This excerpt taken from the NVEC DEF 14A filed Jun 20, 2008.
DIRECTOR COMPENSATION The following table summarizes non-employee director compensation in the fiscal year ended March 31, 2008:
after their reelection to the Board at the 2008 Annual Meeting of Shareholders,
our non-employee directors will receive cash compensation of $2,000 per quarter,
plus an additional $200 per quarter for the Chairman of the Board of Directors
and an additional $125 per quarter for the Audit Committee Chair. On each reelection
to the Board beginning with the 2008 Annual Meeting of Shareholders, each non-employee
directors will be granted an immediately-vested nonqualified option to purchase
1,000 shares on each reelection to the Board. In addition to the cash compensation,
upon initial election non-employee directors automatically receive a nonqualified
option to purchase 6,000 shares of Common Stock vesting in 25% installments
beginning with the date of the grant and each year thereafter.