Summary of Non-Executive Director Compensation for [Company Name] as of March 31, 2009
This document outlines the compensation for non-executive directors of the company as of March 31, 2009. Directors receive an annual payment of $10,000, a $750 fee for each in-person meeting attended, and $350 for each meeting attended by phone. Compensation may be paid in New Israeli Shekels at a minimum exchange rate of $4.25 per NIS. Directors are also reimbursed for meeting-related expenses. From November 2008, there was a temporary 25% reduction in cash compensation for six months, offset by a grant of restricted company shares.
Exhibit 10.1
Summary of Directors Ongoing Compensation
Subject to a temporary reduction of November 2008, as more fully set forth below, as of March 31, 2009, our non-executive officer directors receive cash compensation as follows:
| — | Annual compensation of $10,000; |
| — | Meeting participation fee of $750 per in-person meeting; and |
| — | For meeting participation by telephone, $350 per meeting. |
If the compensation is paid in New Israeli Shekels (“NIS”), the exchange rate of the directors’ fees used to calculate the fees will be not less then $4.25 per NIS. In addition, we reimburse our non-executive officer directors for expenses incurred in connection with attending board meetings.
As of November 2008 there was a reduction of approximately 25% of the directors’ cash compensation in effect for a period of six months (in exchange for the reduction the directors were granted restricted shares of the company’s common stock with an attributed value of $0.40 per share and a vesting period of six months).
