Mobitv, Inc. Director Compensation (upon effectiveness of initial public offering)
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.
