DIRECTOR COMPENSATION
Non-employee director compensation in 2019 consisted of the following:
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A monthly cash fee of $2,000 for attending board meetings held from January 1, 2019 to September 30, 2019;
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An annual cash retainer of $80,000 for board services, paid in monthly installments beginning on October 1, 2019;
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An annual cash retainer for committee members, paid in monthly installments from January 1, 2019 to September 30, 2019, in the following amounts: Audit Committee — $12,000, Compensation Committee — $6,000 and Nominating & Corporate Governance Committee — $3,000;
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An annual cash retainer for committee members, paid in monthly installments beginning on October 1, 2019, in the following amounts: Audit Committee — $12,000, Compensation Committee — $10,000 and Nominating & Corporate Governance Committee — $10,000;
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An annual cash retainer for committee chairpersons, paid in monthly installments from January 1, 2019 to September 30, 2019, in the following amounts: Audit Committee — $6,000, Compensation Committee — $3,000 and Nominating & Corporate Governance Committee — $1,000;
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An annual cash retainer for committee chairpersons, paid in monthly installments beginning on October 1, 2019, in the following amounts: Audit Committee — $10,000, Compensation Committee — $5,000 and Nominating & Corporate Governance Committee — $5,000;
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An annual cash fee of $16,000 for the lead independent director, paid in monthly installments from January 1, 2019 to September 30, 2019;
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An annual cash fee of $20,000 for the lead independent director, paid in monthly installments beginning on October 1, 2019;
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Additional cash compensation, at a rate of $1,200 per day or a pro-rated portion thereof, for Board service requiring out-of-town travel;
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A one-time cash payment for non-employee directors who served on a special project subcommittee of the Board which evaluated and assessed a series of interrelated transactions between the Company and its affiliated entities; and
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Options to purchase shares of the Company’s common stock, which generally vest quarterly over a one-year period following the grant date, subject to the director’s continued service with the Company.
The following table reflects the compensation awarded to, earned by or paid to our directors for the year ended December 31, 2019. Drs. Sim and Lam are not included in the following table because they received no separate compensation for their services as directors of the Company, and all compensation