Summary of Non-Employee Director Compensation for [Company Name]
This document outlines the compensation policy for non-employee directors of the company. Non-employee directors receive cash payments for attending board and committee meetings, with different amounts based on the type and format of the meeting. Additional annual fees are paid to the chairmen of the Audit and Compensation Committees. Directors are also reimbursed for reasonable meeting-related expenses. Under the company's 2000 Director Stock Option Plan, new non-employee directors receive stock options for 50,000 shares upon joining, and all non-employee directors receive annual stock options for 15,000 shares.
Exhibit 10.20
SUMMARY OF THE COMPANY’S NON-EMPLOYEE DIRECTOR COMPENSATION
Non-employee directors are paid $2,000 for each Board meeting attended in person, $1,000 per Board meeting conducted by telephone, $1,500 for each Audit Committee meeting attended, whether in person or by phone, $1,000 for each Compensation Committee, Nominating Committee or Special Committee meeting attended in person and $500 for each Compensation Committee, Nominating Committee or Special Committee meeting conducted by telephone. In addition, the Chairman of the Audit Committee is paid an additional fee of $8,000 per year and the Compensation Committee Chairman is paid an additional fee of $4,000 per year for their services as such. All directors are reimbursed for their reasonable expenses related to attendance at meetings.
In accordance with the Company’s 2000 Director Stock Option Plan, any non-employee director first elected to the Board will receive a stock option award of 50,000 shares. Each year, as of the Annual Meeting of Stockholders, each non-employee director will receive a stock option award of 15,000 shares.
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