Phase Forward Incorporated Summary of Cash Compensation Practices for Non-Employee Directors (Effective January 1, 2005)
This document outlines the cash compensation policy for non-employee directors of Phase Forward Incorporated, effective January 1, 2005. Non-employee directors receive annual retainers for board and committee membership, additional retainers for committee chairs, and fees for attending board and committee meetings. Directors must meet specific attendance requirements to qualify for the annual retainer, and all reasonable meeting-related expenses are reimbursed. Payments are made quarterly and in arrears. The Chief Financial Officer has discretion to excuse certain absences when determining eligibility for compensation.
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Exhibit 10.20
Phase Forward Incorporated
Summary of Cash Compensation Practices for Non-Employee Directors
(Effective January 1, 2005)
| Annual retainer for Board membership*: | $10,000 | |
Annual retainer for each standing Board committee membership: | $2,000 | |
Additional annual retainer for each standing Board committee chair: | $2,000 | |
Board meeting attendance: | $1,500 per Board meeting attended in person $1,000 per Board meeting attended telephonically | |
Committee meeting attendance: | $500 for each standing Board committee meeting attended in person or telephonically |
All meeting fees and a quarterly installment of annual retainer fees are paid in arrears. In addition, all directors are reimbursed for reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors.
- *
- To be eligible for the annual retainer for Board membership, Directors are required to attend at least 75% of the Board meetings by phone or in person, and at least 50% of the meetings in person. The Company's Chief Financial Officer may exercise discretion in determining whether certain absences are excusable in determining whether the attendance thresholds are met.
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