Orbital Non-Employee Director Compensation Program Effective January 1, 2007

Contract Categories: Human Resources › Compensation Agreements
Summary

Orbital's Non-Employee Director Compensation Program outlines the pay and benefits for its non-employee board members starting January 1, 2007. Non-employee directors receive annual cash retainers, additional fees for attending board and committee meetings, and extra compensation for serving as committee chairs or the lead independent director. Each non-employee director also receives an annual grant of stock units valued at $40,000, which vest after one year. The program applies to all non-employee directors of Orbital and specifies how and when compensation is awarded.

Read More Arrow
EX-10.32 6 w30644exv10w32.htm EX-10.32 exv10w32  

Exhibit 10.32
Non-Employee Director Compensation Program
     The following is a summary of the compensation arrangements for Orbital’s non-employee directors effective January 1, 2007:
Annual Retainers and Meeting Fees:
  –   Annual retainer of $30,000
 
  –   Annual retainer of $5,000 for the chairperson of each standing committee
 
  –   Annual retainer of $1,000 for each non-chair member of each standing committee
 
  –   Annual retainer of $10,000 for the lead independent director
 
  –   $1,000 for each Board meeting attended in person in excess of five meetings per year
 
  –   $500 for each Board meeting held telephonically
 
  –   $1,000 for each committee meeting attended in person
 
  –   $500 for each committee meeting held telephonically
Annual Stock Unit Grant:
  –   Each non-employee director receives an automatic annual grant of stock units under Orbital’s 1997 Stock Option and Incentive Plan having a dollar value of $40,000 based on the closing price of Orbital’s common stock on the grant date. The grant date shall be the second business day of the calendar year (“Annual Grant Date”), or if the non-employee director is first elected to the Board of Directors after the Annual Grant Date, then the date of such non-employee director’s election. The stock units granted will vest in their entirety one year from the Annual Grant Date.