Exhibit 10.4


 


Rapid
Micro Biosystems, Inc.


 


Non-Employee
Director Compensation Program


 


Non-employee members of the
board of directors (the “Board”) of Rapid Micro Biosystems, Inc. (the “Company”) shall
receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).
The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further
action of the Board, to each member of the Board who is not an employee of the Company or any subsidiary of the Company (each, a “Non-Employee
Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt
of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded
by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. The
terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of
the Board between the Company and any of its Non-Employee Directors. This Program shall become effective on the date of the effectiveness
of the Company’s Registration Statement on Form S-1 relating to the initial public offering of common stock (the “Effective
Date”).


 


I.       Cash
Compensation


 


A.       Annual
Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.


 


B.        Additional
Annual Retainers. In addition, each Non-Employee Director shall receive the following annual retainers:


 


1.        Chair
of the Board or Lead Independent Director. A Non-Employee Director serving as Chair of the Board or Lead Independent Director shall
receive an additional annual retainer of $40,000 for such service.


 


2.        Audit
Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $20,000
for such service. A Non-Employee Director serving as a member other than the Chairperson of the Audit Committee shall receive an additional
annual retainer of $10,000 for such service.


 


3.       Compensation
Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer
of $14,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Compensation Committee shall
receive an additional annual retainer of $7,000 for such service.


 


4.        Nominating
and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee
shall receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a member other than the Chairperson
of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $5,000 for such service.


 






     


     


    

 


C.       Payment
of Retainers. The retainers described in Sections I(A) and (B) shall be earned on a quarterly basis based on a calendar quarter and
shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event
a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section I(B), for an entire
calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually
served as a Non-Employee Director, or in such position, as applicable.


 


II.       Equity
Compensation 


 


Non-Employee Directors shall
be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and
provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the
Company (the “Equity Plan”) and shall be granted subject to award agreements, including attached exhibits, in
substantially the form previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set
forth herein, and all grants of stock options hereby are subject in all respects to the terms of the Equity Plan and the applicable award
agreement. For the avoidance of doubt, the share numbers in Sections II(A) and II(B) shall be subject to adjustment as provided in the
Equity Plan.


 


A.       Initial Awards.
Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall receive an option to purchase
25,000 shares of the Company’s Class A common stock on the date of such initial election or appointment. The awards described in
this Section II(A) shall be referred to as “Initial Awards.” No Non-Employee Director shall be granted more
than one Initial Award.


 


B.       Subsequent
Awards. A Non-Employee Director who (i) has been serving as a Non-Employee Director on the Board for at least six months as of the
date of any annual meeting of the Company’s stockholders after the Effective Date and (ii) will continue to serve as a Non-Employee
Director immediately following such meeting, shall receive an option to purchase 12,500 shares of the Company’s Class A common
stock on the date of such annual meeting. The awards described in this Section II(B) shall be referred to as “Subsequent
Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting
of the Company’s stockholders shall only receive an Initial Award in connection with such election, and shall not receive any Subsequent
Award on the date of such meeting as well.


 


C.       Termination
of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company
who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will
not receive an Initial Award pursuant to Section II(A) above, but to the extent that they are otherwise entitled, will receive, after
termination of employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section II(B)
above.


 






     


     


    

 


D.       Terms
of Awards Granted to Non-Employee Directors


 


1.        Exercise Price.
The per share exercise price of each option granted to a Non-Employee Director shall equal the Fair Market Value (as defined in the Equity
Plan) of a share of the Company’s Class A common stock on the date the option is granted.


 


2.       Vesting. Each Initial
Award shall vest and become exercisable in thirty-six (36) substantially equal monthly installments following the date of grant, such
that the Initial Award shall be fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director continuing
in service as a Non-Employee Director through each such vesting date. Each Subsequent Award shall vest and become exercisable on the
earlier of the first anniversary of the date of grant or the day immediately prior to the date of the next annual meeting of the Company’s
stockholders occurring after the date of grant, in either case, subject to the Non-Employee Director continuing in service on the Board
as a Non-Employee Director through each such vesting date. Unless the Board otherwise determines, any portion of an Initial Award or
Subsequent Award which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board
as a Non-Employee Director shall be immediately forfeited upon such termination of service and shall not thereafter become vested and
exercisable. All of a Non-Employee Director’s outstanding Initial Awards and Subsequent Awards shall vest in full immediately prior
to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.


 


3.       Term.
The maximum term of each stock option granted to a Non-Employee Director hereunder shall be ten (10) years from the date the option is
granted.


 


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