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