AKORN, INC. DIRECTOR COMPENSATION AGREEMENTDirector Compensation Agreement • November 9th, 2006 • Akorn Inc • Pharmaceutical preparations
On October 24, 2006, the Board of Directors (the “Board”) of Akorn, Inc. (“Akorn”), voted unanimously by means of a written consent effective as of October 26, 2006: (i) that effective January 1, 2007 Akorn award 20,000 stock options to each then-serving director of Akorn, other than the Chief Executive Officer and Chairman of Akorn, in recognition of their service in 2006, with 2/3 of such options vesting at issuance (January 1, 2007) and the remainder vesting on January 1, 2008; (ii) effective as of January 1, 2007 and for the 2007 calendar year only, to compensate then-serving members of the Board, other than the CEO and Chairman, as follows: (a) $18,000 per year to each director as an annual retainer; (b) $5,000 per year to each committee chair as an annual retainer; (c) $1,500 to each director for each Board meeting attended in person; (d) $500 to each director for each committee meeting attended (other than such a meeting held on the same day as a Board meeting attended in person
