Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 622

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 622
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 Board but does not receive any additional compensation for his service as a director. Mr. Posner’s compensation as an executive officer is set forth above under “Executive Compensation.”

343

The Cara Board has adopted a non-employee director compensation policy. Under Cara’s non-employee director compensation policy, Cara pays each of its non-employee directors a cash retainer for service on the Cara Board and for service on each committee on which the director is a member. These retainers are payable in arrears in four equal quarterly installments on the last day of each quarter, provided that the amount of such payment is prorated for any portion of such quarter that the director is not serving on the Board. The retainers paid during 2024 to non-employee directors for service on the Board and for service on each committee of the Cara Board on which the director is a member were as follows:

| ​                                             |   | Member         
 Annual Service 
 Retainer       |        |   | Chairperson / Lead Independent 
 Director and Committee Chair   
 Annual Service Retainer        |        |   |
|:----------------------------------------------|:--|:---------------|-------:|:--|:-------------------------------|-------:|:--|
| Board of Directors                            | ​ | $              | 50,000 | ​ | $                              | 85,000 | ​ |
| Audit Committee                               | ​ | ​              | 10,000 | ​ | ​                              | 20,000 | ​ |
| Compensation Committee                        | ​ | ​              |  7,500 | ​ | ​                              | 15,000 | ​ |
| Nominating and Corporate Governance Committee | ​ | ​              |  5,000 | ​ | ​                              | 10,000 | ​ |

Cara also reimburses its non-employee directors for reasonable travel and out-of-pocket expenses incurred in connection with attending the Cara Board and committee meetings. Under the terms of the policy, Cara’s non-employee directors are also entitled to the following equity compensation:

| ● | Upon initial election to the Cara Board, a stock option having a Black-Scholes value of $350,000, with an exercise price equal to the fair market value of Cara’s common stock on the date of grant, with such option vesting over three years in 12 equal quarterly installments, subject to the director’s continued service as a director through each such vesting date. |

| ● | On the date of each annual meeting of stockholders, (