Summary of Director Compensation for Fiscal 2006
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Summary
This document outlines the compensation policy for non-employee directors of the company for fiscal year 2006. Non-employee directors receive an annual retainer of $36,000, with additional payments for each meeting attended ($1,500 per meeting, or $2,500 for the Audit Committee Chairman). Each non-employee director was granted options to purchase 25,000 shares of common stock in March 2005, which vested immediately. The Compensation Committee also intends to grant 20,000 stock options annually to each non-employee director, vesting after one year. Employee directors do not receive separate compensation for board service.
EX-10.15 2 w18580exv10w15.htm EXHIBIT 10.15 exv10w15
Exhibit 10.15
Summary of Director Compensation for Fiscal 2006
Effective March 23, 2005, 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 March 2005, we granted each of our non-employee directors options to purchase 25,000 shares of our common stock. These options fully vested upon grant. 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, the Compensation Committee granted 20,000 options to each of the non-employee directors in January 2006, which options will vest in January 2007. We do not pay employee members of our Board of Directors separately for their service on our Board of Directors.
