Document:

harp-ex101_60.htm

EX 10.1

Harpoon Therapeutics, Inc.

Non-Employee Director Compensation Policy

Adopted:  December 19, 2018

Amended and Restated Effective: March 18, 2021

 

Each member of the Board of Directors (the “Board”) of Harpoon Therapeutics, Inc. (the “Company”) who is a non-employee director of the Company (each such member, a “Non-Employee Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”) for his or her Board service.

The Director Compensation Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

 

A Non-Employee Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be.   

 

Annual Cash Compensation

Each Non-Employee Director will receive the cash compensation set forth below for service on the Board.  The annual cash compensation amounts will be payable in equal quarterly installments, in arrears no later than 30 days following the end of each quarter in which the service occurred, prorated for any partial quarter of service.  All annual cash fees are vested upon payment. 

 

Each Non-Employee Director may elect in writing to receive all (but not less than all) of his or her cash compensation under the Director Compensation Policy for a calendar year in the form of a stock option (each such election, an “Election”).  Each such stock option will have the applicable terms and conditions set forth below.  Each Election will be made no later than prior to the start of the calendar year to which the Election applies. 

 

	
1.
	
Annual Board Service Retainer: 

a.All Eligible Directors: $35,000

b.Chair (as applicable): $65,000 (in lieu of above) 

 

2.Annual Committee Member Service Retainer:

a.Member of the Audit Committee: $7,500

b.Member of the Compensation Committee: $5,000

c. Member of the Research and Development Committee: $5,000

d.Member of the Nominating and Corporate Governance Committee: $4,000

 

	
3.
	
Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer):

a.Chair of the Audit Committee: $15,000

b.Chair of the Compensation Committee: $10,000

c.Chair of the Research and Development Committee: $10,000

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d.Chair of the Nominating and Corporate Governance Committee: $8,000

 

Equity Compensation

Equity awards will be granted under the Company’s 2019 Equity Incentive Plan or any successor equity incentive plan (the “Plan”).  All stock options granted under the Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan), with a term of ten years from the date of grant (subject to earlier termination upon a termination of the Non-Employee Director’s Continuous Service (as defined in the Plan)) and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying common stock of the Company on the date of grant.  

(a)Stock Options Granted in lieu of Annual Cash Compensation. 

Without any further action of the Board, each Non-Employee Director that has properly and timely delivered an Election to the Company will automatically be granted a Nonstatutory Stock Option on the date of the annual meeting of the Company’s stockholders (each, an “Annual Meeting”) occurring in the calendar year to which the Election relates, subject to the Non-Employee Director’s Continuous Service through such date (each, an “Election Option”).  Each Election Option will have a grant date value calculated based on the Black-Scholes option valuation methodology equal to the annual cash compensation that such Nonstatutory Stock Option is being granted in lieu of, provided that the number of shares covered by such Nonstatutory Stock Option will be rounded down to the nearest whole share.  For Election Options granted in 2021 and thereafter, fifty percent (50%) of each Election Option will vest and become exercisable on the grant date of the Election Option and 25% of each Election Option will vest and become exercisable on each of September 30 and December 31 of the calendar year in which the Election Option is granted, subject to the Non-Employee Director’s Continuous Service through each applicable vesting date.  

(b)Automatic Equity Grants.  

(i)Initial Grant for New Directors.  Without any further action of the Board, each person who is elected or appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial election or appointment to be a Non-Employee Director, be granted a Nonstatutory Stock Option to purchase 20,335 shares of Company common stock (the “Initial Grant”).  Each Initial Grant will vest and become exercisable in a series of three successive equal annual installments over the three-year period measured from the date of grant, subject to the Non-Employee Director’s Continuous Service through each applicable vesting date.  

(ii)Annual Grant.  Without any further action of the Board, at the close of business on the date of each Annual Meeting, each person who is then a Non-Employee Director will automatically be granted a Nonstatutory Stock Option to purchase 10,167 shares of Company common stock (the “Annual Grant”).  

Further, notwithstanding anything to the contrary herein, if as of the date of an Annual Meeting, six months or less have elapsed since the date of grant of the Initial Grant the Non-Employee Director received, then the Non-Employee Director will not be granted a full Annual 

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Grant and instead will be granted a prorated Annual Grant (the “Prorated Annual Grant”) that will be subject to 5,083 shares of Company common stock; provided, however, that if as of the date of an Annual Meeting, less than three months have elapsed since the date of grant of the Initial Grant the Non-Employee Director received (or the Non-Employee Director has not yet received an Initial Grant but is then eligible to receive an Initial Grant), then the Non-Employee Director will not receive a Prorated Annual Grant (or an Annual Grant).  

Each Annual Grant or Prorated Annual Grant, as applicable, will become fully vested and exercisable on the day prior to the one-year anniversary of the date of grant, subject to the Non-Employee Director’s Continuous Service through the vesting date.

(c)Change in Control.  Notwithstanding the foregoing vesting schedules, for each Non-Employee Director who remains in Continuous Service with the Company until immediately prior to the closing of a “Change in Control” (as defined in the Plan), the shares subject to his or her then-outstanding equity awards that were granted pursuant to the Director Compensation Policy will become fully vested and exercisable immediately prior to the closing of such Change in Control.

(d)Remaining Terms.  The remaining terms and conditions of each stock option, including transferability, will be as set forth in the Company’s standard Option Agreement, in the form adopted from time to time by the Board. 

