SIGA Technologies, Inc. Non-Employee Director Compensation Summary

Summary

SIGA Technologies, Inc. has established a compensation plan for its non-employee directors. New directors receive options to purchase 25,000 shares of common stock at the market price on the grant date. Each year, all non-employee directors are granted options for 10,000 shares at the annual meeting. Directors are also paid $1,000 for each board meeting attended. Audit Committee members receive $500–$1,000 per meeting, while members of the Compensation and Nominating and Corporate Governance Committees receive $500 per meeting.

EX-10.3 2 d63845_ex10-3.txt MATERIAL CONTRACTS Exhibit 10.3 NON-EMPLOYEE DIRECTOR COMPENSATION SUMMARY SHHET CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 The Board of Directors has approved the following compensation for each non-employee director: Initial option grants SIGA Technologies, Inc. will grant each non-employee director who first joins the Board options to purchase 25,000 shares of common stock at an exercise price per share equal to the fair market value price per share of common stock on the date of the grant. Annual option grant SIGA Technologies, Inc. will grant each non-employee director options to purchase 10,000 shares of common stock at each annual meeting and commencing with the 2005 Annual Meeting. Meeting fees SIGA Technologies, Inc. will pay its directors $1,000 per meeting for board meetings. The chairman of the Audit Committee will receive $1,000 per meeting for meetings of the Audit Committee and all other members of the Audit Committee will receive $500 per meeting for meetings of the Audit Committee. Members of the Compensation Committee and Nominating and Corporate Governance Committee will receive $500 per meeting for meetings of the Compensation Committee and Nominating and Corporate Governance Committee. 17