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Summary of Director Compensation
Program
Penwest
Pharmaceuticals Co. (“the Company”) maintains a
director compensation program for its non-employee directors that
is administered by the Compensation Committee of the Board of
Directors of the Company Under this program, the Company’s
non-employee directors receive annual fees, meeting fees and equity
compensation as follows:
Each non-employee
director receives:
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Annual retainer as a director
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$
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20,000
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Additional annual retainer for chairman of the
board
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15,000
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Additional annual retainer for audit committee
chair
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15,000
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Additional annual retainer for other audit
committee members
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5,000
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Additional annual retainer for other board
committee chairs
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10,000
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Additional annual retainer for other board
committee members
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3,000
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The Company pays
these annual retainers in quarterly installments on the first
business day of each calendar quarter. Directors may elect to
receive these fees in cash, shares of the Company’s common
stock, or a combination of both. The Company determines the number
of shares of common stock issued in lieu of cash fees by dividing
the fees to be paid in stock by the closing price of the
Company’s common stock on the date the fees are otherwise
due.
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