Summary of Non-Employee Director Compensation for Board and Committee Service
This document outlines the compensation structure for non-employee directors of the company. Board members receive an annual retainer of $20,000, $1,000 per in-person meeting, and up to 10,000 stock options. Additional annual retainers are provided for service on the Audit, Compensation, and Nominating and Corporate Governance Committees. Stock options vest over four years, with specific vesting schedules for initial and subsequent grants. The agreement sets clear terms for director compensation and stock option vesting.
Exhibit 10.1
Summary of Director Compensation
| Director Category (applicable to non-employee directors) | Annual Retainer | Compensation per Meeting (in-person only) | Number of Annual Stock Options* | ||||||
| Board Members | $ | 20,000 | $ | 1,000 | Up to 10,000 | (1) | |||
| Audit Committee Members (excluding Chairman) | $ | 2,500 | None | None | |||||
| Audit Committee Chairman | $ | 25,000 | None | None | |||||
| Compensation Committee Members (including Chairman) | $ | 2,000 | None | None | |||||
| Nominating and Corporate Governance Committee Members (including Chairman) | $ | 2,000 | None | None | |||||
| * | Applicable to all non-employee directors. |
| (1) | If such option is the first option a director has received from the Company for his or her services as a Board member (the “Initial Grant”), then the shares subject to such option will vest over four (4) years, with 25% of the shares subject to such option vesting upon the one (1) year anniversary of the date of the grant of such option, and 1/48 of the shares subject to such option vesting monthly thereafter. If such option is not an Initial Grant, then 1/48 of the shares subject to such option would vest monthly over four (4) years. |
