Fiscal Year 2011 Director Compensation Schedule
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Summary
This document outlines the compensation structure for directors serving on the board in fiscal year 2011. Directors receive a $40,000 annual cash retainer, with no additional meeting fees. New directors are granted 30,000 stock options vesting over three years, while all directors receive an annual grant of 15,000 stock options vesting after one year. Additional cash retainers are provided for committee chairs and members, with amounts varying by committee. The agreement specifies the compensation terms but does not include other employment or service conditions.
EX-10.20 2 ex10_20.htm EXHIBIT 10.20 ex10_20.htm
Exhibit 10.20
Fiscal Year 2011 Director Compensation
| Compensation Element | Compensation |
| General Board Service – Cash | } Board cash retainer: $40,000 |
| } Meeting fees: none | |
| General Board Service – Equity | } Initial equity grant: 30,000 option shares |
| ● Vest annually over 3 years | |
| } Annual equity grant: 15,000 option shares | |
| ● Vest 100% after 1 year | |
| Committee Chair Service | } Annual cash retainer: |
| ● Audit: $16,500 | |
| ● Compensation: $9,000 | |
| ● Nom/Gov: $5,000 | |
| } Meeting fees: none | |
| Committee Member Service | } Annual cash retainer: |
| ● Audit: $6,000 | |
| ● Compensation: $5,000 | |
| ● Nom/Gov: $2,000 | |
| } Meeting fees: none |
