EXHIBIT 10.65

 

LOGO [g55554ex10_66.jpg]

 

2005 Compensation Program for Outside Directors

 

Annual Board Retainer:

   $25,000     

Committee Chairs:

   $15,000/$30,000 for Audit Committee Chair     

Committee Membership:

   $5,000     

Re-election RSU Grant:

   6,000 RSUs (vesting 2,000 each year beginning at 1st anniversary of
re-election)     

Annual RSU Grant:

(to all outside directors at each annual meeting*)

   2,000 RSUs (vesting in full one year from grant date)     

--------------------------------------------------------------------------------

* For so long as a director has options vesting pursuant to a grant made under
the previous director compensation plan (i.e. program which provided a grant of
48,000 options upon election, vesting 16,000 at each subsequent annual meeting),
he will not be entitled to the Annual RSU Grant.

 

All cash payments shall be based on service for a full year; pro rata payment
shall be made for service of less than one year. Payment shall be quarterly and
may be deferred.

 

Equity awards shall be granted effective at the corresponding Annual Meeting of
Shareholders.

 

As approved by the Compensation Committee February 3, 2005