Document:

ntla-ex103_149.htm

 

Exhibit 10.3

Intellia Therapeutics, Inc.

Fourth Amended and Restated Non-Employee Director Compensation Policy

The purpose of this Fourth Amended and Restated Non-Employee Director Compensation Policy (the “Policy”) of Intellia Therapeutics, Inc., a Delaware corporation (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high-caliber directors who are not employees or officers of the Company.  This Policy will become effective as of the date of adoption by our Board of Directors (the “Effective Date”).  In furtherance of this purpose, all non-employee directors shall be paid compensation for services provided to the Company as set forth below:

Cash Retainers

Annual Retainer for Board Membership:  An annual cash retainer for general availability and participation in meetings and conference calls of our Board of Directors (the “Board”) shall be set annually by the Board and reflected on Appendix A. There shall be no additional compensation for attending individual Board meetings.  

Additional Retainer for Chairperson of the Board: An annual cash retainer to acknowledge the additional responsibilities and time commitment of the Chairperson role shall be set annually by the Board and reflected on Appendix A.

Additional Annual Retainers for Committee Membership: Additional annual cash retainers for general availability and participation in meetings and conference calls of our various committees as well as an additional retainer for the chairperson of each committee shall be set annually by the Board and reflected on Appendix A. There shall be no additional compensation for attending individual committee meetings.

Cash Retainer Administration: All cash retainers will be paid quarterly, in arrears, or upon the earlier of resignation or removal of the non-employee director. Cash retainers to non-employee directors shall be approved as annualized cash retainers. With respect to non-employee directors who join the Board or a Committee during the calendar year, such amounts shall be pro-rated based on the number of calendar days served by such director in the year of their appointment.

Equity Retainers

Initial Equity Grant: A one-time equity award shall be granted to each new non-employee director upon his/her election to the Board after the Effective Date. The Value (as defined below), and form of, such initial equity grant shall be set annually by the Board based, among other factors, on the recommendation of the Compensation Committee and reflected on Appendix A. 

Any initial option and/or restricted share unit (“RSU”) award shall be granted by the Board upon the director’s initial election to the Board. Such initial equity grant shall vest over three years as follows:  33 1/3 % of the total award shall vest one year after the date of grant and the remainder shall vest thereafter in substantially equal quarterly installments during the next two years, subject to the director’s continued service on the Board through the applicable vesting date.

Annual Equity Grant:  An annual equity award or awards shall be granted automatically to each non-employee director serving on the Board immediately following each annual meeting of the Company’s stockholders, without further resolution by the Compensation Committee or Board. The Value, and form of, such annual equity award(s) shall be set annually by the Board based, among other factors, on the recommendation of the Compensation Committee and reflected on Appendix A.   

Any annual option and/or RSU grant(s) shall fully vest on the earlier of either (i) the one-year anniversary of the grant date and (ii) the Company’s next annual meeting of stockholders, subject to the director’s continued service on the Board through either such date.

Value:  For purposes of this Policy, “Value” means with respect to: 

	
 
	
(i)
	
any stock option award, the product of (A) the grant date fair value of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), determined in accordance with the reasonable assumptions and methodologies (e.g., Black-Scholes) employed by the Company for calculating the fair value of options under Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 and (B) the aggregate number of such shares of Common Stock underlying such award; and 

1

 

 

 

	
 
	
(ii)
	
any RSU award, the product of (A) the average closing market price on the Nasdaq Global Market (or such other market on which the Common Stock is then principally listed) of one share of Common Stock on the grant date, and (B) the aggregate number of shares of Common Stock underlying such award. 

For purposes of awards made pursuant to this Policy, the number of shares of Common Stock subject to such award shall be determined based on the Value of the award as set forth on Appendix A and shall be rounded up to the nearest whole share.

Terms and Conditions of Equity Awards: All equity grants made to members of the Board shall be governed by the terms and conditions set forth in the Amended and Restated 2015 Stock Option and Incentive Plan (the “2015 Plan”) and any applicable option and/or RSU grant agreement executed by the Company and each Director.  Notwithstanding anything to the contrary in the 2015 Plan or the applicable award agreement, all equity grants made to members of the Board pursuant to this Policy will accelerate and become fully vested and exercisable or nonforfeitable upon a Sale Event (as defined in the 2015 Plan).

Expenses

The Company shall reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending Board and committee meetings.

* * *

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ADOPTED BY THE BOARD OF DIRECTORS: October 25, 2016.

