Exhibit 10.14
Schedule of Executive Officer and Director Compensation for 2007
Set forth below is a description of the compensation that MathStar, Inc. determined to pay its executive officers (defined in Item 402(a)(3) of Regulation S-K) in their current positions for the year ending December 31, 2007.
Name | | 2007 Base Salary | | Potential Bonus
2007 Stock Option
Awards (1)(2) | |
Douglas M. Pihl,
President and Chief Executive Officer | | $ | 220,000 | | 110,000 | |
Ronald K. Bell,
Chief Technology Officer | | $ | 240,000 | | — | |
Daniel J. Sweeney,
Chief Operating Officer | | $ | 180,000 | | $ | 90,000 | |
Glen Wiley,
Vice President, Sales | | $ | 150,000 | | $ | 130,000 | |
James W. Cruckshank,
Chief Financial Officer and
Vice President, Administration | | $ | 175,000 | | $ | 87,500 | |
Sean P. Riley,
Vice President, Marketing | | $ | 170,000 | | $ | 65,000 | |
Timothy A. Teckman,
Vice President, Engineering | | $ | 150,000 | | $ | 60,000 | |
(1) | | Reflects the maximum potential bonus the named officer could earn under this bonus plan adopted by the Compensation Committee. |
| | |
(2) | | For 2007, Mr. Wiley’s bonus is based on the achievement of certain design wins and revenue goals. |
Schedule of Director Compensation for 2007
Set forth below is a description of the compensation that MathStar, Inc. determined to pay to its directors for the year ending December 31, 2007.
Cash Compensation
Retainer: | | $1,500 per quarter |
Board Meeting Fee | | $750 per meeting |
Audit Committee: | | $1,000 per meeting for chairman, $750 meeting for other members |
Other Committees: | | $750 per meeting for chairman, $500 per meeting for other members |
Equity Compensation to Non-Employee Directors
Initial Option Grant: | | To new non-employee directors, ten-year option to purchase 25,000 shares, vesting over three years on the first, second and third anniversary dates of the date of grant if the director is then a director of MathStar, at an exercise price equal to the exercise price of the common stock on the date of grant. |
| | |
Annual Grant: | | Upon the re-election of each non-employee director to the board, ten-year option to purchase 5,000 shares, vesting one year after grant if the director is then a director of MathStar, at an exercise price equal to the exercise price of the common stock on the date of grant. |
