exv10w12






Exhibit 10.12


Alimera Sciences, Inc.

Compensation Program for Non-Employee Directors




Effective as of the IPO Date




A. Cash Compensation





	 	1.	 	Board retainer: $20,000 per year, paid in quarterly installments.
	 
	 	2.	 	Additional retainer for the Chairman of the Board of Directors: $5,000 per
year, paid in quarterly installments.
	 
	 	3.	 	Additional retainer for the Chairman of the Audit Committee: $7,500 per year,
paid in quarterly installments.
	 
	 	4.	 	Additional retainer for the Chairman of each other committee: $3,500 per year
per committee, paid in quarterly installments.
	 
	 	5.	 	Additional retainer for the other members of each committee: $2,000 per year
per committee, paid in quarterly installments.





B. Equity Compensation





	 	1.	 	Initial stock option grant for pre-IPO directors: The Compensation Committee
will grant to each non-employee director who first became a member of the Board of
Directors before the IPO date, and who will continue serving thereafter, an option to
purchase 7,500 shares of the Company’s Common Stock. The grant will be made on, or as
soon as reasonably practicable after, the IPO date. The exercise price per share will
be equal to the fair market value per share of the Company’s Common Stock on the date
of grant. The option will become exercisable with respect to 25% of the shares after
12 months of continuous service as a director and with respect to an additional 6.25%
of the shares after each additional three-month period of continuous service
thereafter. The option will become fully exercisable in the event that the Company is
subject to a change in control or in the event of the director’s death.
	 
	 	2.	 	Initial stock option grant for post-IPO directors: The Compensation Committee
will grant to each non-employee director who first becomes a member of the Board of
Directors on or after the IPO date an option to purchase 20,000 shares of the Company’s
Common Stock. The grant will be made on, or as soon as reasonably practicable, after
the date of his or her election. The exercise price per share will be equal to the
fair market value per share of the Company’s Common Stock on the date of grant. The
option will become exercisable with respect to 25% of the shares after 12 months of
continuous service as a director and with respect to an additional 6.25% of the shares
after each additional three-month period of continuous service thereafter. The option
will become fully




 









 






	 	 	 	exercisable in the event that the Company is subject to a change in
control or in the event of the director’s death.
	 
	 	3.	 	Annual stock option grants. In each year beginning in 2010, the Compensation
Committee will grant to each non-employee director who will continue serving on the
Board after the regular annual meeting of the Company’s stockholders an option to
purchase 7,500 shares of the Company’s Common Stock. The grant will be made on, or as
soon as reasonably practicable after, the date of the annual meeting. The exercise
price per share will be equal to the fair market value per share of the Company’s
Common Stock on the date of grant. The option will be fully exercisable at any time
after the date of grant. The foregoing notwithstanding, a new director who has
received the 20,000-share grant under Paragraph 2 above will not in the same calendar
year receive a 7,500-share grant under this Paragraph 3.
	 
	 	4.	 	Adjustments. In the event of a subdivision of the outstanding shares, a
declaration of a dividend payable in shares or a combination or consolidation of the
outstanding shares (by reclassification or otherwise) into a lesser number of shares, a
corresponding adjustment will automatically be made in the share numbers described
above. In the event of a declaration of an extraordinary dividend payable in a form
other than shares in an amount that has a material effect on the price of shares, a
recapitalization, a spin-off or a similar occurrence, the Compensation Committee will
make such adjustments as it, in its sole discretion, deems appropriate in the share
numbers described above.





C. Expenses





	 	 	The reasonable expenses incurred by directors in connection with attendance at Board or
committee meetings will be reimbursed upon submission of appropriate substantiation.




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