Director Compensation Policy for Orchid BioSciences, Inc. (Effective January 1, 2004)

Summary

This policy outlines how Orchid BioSciences, Inc. compensates its Board of Directors and committee members. Directors receive annual retainers, meeting fees, and additional compensation for telephonic meetings. The Audit Committee chair and members receive extra retainers and meeting fees, while the Compensation Committee members are paid only for meetings. Directors and committee members are also granted stock options upon joining and annually, with options vesting monthly over four years. The policy is effective as of January 1, 2004.

EX-10.2 3 dex102.htm COMPENSATION POLICY FOR DIRECTORS OF ORCHID BIOSCIENCES, INC. Compensation Policy for Directors of Orchid BioSciences, Inc.

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.