Metretek Technologies, Inc. Non-Employee Director Compensation Summary (Effective January 1, 2006)
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Summary
This document outlines the compensation plan for non-employee directors of Metretek Technologies, Inc. Effective January 1, 2006, non-employee directors receive a monthly cash retainer of $3,000 and stock options upon initial election and annually thereafter. The annual stock option grant is calculated by dividing the annual retainer by the exercise price, which is set at the closing sale price of the company's common stock on the grant date. The options are non-qualified, vest immediately, and have a 10-year term.
EX-10.18 4 l18768aexv10w18.txt EX-10.18 Exhibit 10.18 METRETEK TECHNOLOGIES, INC. SUMMARY SHEET OF COMPENSATION OF NON-EMPLOYEE DIRECTORS (EFFECTIVE JANUARY 1, 2006) Retainer: $3,000 per month, in cash Stock Options upon Initial Election: 5,000 shares Annual Stock Options: Number equals the Annual Retainer (currently $36,000) divided by the Exercise Price Terms of Stock Options: Exercise price = closing sale price of Common Stock on date of grant Non-qualified stock options (NQSOs), immediate vesting, 10 year term
