Item 1.01 Entry into a Material Definitive Agreement.
On May 4, 2005, effective immediately, the Company’s Board of Directors approved the following changes to the compensation of the Company’s non-employee directors:
• An increase in the annual retainer from $25,000 to $40,000;
• Additional annual compensation for the Chairperson of the Audit Committee in the amount of $10,000 and an increase in the additional annual stock option grant for the Chairperson of the Audit Committee from 500 shares to 5,000 shares, and in the case of the 2005 annual stock option grant for the Chairperson of the Audit Committee, one-half of such increase shall be reflected in each of the scheduled June 1, 2005, and July 1, 2005, installments of the annual grant;
• Additional annual compensation for the Chairperson of each other Committee in the amount of $5,000 and an increase in the additional annual stock option grant for such Chairpersons from 500 shares to 2,500 shares, and in the case of the 2005 annual stock option grant, one-half of such increase shall be reflected in each of the scheduled June 1, 2005, and July 1, 2005, installments of the annual grant; and
• A change in the vesting of annual stock options granted after May 4, 2005, to vest monthly over one year in 12 equal installments instead of vesting monthly over four years. |
