Exhibit 10.1

 

Dyax Corp.
Non-Employee Director Compensation

(as amended through April 2005)

 

Directors who are also employees of Dyax Corp. do not receive any additional
compensation for their service on the board of directors.  Non-employee
directors receive the following compensation.

 

Director Fees

 

Annual Fees

 

The following annual fees are paid to Dyax’s non-employee directors in quarterly
installments:

 

Recipient

 

Annual Fee

 

Each Non-Employee Director

 

$

15,000

 

Each Committee Chair

 

$

5,000

 

Each (non-chair) Committee Member

 

$

1,000

 

 

Meeting Fees

 

The following meeting fees are paid to Dyax’s non-employee directors for
attendance at each board and committee meeting*:

 

Meeting Fees

 

Attendance In Person

 

Attendance Via Telephone
Conference Call

 

Board Meetings

 

$

2,000

 

$

1,000

 

Committee Meetings*

 

$

1,000

 

$

500

 

 

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*(other than any meeting of the Nominating and Governance Committee held in
conjunction with a Board meeting)

 

Travel Expenses

 

Dyax reimburses non-employee directors for all travel expenses incurred in
connection with attendance at board and committee meetings.

 

Stock Options

 

Upon election and each re-election to Dyax’s board of directors at an annual
meeting of stockholders, Dyax’s non-employee directors automatically receive
awards under the Dyax Corp. Amended and Restated 1995 Equity Incentive Plan of
stock options to purchase 9,000 shares of Dyax common stock for each year of
their three-year term.  Non-employee directors elected between annual meetings
automatically receive options to purchase 9,000 shares of Dyax common stock for
each year or portion of a year remaining in the three-year term of the class of
directors to which they have been elected.

 

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