Schedule of Non-Employee Director Compensation Effective January 1, 2005
This document outlines the compensation structure for non-employee directors of the company, effective January 1, 2005. Directors receive cash fees, including an annual retainer and additional fees for committee participation, paid semiannually or deferred. They are also granted stock options under the 1998 Director Stock Option Plan, with specific terms for initial and ongoing grants. The agreement details the amounts paid for various roles and the vesting and exercise terms for stock options.
Exhibit 10.08
Schedule of Non-Employee Director Compensation
Effective January 1, 2005
Cash fees are paid semiannually, on the last business days of June and December, or at the beginning of the following year if payment is deferred pursuant to the Outside Directors Deferred Compensation Plan.
Annual Retainer Fee | $ | 75,000 | ||
Committee Meeting Fees, per meeting | $ | 1,500 | ||
Committee Annual Retainer Fees: | ||||
Audit Committee Chairperson | $ | 10,000 | ||
Audit Committee Member | $ | 5,000 | ||
Executive Compensation Committee Chairperson | $ | 5,000 | ||
Nominating and Corporate Governance Committee Chairperson | $ | 5,000 |
Stock option grants pursuant to the 1998 Director Stock Option Plan have an exercise price equal to the fair market value on the date of grant date, vest one year after the grant date, and have a 10-year term.
Initial stock option grant upon election to the Board | 8,000 shares | |||
Semiannual stock option grant | 2,000 shares | |||
