Orchid BioSciences, Inc. Director Compensation Policy Effective January 1, 2004
This policy outlines the compensation structure for directors of Orchid BioSciences, Inc., effective January 1, 2004. Directors and committee members receive annual retainers, meeting attendance fees, and prorated payments for telephonic meetings. The policy also provides for stock option grants upon joining the Board and annually thereafter, with options vesting monthly over four years. The compensation amounts and eligibility vary depending on the director's role and committee participation.
Exhibit 10.36
COMPENSATION POLICY FOR DIRECTORS OF ORCHID BIOSCIENCES, INC.
EFFECTIVE JANUARY 1, 2004
Compensation Policy
| Board of Directors: | |||
| Annual retainer-chairman | $ | 15,000 | |
| Annual retainer-director | $ | 12,500 | |
| Meeting attendance 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 attendance fee: | $ | 1,000 | |
| Meeting attendance 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 attendance fee | $ | 1,000 | |
| Meeting attendance 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.
