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Exhibit 10.77
SUMMARY OF COMPENSATORY
ARRANGEMENTS
WITH DIRECTORS AND NAMED
EXECUTIVE OFFICERS
Director Compensation
. Each director who is not an
employee or officer of the Company will receive the following
compensation for his services as director in 2009:
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annual base compensation of
$20,000;
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$2,000 per regularly scheduled board
meeting attended;
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$750 per regularly scheduled audit
committee meeting attended;
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$25,000 per year for service as the
Audit Committee chairman;
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$20,000 per year for service as the
Compensation Committee chairman;
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$20,000 per year for service as the
Nomination and Governance Committee chairman;
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an annual grant of 6,000 shares of
restricted common stock (12,000 for the chairman of the Nomination
and Governance Committee); and
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reimbursement of reasonable
out-of-pocket expenses incurred in attending board
meetings.
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Mr. Hardman, who is the Technical
Advisor to the board of directors, is also a consultant to the
Company. In this capacity, he receives $57,000 per year and is
granted an additional 21,000 shares of restricted common stock as a
consequence
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