Exhibit 10.16 DESCRIPTION OF CERTAIN COMPENSATORY ARRANGEMENTS ------------------------------------------------ BETWEEN REGISTRANT AND NON- EMPLOYEE DIRECTORS --------------------------------------------- Each director who is not an employee of the...Compensatory Arrangements • December 7th, 2001 • Varian Inc • Laboratory analytical instruments
Each director who is not an employee of the Registrant receives an annual retainer fee of $20,000, plus $1,000 for each Board of Directors and Board committee meeting attended. The non-employee Chairman of the Board receives a retainer fee of $90,000 (in lieu of any other annual retainer, committee chair or attendance fees), and non-employee directors chairing standing committees of the Board each receive an additional annual retainer fee of $5,000. Under the Registrant's Omnibus Stock Plan, non-employee directors may elect to receive, in lieu of all or a portion of the foregoing fees, shares of the Registrant's common stock based on the fair market value of the stock on the date the fees would have been paid. Each non-employee director is also reimbursed for all reasonable out-of-pocket expenses that such director and his or her spouse incurs attending Board meetings and functions, and is authorized, subject to certain requirements and limitations, to use the Registrant's fractionally
Exhibit 10.17 DESCRIPTION OF CERTAIN COMPENSATORY ARRANGEMENTS ------------------------------------------------ BETWEEN REGISTRANT AND EXECUTIVE OFFICERS ----------------------------------------- Leased Automobiles The Registrant leases an automobile...Compensatory Arrangements • December 7th, 2001 • Varian Inc • Laboratory analytical instruments
The Registrant leases an automobile for each of its executive officers, subject to certain lease "cap" limitations that vary by executive officer. The Registrant reimburses the executive officer for all fuel, maintenance and repairs costs for the leased automobile, and the Registrant insures the automobile under its insurance programs. The Registrant also reimburses the executive officer (by way of a "gross-up" payment) for taxes on imputed income for personal use of the automobile.