AMENDED AND RESTATED BY THE BOARD OF DIRECTORS:   July 24, 2017

AMENDED AND RESTATED BY THE BOARD OF DIRECTORS:  December 11, 2019

AMENDED AND RESTATED BY THE BOARD OF DIRECTORS: December 10, 2020

AMENDED AND RESTATED BY THE BOARD OF DIRECTORS: April 9, 2021

 

 

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Appendix A

2021 Non-Employee Director Compensation Guidelines

 

Cash Retainers

 

			
	
 
	
Membership Retainer
	
Additional Retainer for Chairperson 

	
Board of Directors
	
$40,000
	
$30,000

	
 
	
 
	
 

	
Audit Committee
	
$7,500
	
$7,500

	
Compensation Committee
	
$5,000
	
$5,000

	
Nominating and Governance Committee
	
$4,000
	
$4,000

	
Science and Technology Committee
	
$5,000
	
$5,000

 

 

Equity Retainers

 

			
	
 
	
Value of option component
	
Value of RSU component

	
Initial Equity Grant
	
$350,000
	
$350,000

	
Annual Equity Grant
	
$175,000
	
$175,000Document

Exhibit 10.7

24 February 2021

Desmond Mills

Dear Desmond,

At Weatherford, we have an exceptional team of people working together in more than 100 countries around the world to solve the toughest energy challenges through a unique portfolio of technologies and safe, efficient processes.

We are delighted to extend the following job offer to join us at Weatherford.

We look forward to working with you and believe that you can make a very significant, positive contribution to the success of Weatherford. Our company offers you an opportunity to put your experience, abilities, dedication, energy and creativity to excellent use. Welcome to the Team!

We appreciate your careful consideration of the terms and conditions included in this offer letter. A summary of your benefits can be found on the following pages. 

Please note that Weatherford has implemented a temporary suspension of the Weatherford International, LLC 401(k) Savings Plan 401K company matching contributions. Our intent is for the suspension to be temporary and will be subject to regular review. We are committed to reinstating company matching contributions as soon as the market and business conditions improve.
This offer is contingent upon you successfully providing the necessary pre-hire documentation (including evidence of your right to work) and successful completion of any pre-hire testing relevant to your employment location. 

Please review the enclosed information and contact your HR representative if you have any questions or concerns. I would appreciate your acceptance of this new opportunity by signing below and returning your signed copy as soon as possible. The offer will remain open for 3 business days, after which time it will automatically expire.

We look forward to welcoming you to Weatherford.

Sincerely,

/s/ Jessica Lovorn
Jessica Lovorn
Director HR
Weatherford International LLC

Weatherford Human Resources
On and behalf of Weatherford 

PERSONAL INFORMATION

						
	Name	DESMOND MILLS
	Employer	WEATHERFORD INTERNATIONAL LLC
	Position Title	CHIEF ACCOUNTING OFFICER
	Location	2000 ST JAMES PLACE
HOUSTON
TEXAS
77056

POINT OF CONTACT 

						
	Manager	HK JENNINGS
	HR Representative	JESSICA LOVORN

EMPLOYMENT PACKAGE INFORMATION
															
					

BASE SALARY    
US $325,000    
Your base salary will be paid semi-monthly via the normal payroll cycle.

START DATE    
Your start date is anticipated to be 22 March 2021 and will be confirmed following successful completion of all pre-employment testing and, if applicable, on the obtaining of any necessary immigration documentation required to allow you to work.

BENEFITS PROGRAM    
We are pleased to offer you participation in Weatherford’s benefits program on your first day of employment. Please see enclosed Weatherford Benefits Summary. 

You will receive a Welcome Letter from our Benefits Department within 2 to 3 weeks of your start date, providing you with your access ID and instructions to complete your enrollment online. You will have 31 days from date of hire to enroll otherwise your plan will default to the basic single coverage.

ANNUAL LEAVE
15 DAYS PER YEAR
Entitlement to annual leave will accrue on a calendar year basis and will be pro-rated in the first year of employment in line with your employment start date.

COMPANY HOLIDAYS    
10 DAYS PER YEAR    
You will be eligible for ten (10) Company designated holidays.

SHORT-TERM INCENTIVE PLAN (STI)
UP TO 60% “ON TARGET” PARTICIPATION RATE
You are eligible to participate in the Weatherford Short-Term Incentive Plan (STI) applicable to your role. The “on target” participation rate is subject to the rules of the Plan. Any incentive payout from the Plan will be prorated for your period of employment, calculated from your hire date. If you join on or after 1 October of a calendar year, you will not be eligible to participate in the Plan for that year. Any payout from the Plan is subject to the Company’s and your own personal performance, and you must be employed with Weatherford at the time of the incentive payment.   
  
The Plan is non-contractual. The Plan is operated at the discretion of the Company and can be changed or removed at any time. Participation in the Plan in one year does not guarantee participation or a right to participate in future years.  
 
LONG TERM INCENTIVE (LTI)    
15,439 PSUs; 30,879 RSUs; 22,648 PHANTOM RSUs    
You are eligible for consideration under Weatherford’s Annual Long-Term Incentive (“LTI”) program. Your eligibility to receive awards under the LTI program is subject to approval by the Board of Weatherford International and subject always to the terms and conditions of 2019 Equity Incentive Plan for Weatherford International, as may be amended from time to time by Weatherford International.   

If you commence employment by 22 March, you will be eligible to participate in the 2021 plan for the full year. If you commence employment after 22 March, your 2022 vesting will be pro-rated to reflect your period of employment in 2021.  

