equity awards, which we believe overstates the compensation received by the non-employee directors in 2021. The chart below illustrates the value of the two equity awards granted to the non-employee directors in 2021.
|
Grant Date Value of January 2021 Awards
($)
|
|
|
Grant Date Value of December 2021 Awards
($)
|
|
|
$579,000
|
|
|
|
$ |
438,000(1) |
|
|
(1)
The grant date value of Ms. Paskett’s award was $420,000.
Because of the December grants, the Board does not intend to grant any non-employee directors any additional equity awards in calendar 2022.
Director Compensation Table
The following table summarizes the compensation we paid to directors who are not employees of our Company for 2021:
Name(1)
|
|
|
Fees Earned or
Paid in Cash
($)
|
|
|
Option
Awards(2)
($)
|
|
|
Total
($)
|
|
Stephen A. Scully(3)
|
|
|
|
|
122,500 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,139,500 |
|
|
Lizabeth Ardisana(4)
|
|
|
|
|
60,000 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,077,000 |
|
|
John S. Herrington(5)
|
|
|
|
|
15,000 |
|
|
|
|
|
579,000 |
|
|
|
|
|
594,000 |
|
|
James C. Miller III(6)
|
|
|
|
|
70,000 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,087,000 |
|
|
Kenneth M. Socha(7)
|
|
|
|
|
60,000 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,077,000 |
|
|
Vincent C. Taormina(8)
|
|
|
|
|
62,500 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,079,500 |
|
|
Parker A. Weil(9)
|
|
|
|
|
62,500 |
|
|
|
|
|
1,017,000 |
|
|
|
|
|
1,079,500 |
|
|
Lorraine Paskett(10)
|
|
|
|
|
— |
|
|
|
|
|
420,000 |
|
|
|
|
|
420,000 |
|
|
(1)
Andrew J. Littlefair, our President and Chief Executive Officer, is not included in this table because he is an employee of the Company and thus receives no additional compensation for his services as a director. The compensation received by Mr. Littlefair as an employee of the Company is shown in the Summary Compensation Table above. Messrs. Maurisse, Charleux, Wolffsheim and Ms. Boissy-Rousseau are not included in this table because each voluntarily waived their right to receive compensation for 2021 and 2022.
(2)
On January 21, 2021 and December 7, 2021, each of our non-employee directors were granted an option award for 75,000 shares and 100,000 shares, respectively, of common stock but for (1) Ms. Paskett, who was granted an option award for 100,000 shares of common stock on December 21, 2021 and (2) for Mr. Herrington, who was not granted an option award in December since his service as a Director ceased in March 2021. The option awards for our non-employee directors have an exercise price of $10.18 per share and $6.77, respectively, and all such awards will be fully vested a year from each option award date. The amounts shown in this column represent the grant date fair value of these option awards calculated in accordance with FASB ASC 718. For a discussion about the valuation models and assumptions used to calculate the fair value of these awards, see Note 13 to the consolidated financial statements included in the Annual Report.
(3)
As of December 31, 2021, Mr. Scully had fully vested and outstanding options to purchase the following: 20,000 shares at an exercise price of $11.93; 20,000 shares at an exercise price of $5.54; 40,000 shares at an exercise price of $1.37; 42,500 shares at an exercise price of $2.19; 42,000 shares at an exercise price of $2.56; 75,000 shares at an exercise price of $10.18; and 100,000 outstanding unvested options to purchase shares at an exercise price of $6.77.
(4)
As of December 31, 2021, Ms. Ardisana had fully vested and outstanding options to purchase the following: 22,000 shares at an exercise price of $2.56; 75,000 shares at an exercise price of $10.18; and 100,000 outstanding unvested options to purchase shares at an exercise price of $6.77.
(5)
As of December 31, 2021, Mr. Herrington did not hold any options.
(6)
As of December 31, 2021, Mr. Miller had fully vested and outstanding options to purchase the following: 25,000 shares at an exercise price of $15.11; 20,000 shares at an exercise price of $13.09; 20,000 shares at an exercise price of $11.93; 20,000 shares at an exercise price of $5.54; 42,500 shares at an exercise price of $2.19; 42,000 shares at an exercise price of $2.56; 75,000 shares at an exercise price of $10.18; and 100,000 outstanding unvested options to purchase shares at an exercise price of $6.77.
(7)
As of December 31, 2021, Mr. Socha had fully vested and outstanding options to purchase the following: 25,000 shares at an exercise price of $15.11; 20,000 shares at an exercise price of $13.09; 20,000 shares at an exercise price of $11.93; 20,000 shares at an exercise price of $5.54; 42,500 shares at an exercise price of $2.19; 42,000 shares at an exercise price of $2.56; 75,000 shares at an exercise price of $10.18; and 100,000 outstanding unvested options to purchase shares at an exercise price of $6.77.
(8)
As of December 31, 2021, Mr. Taormina had fully vested and outstanding options to purchase the following:; 25,000 shares at