Compensation Limit

 

Compensation payable to Non-Employee Directors is subject to the limits on such compensation set forth in the Plan.

 

Expenses

 

The Company will reimburse each Non-Employee Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that the Non-Employee Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time.

 

3Document

Exhibit 10.1

CTI BIOPHARMA CORP.

DIRECTOR COMPENSATION POLICY

Effective March 10, 2021

Directors of CTI BioPharma Corp., a Delaware corporation (the “Company”), who are not employed by the Company or one of its subsidiaries (“non-employee directors”) shall be entitled to the compensation set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. Except as provided in the next sentence, this policy supersedes all prior policies or provisions of any equity plans concerning compensation of the Company’s non-employee directors effective as of the date set forth above. This policy does not, however, modify the terms of any equity or incentive award granted by the Company prior to the date set forth above. The Board has the authority to amend this policy from time to time.

Cash Compensation

Annual Retainer for Board Service

Each non-employee director shall be entitled to an annual cash retainer while serving on the Board in the amount of $45,000 (the “Annual Retainer”). The Company shall pay the Annual Retainer on a semi-annual basis, with half of the Annual Retainer to be paid on each of the first business day of January and the first business day of July.

Annual Retainer for Chairman of the Board Service

A non-employee director who serves as the Chair of the Board shall be entitled to an annual cash retainer while serving in that position in the amount of $80,000 (the “Chair of the Board Retainer”). The Company shall pay the Chair of the Board Retainer on a semi-annual basis, with half of the Chair of the Board Retainer to be paid on each of the first business day of January and the first business day of July.

Board Committee Retainers

A non-employee director who serves as a member of or as the chair of one of the following committees of the Board shall be entitled to an annual cash retainer while serving in that position in the corresponding amount set forth below (the “Committee Retainer”). For clarity, a non-employee director serving as the chair of one of the following committees of the Board shall be entitled to both the retainer for service as a member of that committee as well as the additional retainer for service as the chair of that committee.

															
	Committee of the Board
		Retainer for
Committee Member
		Additional Retainer
for the Chair

	Audit Committee
		$9,000
		$18,000

	Compensation Committee
		$7,000
		$14,000

	Nominating and Governance Committee
		$4,500
		$9,000

The Company shall pay the Committee Retainer on a semi-annual basis, with half of the Committee Retainer to be paid on each of the first business day of January and the first business day of July.

Equity Compensation

Initial Equity Award for New Directors

A new non-employee director shall be granted a stock option to acquire shares of Company common stock in connection with joining the Board (an “Initial Award”). The number of shares of Company common stock covered by an Initial Award 

shall be 120,000 shares. An employee director who ceases to be an employee, but who remains a director, will not receive an Initial Award. Each Initial Award granted will be scheduled to vest ratably over thirty-six months, beginning on the date of grant of such Initial Award.

Annual Equity Award for Continuing Board Members

On an annual basis in connection with each annual meeting of the Company’s stockholders, each non-employee director continuing on the Board after such meeting shall be granted a stock option to acquire shares of Company common stock (an “Annual Award”). The number of shares of Company common stock covered by an Annual Award shall be 80,000 shares. Each Annual Award granted will be scheduled to vest on the date that is twelve months after the date of grant of the Annual Award or, if earlier, immediately prior to the first annual meeting of the Company’s stockholders at which one or more members of the Board are to be elected and that occurs in the calendar year after the calendar year in which the Annual Award is granted. 

Provisions Applicable to All Non-Employee Director Stock Option Awards

The date of grant of each Initial Award and each Annual Award (each, an “Award”) shall be determined by the Board. Each Award shall be granted under the Company’s Amended and Restated 2017 Equity Incentive Plan or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant (as applicable, the “Equity Plan”). Unless otherwise provided by the Board in connection with a particular Award, each Award will be evidenced by and subject to the terms and conditions of the Company’s standard form of stock option award agreement for non-employee director stock option grants under the Equity Plan as in effect on the date of grant of the award.

The per share exercise price of each Award will equal the closing price of a share of Company common stock on the date of grant of the Award (or, if such date of grant is not a trading day, the closing price of a share of Company common stock on the last trading day immediately preceding the date of grant of the Award). Such exercise price and the number of shares subject to an Award will be subject to adjustment for stock splits and similar events as provided in the applicable stock option award agreement.

The maximum term of each Award is ten years from the date of grant of the Award, subject to earlier termination as provided in the applicable stock option award agreement.

In addition, the stock options subject to a particular Award (as well as any stock options, restricted stock awards, and restricted stock unit awards granted to the non-employee director under prior versions of this policy), to the extent then outstanding and unvested, shall become fully vested in the event of a Change in Control (as such term is defined in the applicable Equity Plan under which the award was granted or, if not so defined, as defined in the applicable award agreement) that occurs while such non-employee director is a member of the Board.

Expense Reimbursement

All non-employee directors shall be entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board related business. The Company shall also reimburse directors for attendance at director continuing education programs that are relevant to their service on the Board and which attendance is pre-approved by the Chair of the Nominating and Governance Committee or Chair of the Board. In each case and unless otherwise provided by the Board, such expenses shall be in accordance with and subject to the Company’s expense reimbursement policy as presented to the Audit Committee of the Board. The Company shall make reimbursement to a non-employee director within a reasonable amount of time following submission by the non-employee director of reasonable written substantiation for the expenses (and in all events not later than the end of the year following the year in which the related expense was incurred).

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