Compensation Schedule for Outside Board Members Approved March 25, 2004
This document outlines the compensation structure for outside members of the board of directors, as approved by the Compensation Committee and Board on March 25, 2004. Outside board members receive an annual base retainer of $15,000, with additional payments for serving as committee chairman or secretary, attending meetings, and participating in special board or committee meetings. Members are also granted stock options upon joining and annually thereafter. The total annual compensation for an outside board member typically ranges from $27,500 to $41,500, depending on their roles and meeting attendance.
Exhibit 10.36
COMPENSATION FOR OUTSIDE BOARD MEMBERS
(As approved by the Compensation Committee & Board 3/25/04)
Proposed
| Attend in | Attend by | |||||||||||
| Now | Person | Phone | ||||||||||
Annual Retainer (Base) | $ | 15,000 | $ | 15,000 | ||||||||
Committee Chairman (extra) | 2,500 | |||||||||||
Committee Secretary (extra) | 2,500 | |||||||||||
Regular Meeting Fee | $ | 1,000 | 2,500 | $ | 1,500 | |||||||
Spec. Committee or Board mtg | ||||||||||||
(if separate from regular BOD mtg) | 1,500 | 500 | ||||||||||
Options Granted Upon Joining BOD | 20,000 | |||
Option Grants yearly thereafter | 10,000 |
Total likely Board Compensation (calculated)
| Min | Max | |||||||
Base Retainer | $ | 15,000 | $ | 15,000 | ||||
Committee Chairman or Secretary (extra) | 0 | 2,500 | ||||||
Meeting fees (4 to 6 x $2,500) | 10,000 | 15,000 | ||||||
Committee meetings (1 to 4 x $1,500) | 1,500 | 6,000 | ||||||
Special BOD or Committee Meetings (2) | 1,000 | 3,000 | ||||||
| $ | 27,500 | $ | 41,500 | |||||
