Attached files
Exhibit 10.53
Non-Employee Director Compensation Summary
Alseres Pharmaceuticals, Inc.s (the Companys) non-employee directors at December 31, 2009
consisted of: William L.S. Guinness; Robert S. Langer, Jr.; Michael J. Mullen; John T. Preston;
Gary E. Frashier; and Henry Brem.
For the year ended December 31, 2009, the Companys non-employee director compensation was earned
as follows, however, the Company has only paid non-employee director compensation through June 30,
2008 and at December 31, 2009 owed its independent directors a total of $455,000 in compensation:
Per Board and | ||||||||||||
Committee | Annual Fee Per | |||||||||||
2009 Annual | ||||||||||||
Retainer | Meeting Fees (1) | Committee Chaired | ||||||||||
William L.S. Guinness |
$ | 25,000 | $ | 2,500 | | |||||||
Robert S. Langer, Jr. |
$ | 25,000 | $ | 2,500 | $ | 10,000 | ||||||
Michael J. Mullen |
$ | 25,000 | $ | 2,500 | $ | 20,000 | ||||||
John T. Preston |
$ | 25,000 | $ | 2,500 | $ | 20,000 | ||||||
Gary E. Frashier |
$ | 25,000 | $ | 2,500 | $ | 10,000 | ||||||
Henry Brem |
$ | 25,000 | $ | 2,500 | |
(1) | Board and committee fees are paid on a per meeting basis at $2,500 per meeting. |
All non-employee directors are reimbursed for ordinary and reasonable expenses of attending any
board or committee meetings.
Each new non-employee director is automatically granted an option to purchase 25,000 shares of the
Companys common stock (New Director Options) upon initial election or appointment (the
Automatic Grant Date). The exercise price of any New Director Options granted shall equal the
fair market value of shares of the Companys common stock subject thereto on the Automatic Grant
Date. New Director Options immediately vest as to 1/3 of the shares subject to such New Director
Options with the remaining 2/3 of the shares subject to such New Director Option vesting in equal
monthly installments over two years (New Director Option Vesting).
Each non-employee director is automatically granted an option to purchase 25,000 shares of the
Companys common stock each year (Annual Director Options). The Annual Director Options are
granted in the fourth quarter of each calendar year (the Annual Grant Date). The exercise price
of any Annual Director Options granted shall equal the fair market value of shares of the Companys
common stock subject thereto on the Annual Grant Date. Annual Director Options vest in equal
monthly installments over two years (Annual Director Option Vesting). Newly elected non-employee
directors are eligible to receive the Annual Director Options in the fourth quarter of the second
calendar year of service.