The LTI awards to be granted to you shall be in the following amounts:

•15,439 PSUs – Awards made under the Performance Share Unit (“PSU”) award agreement will cliff vest following a 2-year performance period.   The “Performance Period” shall mean the two fiscal-year period commencing on the first day of the fiscal year of the Company in which the Grant Date occurs.  The actual number of PSUs that are earned, if any, pursuant to the terms and conditions of the applicable award agreement is subject to increase or decrease based on the Company’s actual performance against the performance goals set forth below and may range from 0% to 200% of the target award, rounded to the nearest whole Share:

Performance Goals / Metrics
[Redacted]
Weighting of Metrics
															
		WEIGHT	THRESHOLD	TARGET	MAXIMUM
	EBITDA %	50%	50%	100%	200%
	OCF CONV %	50%	50%	100%	200%

•30,879 RSUs  – Awards made under the Restricted Stock Unit (“RSU”) award agreement will vest in equal tranches over a two-year period and will vest one half on the 1st anniversary of the grant date, and the remaining one-half vesting upon the 2nd anniversary of the grant date.  
•22,648 Phantom RSUs – Awards made under the Phantom Unit award agreement will track the company’s stock price and will vest in equal installments over a two-year period and vest one half on the 1st anniversary of the grant date, and the remaining one half vesting upon the 2nd anniversary of the grant date.  Phantom RSUs may settle (i) in cash, (ii) Company shares or (iii) any combination of cash and Company shares, each at the Company’s sole discretion; provided, however, that the maximum cumulative cash payout you will be entitled to receive under the Phantom RSU Award shall be $260,000.

The awards granted in 2021 will be subject to a 2-year vesting or performance period.  Any future grants, annual or otherwise, will be at the discretion of the Board and subject to the terms and conditions of the current or future Long-Term Incentive Program in place.  Future grants may have different vesting periods or be subject to performance or other metrics that vary from the awards that you will be granted by way of your acceptance of this offer.  The award of any incentive is discretionary, and all awards are subject to approval of the company’s management and to the terms and conditions of the applicable award agreement(s), which shall be consistent with the terms of this agreement.

RELOCATION 
We are pleased to offer you participation in Weatherford’s relocation program. The terms and conditions of the program are attached. The Company hereby agrees to provide you with a waiver of section 11.4 of the Domestic Relocation Business Practice and agrees that the sale of your home, as represented to us by you, will be allowed to participate in the program and will be eligible for the benefits offered under the program. Additionally, and notwithstanding anything in the policy to the contrary (including the $5,000 closing cost cap), Weatherford agrees to reimburse you for all customary buyers’ closing costs, including inspections, associated with your purchase of a home in the Houston, Texas general metro area; provided, however, this obligation of Weatherford shall not apply to any mortgage financing costs (i.e., points paid to reduce mortgage rates or other similar items).  Additionally, Weatherford hereby agrees to provide you with a waiver of section 7.1 of the Domestic Relocation Business Practice and agrees that you are eligible for up to 120 days of temporary accommodation.

SEVERANCE PROTECTION 
In the event your employment with the Company should be terminated unilaterally by the Company without cause within the first 12 months of your commencement date, the Company agrees that you will receive as severance an amount equal to your annual base salary (“Severance Protection Payment”).  Any Severance Protection Payment will be subject to standard tax withholdings. After the 1st anniversary of your commencement date, you will then be subject to the Severance Protection Payment of 6 months of your monthly base salary.

PRE-EMPLOYMENT REQUIREMENTS
															
					

This offer of employment and your subsequent employment with Weatherford are contingent upon the following conditions:

•Proof of your right to work. You will be required to produce evidence that you have the legal right to work on your first day.  
•Satisfactory completion of a company medical examination / drug and alcohol test. You will be required to pass a drug and alcohol test and / or medical prior to commencing employment.  
•Receipt of background / reference check.  You must complete the necessary background check and / or provide the names of referees (one of whom should be your most recent employer);      
•Verification of your qualifications by Weatherford. This will either form part of your background check or you will be required to produce evidence of your educational / professional qualifications to the company before or on the first day of your employment.  
•Satisfactory completion of any probationary period.  

By accepting this offer of employment, you certify that:

•You will abide by the terms of any enforceable non-competition agreement you have with your current employer and confirm the fact that you will not bring with you to Weatherford, nor at any time attempt to use, any confidential, non-public information of your current or past employers in the performance of your work for Weatherford. 

This letter does not represent an offer of employment for any specified term. Your employment will be at will, which means that either you or Weatherford may terminate your employment at any time for any reason or no reason whatsoever. 

Please confirm your acceptance of this offer by electronically signing this offer letter. Upon your acceptance of this offer, you will be contacted to schedule a convenient time and location for the company medical / drug and alcohol test.

We are excited to have you join us and look forward to working together to make Weatherford a leader in the oilfield service marketplace.

						
	Printed Name	Desmond J. Mills
	Signature	/s/ Desmond J. Mills
	Date

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