MobiTV, Inc. Director Compensation Arrangements (Post-IPO)
MobiTV, Inc. outlines compensation for its non-employee directors following its initial public offering. Directors receive annual cash retainers for board and committee service, with additional fees for committee chairs and members. Directors may choose to receive stock options instead of cash fees. They are also eligible for initial and annual stock option awards, subject to vesting schedules. The company reimburses directors for reasonable expenses related to their board duties.
Exhibit 10.20
Mobitv, Inc.
Director Compensation
(upon effectiveness of initial public offering)
Board Fees
Non-employee members of the Board are eligible to receive the following annual retainer fees for Board service (paid quarterly):
| Board of Directors Member | $22,500 | |||||
| Audit Committee Chair | $20,000 | |||||
| Compensation Committee Chair | $9,000 | |||||
| Nominating and Governance Committee Chair | $5,000 | |||||
| Audit Committee member (non-Chair) | $5,000 | |||||
| Compensation Committee member (non-Chair) | $3,750 | |||||
| Nom. & Gov. Committee member (non-Chair) | $2,250 | |||||
Eligible directors may elect to receive stock options in lieu of the retainer fee, on an annual basis, based on the Black-Scholes value on date of grant.
Long Term Incentive Equity Awards
Non-employee members of the Board are eligible to receive the following stock option awards for Board service:
| Initial award1 | $ | 150,000 | 3 | |||
| Annual award2 | $ | 100,000 | 3 | |||
|
1vests annually over three years
2Cliff vest one-year from grant date (annual meeting of stockholders)
3Grant date fair value of option award on date of award | ||||||
Reimbursement of Expenses
The Company will reimburse Board members for necessary and reasonable expenses incurred in the course and scope of performing services.
