Rentrak Corporation Summary of Compensation Arrangements for Non-Employee Directors
Rentrak Corporation outlines the compensation for its non-employee directors, who receive an annual retainer of $20,000, with an extra $2,500 for Audit Committee members. Directors are paid $500 for each board or committee meeting attended, either in person or by phone, and are reimbursed for travel expenses. Additionally, each non-employee director is granted a stock option for 10,000 shares annually, exercisable after one year, with committee chairs receiving an extra option for 2,500 shares. These options are valid for 10 years unless the director leaves the board.
EXHIBIT 10.35
Rentrak Corporation
Summary of Compensation Arrangements for Non-Employee Directors
Each non-employee director of Rentrak Corporation (“Rentrak”) receives an annual retainer of $20,000; non-employee directors who serve on the Audit Committee receive an additional retainer of $2,500. Non-employee directors are also paid $500 for each board meeting they attend in person or by telephone conference call. Each director who serves on a board committee is paid $500 for attending each in-person or telephone conference committee meeting. Rentrak also reimburses directors for their travel expenses for each meeting attended in person.
Under Rentrak’s 1997 Equity Participation Plan, each non-employee director receives an automatic grant, at the beginning of each fiscal year, of a stock option exercisable for 10 years, subject to earlier termination if the director ceases to be a director. The option entitles the director to purchase 10,000 shares of Rentrak common stock at a purchase price equal to the fair market value of Rentrak’s stock on the date of grant and becomes exercisable in full one year after the date of grant. Each chair of a board committee simultaneously receives an option to purchase an additional 2,500 shares on the same terms.
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