MOCON, Inc. Non-Employee Director Compensation Arrangements Description
MOCON, Inc. outlines compensation for its non-employee directors, including a monthly retainer, fees for attending board and committee meetings (with different amounts for in-person and telephone attendance), and an additional monthly fee for the Audit Committee Chairman. Non-employee directors may also be granted stock options at the board's discretion. Directors who retire after at least five years of service are eligible for a retirement payment equal to the annual retainer, unless they continue as consultants. Directors are also reimbursed for expenses related to meeting attendance.
Exhibit 10.21
MOCON, INC.
DESCRIPTION OF NON-EMPLOYEE DIRECTOR
COMPENSATION ARRANGEMENTS
Retainer and Meeting Fees. Each of the non-employee directors of MOCON, Inc. receives a retainer fee of $600 per month without regard to the number of board of directors or committee meetings held or attended by such director, along with an additional $400 for each board meeting or committee meeting attended in person, and $200 for each board meeting or committee meeting attended via telephone. In addition, the Chairman of the Audit Committee receives a fee of $100 per month.
Stock Options. Non-employee directors are granted options to purchase shares of MOCON common stock from time to time in the sole discretion of the board of directors.
Director Retirement Plan. Pursuant to the MOCON, Inc. Director Retirement Plan, a non-employee director who has served on the board of directors of MOCON for at least five years will, upon retirement, receive an amount equal to the annual retainer fee such director would have been entitled to receive during the fiscal year in which such director’s retirement occurs. This payment, however, will not be made to a director who, following his or her retirement, continues to serve as a consultant to MOCON or any of its subsidiaries. Any amount payable under this retirement plan will be paid as determined by the MOCON board of directors in its sole discretion following such director’s retirement.
Reimbursement of Expenses. Non-employee directors are reimbursed for actual expenses incurred in attending board and committee meetings.
