Director Compensation Policy Effective January 1, 2005
This document outlines the compensation policy for directors of the company, effective January 1, 2005. Directors receive a monthly fee of $400 and are eligible for non-qualified stock option awards under the company's 2001 Stock Option Plan, as determined by the Board of Directors. In previous years, directors were granted options to purchase 2,000 shares each at various exercise prices, with options being immediately exercisable and valid for 10 years.
Exhibit 10.9
Director Compensation (effective January 1, 2005)
| Monthly Fees | |||
| Monthly Fee | $ | 400 | |
Equity Compensation
Each director is also eligible to receive non-qualified stock option awards pursuant to the Company’s 2001 Stock Option Plan, in the discretion of the Board of Directors.
In each of December 2001, January 2003, January 2004 and November 2004, the Company granted each director options to purchase 2,000 shares of the Company’s common stock. These options were immediately exercisable and have exercise prices of $7.50, $10.00, $10.00, and $13.50 respectively, per share, based on the fair market value of the Company’s common stock on the date of grant, and have a term of 10 years.
