Summary of Non-Employee Director Compensation for Board Service
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Summary
This document outlines the compensation policy for non-employee directors of the company. Non-employee directors receive an annual retainer of $36,000 and an additional fee for each meeting attended ($1,500, or $2,500 for the Audit Committee Chairman). They are also granted 20,000 stock options annually, which vest after one year. Employee directors do not receive separate compensation for board service. The policy is set by the Compensation Committee and applies to grants made in January 2006 and January 2007.
EX-10.22 2 w31820exv10w22.htm EX-10.22 exv10w22
Exhibit 10.22
Summary of Director Compensation
Our non-employee directors, other than the Chairman of the Audit Committee, receive an annual retainer of $36,000, plus an additional $1,500 for each meeting attended. The Chairman of the Audit Committee receives an annual retainer of $36,000, plus an additional $2,500 for each meeting attended. In addition, it is the intention of the Compensation Committee to award each of our non-employee directors on an annual basis 20,000 options, such options to vest on the first anniversary of the date of grant. Accordingly, in January 2006 and January 2007, we granted each of our non-employee directors options to purchase 20,000 shares of our common stock, such options to vest on the first anniversary of the date of grant. We do not pay employee members of our Board of Directors separately for their service on our Board of Directors.
