Amendment No. 1 to SeraCare Life Sciences, Inc. Fiscal 2009 Director Compensation Program

Contract Categories: Human Resources › Compensation Agreements
Summary

SeraCare Life Sciences, Inc. amended its 2009 Director Compensation Program effective April 1, 2009. The amendment reduces the cash compensation for each Board member by 20%. In place of the reduced cash, Board members will receive shares of the company's common stock, calculated based on the amount of the reduction and the greater of $1.00 or the stock's closing price on the first trading day of each quarter. Any fractional shares will be paid in cash. This formula also applies to other quarterly stock issuances for Board members.

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EX-10.5 2 b75427slexv10w5.htm EX-10.5 AMENDMENT NO. 1 TO THE FISCAL 2009 DIRECTOR COMPENSATION PROGRAM exv10w5
Exhibit 10.5
SERACARE LIFE SCIENCES, INC.
Amendment No. 1 to the
Fiscal 2009 Director Compensation Program
March 27, 2009
Amendment to Board Cash Compensation
As of April 1, 2009, the Fiscal 2009 Director Compensation Program of SeraCare Life Sciences, Inc. (the “Company”) is amended such that the cash component of each Board member’s Board and committee compensation shall be reduced by 20%, and the Company shall grant to each Board member shares of the Company’s common stock equal in number to (1) the U.S. dollar amount equal to the 20% reduction in the cash component of his or her Board and committee compensation, divided by (2) the greater of U.S. $1.00 or the closing price per share of the Company’s common stock on the first trading day of the quarter when payment is due. The resulting share totals shall be rounded down to the nearest whole share and any fractional amount shall be paid in cash. The above formula for calculating the number of shares to be granted shall also be used to determine other quarterly stock issuances to each Board member.