Exhibit 10.32

 

BIOSANTE PHARMACEUTICALS, INC.

 

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

 

 

Retainer and Meeting Fees. Except as described below, each of our non-employee
directors is paid a $20,000 annual retainer and $1,000 for each board or
committee meeting attended in person and $500 for each board or committee
meeting attended via telephone. Our Chairman of the Board is paid a $45,000
annual retainer and our Chairman of the Audit and Finance Committee is a paid a
$25,000 annual retainer.

 

Stock Options. Non-employee directors are granted options to purchase shares of
BioSante common stock from time to time in the sole discretion of the board of
directors.

 

Reimbursement of Expenses. Non-employee directors are reimbursed for actual
expenses, include travel expenses, incurred in attending board and committee
meetings.

 

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