Phoenix Technologies Ltd. Director Long-Term Service Award Plan Description

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Phoenix Technologies Ltd. established a Director Long-Term Service Award Plan to attract and retain qualified directors and reward long-term service. Under this plan, a one-time payment of $50,000 is granted to retiring directors who have served at least ten years on the board, or at least five years on the board with a total of ten years' combined service including time as a director of an acquired company, provided their departure is not for cause. The plan was approved on December 19, 2006, and Anthony Sun was designated to receive the award upon his term's expiration.

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EX-10.4 2 f27074exv10w4.htm EXHIBIT 10.4 exv10w4  

Exhibit 10.4
Description of Director Long-Term Service Award Plan
     On December 19, 2006, the board of directors (the “Board”) of Phoenix Technologies Ltd. (the “Company”) unanimously approved the creation of a director long-term service award plan in order to attract and retain high caliber directors and to reward directors for their loyal service to the Company. The Board set the amount of such award at $50,000, to be paid as a one-time payment to retiring directors whose service terminates for any reason other than for cause, and who have served for ten years or more on the Board (or who have served at least five years on the Board and have at least ten years of combined service as a director of the Company and as a director of any business acquired by the Company).
     The Board also approved on December 19, 2006 the payment of a $50,000 service award under the above-mentioned plan to Anthony Sun upon the expiration of his current term as a director of the Company, based on his combined service on the Board and the board of a company previously acquired by the Company.