Company: SERV
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001832483-25-000010
Chunk: 12

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: 10-K
Item: Item 11
Chunk 12
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(1)Form 3 filed on July 18, 2024.

(2)Form 4 filed on July 18, 2024.

(3)Form 4 filed on September 6, 2024.

(4)Form 4 filed on September 6, 2024.

(5)Form 4 filed on September 6, 2024.

(6)Form 4 filed on December 6, 2024. 

Item 11. Executive Compensation

Information with respect to the Company’s directors and executive officers after the closing of the Merger is described in the Part III, Item 10. Directors, Executive Officers and Corporate Governance of this report.

Non-Employee Director Compensation Policy

On November 22, 2024, we adopted our Amended and Restated Outside Director Compensation Policy (the “Director Compensation Policy”), effective as of November 22, 2024, pursuant to which we pay each non-employee director annual cash retainers and equity awards, as further described below.

Pursuant to the Director Compensation Policy, each non-employee director is entitled to receive an annual cash retainer for service on the Board and an additional annual cash retainer for service on each committee on which the non-employee director is a member. All annual cash retainers are paid quarterly in arrears. In addition, James Buckly Jordan, Ali Pourdad and Olivier Vincent each received an initial cash compensation in the amount of $11,250 on March 31, 2024. No compensation had previously been paid to our non-employee directors.

The fees paid to non-employee directors for service on the Board and for service on each committee of the Board of which the non-employee director is a member are as follows:

Annual Board Member Service Retainer

•All non-employee directors: $20,000

Annual Committee Member Service Retainer

•Member of the Audit Committee: $5,000

•Member of the Compensation Committee: $5,000

•Member of the Nominating and Corporate Governance Committee: $5,000

The Director Compensation Policy provides that at each annual stockholder meeting following a non-employee director’s appointment to the Board and subject to such non-employee director’s service on the Board since December 31st of the calendar year prior to such annual meeting, each non-employee director will be granted an award of 20,000 restricted stock units under the 2023 Plan, which will vest in full upon