MathStar, Inc. 2007 Executive Officer and Director Compensation Schedule
MathStar, Inc. outlines the 2007 compensation for its executive officers and directors. Executives receive specified base salaries, potential bonuses, and stock option awards, with bonus eligibility based on performance criteria. Directors are compensated through quarterly retainers, meeting fees, and committee participation fees. Non-employee directors also receive stock options, with initial and annual grants vesting over set periods, contingent on continued board service. This schedule details the amounts and conditions for each role for the year ending December 31, 2007.
Exhibit 10.14
Schedule of Executive Officer and Director Compensation for 2007
Set forth below is a description of the compensation that MathStar, Inc. determined to pay its executive officers (defined in Item 402(a)(3) of Regulation S-K) in their current positions for the year ending December 31, 2007.
| Name |
| 2007 Base Salary |
| Potential Bonus |
| ||
| Douglas M. Pihl, |
| $ | 220,000 |
| 110,000 |
| |
| Ronald K. Bell, |
| $ | 240,000 |
| — |
| |
| Daniel J. Sweeney, |
| $ | 180,000 |
| $ | 90,000 |
|
| Glen Wiley, |
| $ | 150,000 |
| $ | 130,000 |
|
| James W. Cruckshank, |
| $ | 175,000 |
| $ | 87,500 |
|
| Sean P. Riley, |
| $ | 170,000 |
| $ | 65,000 |
|
| Timothy A. Teckman, |
| $ | 150,000 |
| $ | 60,000 |
|
| (1) |
| Reflects the maximum potential bonus the named officer could earn under this bonus plan adopted by the Compensation Committee. |
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| (2) |
| For 2007, Mr. Wiley’s bonus is based on the achievement of certain design wins and revenue goals. |
Schedule of Director Compensation for 2007
Set forth below is a description of the compensation that MathStar, Inc. determined to pay to its directors for the year ending December 31, 2007.
Cash Compensation
| Retainer: |
| $1,500 per quarter |
| Board Meeting Fee |
| $750 per meeting |
| Audit Committee: |
| $1,000 per meeting for chairman, $750 meeting for other members |
| Other Committees: |
| $750 per meeting for chairman, $500 per meeting for other members |
Equity Compensation to Non-Employee Directors
| Initial Option Grant: |
| To new non-employee directors, ten-year option to purchase 25,000 shares, vesting over three years on the first, second and third anniversary dates of the date of grant if the director is then a director of MathStar, at an exercise price equal to the exercise price of the common stock on the date of grant. |
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| Annual Grant: |
| Upon the re-election of each non-employee director to the board, ten-year option to purchase 5,000 shares, vesting one year after grant if the director is then a director of MathStar, at an exercise price equal to the exercise price of the common stock on the date of grant. |
