EXHIBIT 10.6 SUMMARY OF COMPENSATION FOR THE BOARD OF DIRECTORS OF NEOGEN CORPORATION
EXHIBIT 10.6
SUMMARY OF COMPENSATION FOR
THE BOARD OF DIRECTORS OF
NEOGEN CORPORATION
Non-employee directors receive the following compensation:
| Compensation | Amount | |
| Annual Cash Retainer | $24,000 in aggregate, paid quarterly in advance | |
| Annual Equity Retainer (1) | 3,000 shares of Neogen Corporation (the “Company”) common stock | |
| Annual Fee for Audit Committee Chair: | $500 | |
| Annual Fee for Compensation Committee Chair: | $500 | |
| Annual Fee for Corporate Governance Committee Chair: | $500 | |
| Board Meeting Attendance Fee | $1,000 | |
| Committee Meeting Fees | $500 | |
The Company also reimburses members of the Board of Directors for all expenses incurred in attending meetings or performing their duties as directors.
Members of the Board of Directors who are employees or officers of the Company or any of its subsidiaries do not receive any compensation for serving on the Board of Directors or any committees thereof.
Effective October 6, 2011.
| (1) | All non-employee directors are granted non-qualified options to purchase 5,000 shares of Neogen Corporation common stock when first elected to the Board of Directors. These options have ten year lives and three year ratable vesting provisions. Each director is granted 3,000 options to purchase Neogen Corporation common stock annually, with ten year lives and three year ratable vesting provisions. |
