-Term Incentive Plan.
EXHIBIT 10.41
WRITTEN DESCRIPTION OF DIRECTORS FEES
PURSUANT TO ITEM 601(b)(10)(iii)(A) OF REGULATION S-K
Each non-employee member of the Board of Directors of Mentor Corporation receives a quarterly fee of $12,500, equaling a total annual fee of $50,000. Effective June 1, 2005, the Chairman of the Board, who is a non-employee Director, receives a quarterly fee of $37,500, for a total annual fee of $150,000. The Chairperson of the audit committee receives an additional $5,000 per year; bringing the total annual fee for the Chairperson to $55,000. In addition, under the Company's amended 2000 Long-Term Incentive Plan, each non-employee member of the Board of Directors is eligible to receive options to purchase shares of the Company's common stock.
