EX-10.6





 Exhibit 10.6 

INTRA-CELLULAR THERAPIES, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

(adopted June 30, 2014; amended March 30, 2016, December 14, 2017 and June 18, 2018) 

The Board of Directors of Intra-Cellular Therapies, Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”), which establishes compensation to be paid to non-employee directors of the Company, to provide an
inducement to obtain and retain the services of qualified persons to serve as members of the Company’s Board of Directors. 
 Applicable Persons

 This Policy shall apply to each director of the Company who is not an employee of, or compensated consultant to, the Company or any
Affiliate (each, an “Outside Director”). “Affiliate” shall mean an entity which is a direct or indirect parent or subsidiary of the Company, as determined pursuant to Section 424 of the Internal Revenue Code of
1986, as amended. 
 Compensation 

A.    Equity Grants 

1.    Annual Stock Option Grants 

Each Outside Director shall be granted, automatically and without any action on the part of the Board of Directors, under the Company’s
2013 Equity Incentive Plan or any successor plan (the “Equity Plan”), (i) a non-qualified stock option (the “Annual Option Grant”) to purchase 20,000 shares of the
Company’s common stock, par value $0.0001 per share (“Common Stock”), or (ii) at such Outside Director’s written election at least 30 days prior to the date of grant, the number of restricted stock units of the
Company (the “Annual Restricted Stock Unit Grant”, and together with the Annual Option Grant, the “Annual Equity Grant”) having equivalent value (using the applicable Black Scholes valuation methodology) to
the Annual Option Grant, each year on the date of the Company’s annual meeting of stockholders; provided, however, that if there has been no annual meeting of stockholders held by the first business day of the third fiscal quarter, each
Outside Director shall be granted, automatically and without any action on the part of the Board of Directors such Annual Equity Grant on the first business day of the third fiscal quarter of such year. 

The foregoing Annual Equity Grants shall commence with the 2018 Annual Meeting of Stockholders. 

2.    Initial Stock Option Grants for Newly Appointed or Elected Directors 

Each new Outside Director shall be granted, automatically and without any action on the part of the Board of Directors, under the Equity Plan,
a non-qualified stock option to purchase 20,000 shares of Common Stock on the date that the Outside Director is first appointed or elected to the Board of Directors. 

3.    Terms of Equity Grants 

All Annual Option Grants and initial stock option grants to Outside Directors under this Policy shall vest in one year on the anniversary of
the date of grant, subject to the Outside Director’s continued service on the Board of Directors, shall have a term of ten years, and shall have an exercise price equal to the fair market value 












 
of the Company’s Common Stock as determined under the Equity Plan on the date of grant. The stock options shall become fully vested immediately prior to a Change of Control (as defined
below). 
 All Annual Restricted Stock Unit Grants to Outside Directors under this Policy shall vest in one year on the anniversary of the
date of grant, subject to the Outside Director’s continued service on the Board of Directors.    Annual Restricted Stock Unit Grants shall become fully vested immediately prior to a Change of Control (as defined below). 

“Change of Control” means the occurrence of any of the following events: (i) any “Person” (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the
Company or its affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions; or (ii)(a) a merger or consolidation of the Company whether or not approved by the Board of Directors, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such
merger or consolidation; or (b) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring stockholder approval. 

B.    Cash Fees or Fully-Vested Stock or Fully Vested Stock Options in Lieu of Cash Fees 

1.    Annual Cash Fees 

The following annual cash fees shall be paid to the Outside Directors serving on the Board of Directors and the Audit Committee, Compensation
Committee and Nominating and Governance Committee, as applicable. 
  

									
	 Board of Directors or Committee of Board of Directors
	  	Annual Retainer
Amount for
Chair (or Lead
Independent
Director, as
applicable)	 	  	Annual Retainer
Amount for
Other Members	 
	 Board of Directors
	  	$	60,000	 	  	$	40,000	 
		  	  
	  
	 	  	  
	  
	 
	 Audit Committee
	  	$	20,000	 	  	$	10,000	 
		  	  
	  
	 	  	  
	  
	 
	 Compensation Committee
	  	$	15,000	 	  	$	8,000	 
		  	  
	  
	 	  	  
	  
	 
	 Nominating and Governance Committee
	  	$	10,000	 	  	$	5,000	 
		  	  
	  
	 	  	  
	  
	 













 2.    Payment Terms for All Cash Fees 

Cash fees payable to Outside Directors shall be paid quarterly in arrears as of the last business day of each fiscal quarter. 

Following an Outside Director’s first election or appointment to the Board of Directors, such Outside Director shall receive his or her
cash compensation pro-rated during the first fiscal quarter in which he or she was initially appointed or elected for the number of days during which he or she provides service. If an Outside Director dies,
resigns or is removed during any quarter, he or she shall be entitled to a cash payment on a pro-rated basis through his or her last day of service that shall be paid on the last business day of the fiscal
quarter. 
 3.    Election to Receive Fully-Vested Shares of Common Stock or Fully Vested Stock Options in Lieu of
Annual Cash Fees 
 In lieu of all or a portion of the annual cash fees, an Outside Director may elect by prior written notice to the
Company to receive fully-vested shares of Common Stock (a “Stock Award”) or fully-vested non-qualified stock options under the Equity Plan on the last business day of each fiscal quarter for the
equivalent value of the cash fees due. Such grant shall be made automatically and without any action on the part of the Board of Directors under the Equity Plan. The number of shares with respect to a Stock Award shall be calculated by dividing the
cash fees as determined above by the fair market value of the Common Stock as determined under the Equity Plan on the last business day of each fiscal quarter. Should the Outside Director elect to receive stock options, the number of shares
underlying a stock option shall be calculated by determining the number of shares that is equivalent to the cash fees due as determined above using the Black Scholes value applicable to the Company’s stock option grants calculated on the last
business day of each fiscal quarter. Each stock option grant shall have a term of ten years, unless the Director ceases serving as a member of the Board of Directors and shall have an exercise price equal to the fair market value of the
Company’s Common Stock as determined under the Equity Plan on the date of grant. 
 Expenses 

Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Outside Director shall be reimbursed for his
or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board of Directors and Committees thereof or in connection with
other business related to the Board of Directors. Each Outside Director shall abide by the Company’s travel and other expense policies applicable to Company personnel. 

Amendments 
 The Compensation Committee or
the Board of Directors shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.