Summary of Executive and Director Compensation for Red Hat, Inc. as of May 1, 2006
This document outlines the annual base salaries for executive officers and the compensation structure for directors of Red Hat, Inc. as of May 1, 2006. It lists specific salary amounts for named executives and details board retainers, committee fees, and stock compensation for directors. Directors receive a combination of cash retainers, additional fees for committee roles, and stock options, with some compensation eligible for deferral or conversion to deferred stock units. The agreement specifies initial and annual stock option grants and the vesting schedule for directors.
Exhibit 10.29
Executive and Director Compensation Exhibit
Per annum base salaries of the Executive Officers of the Company as of May 1, 2006:
| Executive Officers | Per Annum Base Salaries as of May 1, 2006 | ||
| Paul Cormier | $ | 300,000 | |
| Michael Cunningham | $ | 275,000 | |
| Charles E. Peters, Jr. | $ | 325,000 | |
| Alex Pinchev | $ | 325,000 | |
| Joanne Rohde | $ | 275,000 | |
| Matthew Szulik | $ | 400,000 | |
Board of Directors’ retainers as of May 1,2006:
| Directors | Board Retainer | Lead Director Retainer | Director Committee Memberships | Total Annual per Director | Deferred Stock Election | |||||||||||||||
| Audit | Comp / Nominating | |||||||||||||||||||
| E. McDonald | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | 100% of all compensation | |||||||||||
| M. Fox | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | 50% of cash compensation 100% of equity compensation | |||||||||||
| W. Kaiser | $ | 30,000 | $ | 20,000 | $ | 10,000 | $ | 0 | $ | 60,000 | N/A | |||||||||
| H. Shelton | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | 100% of cash compensation 50% of equity compensation | |||||||||||
| W. Albrecht | $ | 30,000 | $ | 20,000 | $ | 5,000 | $ | 55,000 | 50% of equity compensation | |||||||||||
| E. Kozel | $ | 30,000 | $ | 5,000 | $ | 5,000 | $ | 40,000 | 100% of cash compensation 50% of equity compensation | |||||||||||
| N. Gupta | $ | 30,000 | $ | 5,000 | $ | 5,000 | $ | 40,000 | N/A | |||||||||||
Director Stock Compensation Summary
| • | Initial Election: 40,000 options, 3 year vesting |
| • | Annual Grant (on the earlier of (i) date of annual Shareholders Meeting or (ii) August 13, 2006: 10,000 options, fully vested |
| • | Deferred Stock Unit Conversion ratio: 35 DSU’s per 100 options |
