This excerpt taken from the SYMM 8-K filed Aug 10, 2006.
Item 1.01: ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
At a meeting held on August 4, 2006, our Board of Directors approved certain changes to the compensation program for non-employee directors. After giving effect to the changes, each non-employee director will receive an annual retainer of $35,000, with the Chairman of the Board receiving an incremental $15,000, the Chairman of each of the Audit Committee and Compensation Committee receiving an incremental $10,000 and the Chairman of the Governance Committee receiving an incremental $5,000, in each case effective July 1, 2006. With respect to committee meetings attended by non-employee committee members, the Board approved fees of $1,000 per meeting attended in person and $500 per meeting attended by telephone. No fees will be paid for Board meetings.
Effective January 1, 2007, each non-employee director will receive an annual non-statutory stock option grant to purchase 7,500 shares of our common stock and a grant of 3,750 shares of restricted stock, each with 100% vesting at the end of one year or upon the occurrence of a change of control. This automatic grant of options and restricted stock replaces the automatic annual grant of 10,000 options to purchase common stock that was effective January 1, 2006 for continuing non-employee directors.
Also on August 4, 2006, the Compensation Committee of our Board of Directors approved the following annual salaries for officers, effective July 1, 2006.
At the same meeting, the Compensation Committee of our Board of Directors also approved a performance bonus of $50,000 for Nancy Shemwell, Senior Vice President Global Sales and Support.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.