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Exhibit 10.17
Cardica, Inc.
Non-Employee Director Compensation
Non-Employee Director Compensation
Effective January 11, 2007
Annual | Per Board Meeting | Per Board Meeting | ||||||||||
Position | Retainer | in Person | by Telephone | |||||||||
Board Chairman | $ | 30,000 | $ | 2,000 | $ | 500 | ||||||
Audit Committee Chair | $ | 17,500 | $ | 2,000 | $ | 500 | ||||||
Board Member | $ | 10,000 | $ | 2,000 | $ | 500 |
Each non-employee director will only be entitled to one annual retainer fee. On January 11, 2007, each non-employee director was granted a fully-vested option to purchase 2,500 shares of Cardica, Inc. common stock, with each such option subject to a four year term. Each year, immediately following the Cardica, Inc. Annual Stockholders Meeting, each non-employee director will be granted a fully-vested option to purchase 2,500 shares of Cardica, Inc. common stock, with each such option subject to a four year term.