COMPENSATION POLICY FOR DIRECTORS OF ORCHID BIOSCIENCES, INC. EFFECTIVE JANUARY 1, 2004
Exhibit 10.2
COMPENSATION POLICY FOR DIRECTORS OF ORCHID BIOSCIENCES, INC.
EFFECTIVE JANUARY 1, 2004
Compensation Policy
| Board of Directors: | |||
| Annual retainer-chairperson | $ | 25,000 | |
| Annual retainer-director | $ | 12,500 | |
| Meeting fee | $ | 3,000 | |
| Telephonic meetings will be paid at the prorated level of $500 per hour. | |||
| Audit Committee: | |||
| Annual retainer-chairperson | $ | 5,000 | |
| Annual retainer-committee members | $ | 1,500 | |
| Meeting fee: | $ | 1,000 | |
| Meeting fee (in person for meetings held on days separate from full Board meeting) | $ | 3,000 | |
| Telephonic meetings will be paid at the prorated level of $500 per hour. | |||
| Compensation Committee: | |||
| No annual retainer to be paid to compensation committee chairperson or members. | |||
| Meeting fee | $ | 1,000 | |
| Meeting fee (in person meetings held on days separate from full Board meeting) | $ | 3,000 | |
| Telephonic meetings will be paid at the prorated level of $500 per hour. | |||
Board members and committee members receive stock option grants both upon joining the Board and on an annual basis in line with recommendations by the Compensation Committee, which grants are non-qualified stock options under our 2000 Employee, Director and Consultant Stock Incentive Plan, which grants typically vest in monthly increments over 4 years.
