Summary of Director Compensation for Independent Board and Audit Committee Members
This document outlines the compensation structure for independent directors not affiliated with a venture fund. Independent board members receive an annual retainer, per-meeting fees (differentiated by in-person or phone attendance), and annual stock options. Audit Committee members and the Chairman receive additional compensation, with specific fees for meetings not held on the same day as board meetings. The agreement specifies the amounts and conditions for each category of director.
Exhibit 10.1
Summary of Director Compensation
| Director Category (applicable to independent directors not affiliated with a venture fund) | Annual Retainer | Compensation (in-person/by | Number of Annual Stock Options | |||||
| Independent Board Members | $ | 5,000 | $ | 2,000/$1,000 | 5,000 | |||
| Audit Committee Members (excluding Chair) | * | 2,750 | ||||||
| Audit Committee Chairman | $ | 15,000 | $ | 1,500 | 3,750 | |||
| * | $1,000 for each Audit Committee meeting that is not on the same day for which a Board meeting fee shall accrue. |
