Document:

EX-10.3

  Exhibit 10.3

  Winc, Inc.

  AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

  Eligible Directors (as defined below) on the board of directors (the “Board”) of Winc, Inc. (the “Company”) shall be eligible to receive equity compensation as set forth in this Amended and Restated Non-Employee Director Compensation Program (this “Program”).  The equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its parents or subsidiaries other than a person who is determined by the Board to not be eligible to receive compensation under this Program (each, an “Eligible Director”), who may be eligible to receive such equity compensation, unless such Eligible Director declines the receipt of equity compensation by written notice to the Company.  

  This Program became effective on April 26, 2022 (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board.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.  No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 1 of this Program.  

  1.Equity Compensation.  

  a.General.  Eligible 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 (such plan, as may be amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants.  All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan.  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Equity Plan.

  b.Initial Awards.  Each Eligible Director who is initially elected or appointed to serve on the Board after the Effective Date automatically shall be granted a Restricted Stock Unit award (each, an “Initial Award”).  The number of Restricted Stock Units subject to an Initial Award will be determined by dividing the Pro-Rated Value by the Average Closing Price.  “Average Closing Price” means the average closing price of one share of the Company’s common stock, as reported on the NYSE American, during the trailing 30 trading days immediately preceding the applicable grant date (the “30-Trading Day Average Closing Price”); provided, however, that if the 30-Trading Day Average Closing Price is 10% or more higher or lower than the closing price of one share of common stock, as reported on the NYSE American, on the trading day immediately preceding the applicable grant date, then the average closing price of one share of common stock over the trailing 10 trading days immediately preceding such grant date will be used as the Average Closing Price.  Each Initial Award shall be granted on the date on which such Eligible Director is appointed or elected to serve on the Board (the “Election Date”), and shall vest in full on the earlier to occur of (x) the one-year anniversary of the applicable grant date and (y) the date of the next Annual Meeting (as defined below) following such grant date, subject to continued service through the applicable vesting date.  The “Pro-Rated Value” shall equal $150,000, multiplied by a fraction, (i) the numerator of which is the difference between 365 and the number of days from the immediately preceding Annual Meeting date through the Election Date and (ii) the denominator of which is 365; provided, however, that with respect to any Initial Award granted prior to the Annual Meeting in calendar year 2022, the numerator shall be the number of days from the Election Date to (but excluding) the Annual Meeting date in calendar year 2022.

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  c.Annual Awards.  An Eligible Director who is serving on the Board as of the date of the annual meeting of the Company’s stockholders (the “Annual Meeting”) each calendar year beginning with calendar year 2022 shall be granted a Restricted Stock Unit award with a value of $150,000 (an “Annual Award”).  The number of Restricted Stock Units subject to an Annual Award will be determined by dividing the value by the Average Closing Price.  Each Annual Award shall vest in full on the earlier to occur of (x) the one-year anniversary of the applicable grant date and (y) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date.

  d.Audit Committee Chair Initial Awards.  Each Eligible Director who is initially elected or appointed to serve as the chairperson of the Company’s audit committee (the “Audit Committee Chair”) after the Effective Date automatically shall be granted a Restricted Stock Unit award (each, an “ACC Initial Award”).  The number of Restricted Stock Units subject to an ACC Initial Award will be determined by dividing the ACC Pro-Rated Value by the Average Closing Price.  Each ACC Initial Award shall be granted on the date on which such Eligible Director is appointed or elected to serve as Audit Committee Chair (the “ACC Election Date”), and shall vest in full on the earlier to occur of (x) the one-year anniversary of the applicable grant date and (y) the date of the next Annual Meeting following such grant date, subject to continued service as the Audit Committee Chair through the applicable vesting date.  The “ACC Pro-Rated Value” shall equal $20,000, multiplied by a fraction, (i) the numerator of which is the difference between 365 and the number of days from the immediately preceding Annual Meeting date through the ACC Election Date and (ii) the denominator of which is 365.

  e.Audit Committee Chair Annual Awards.  The Eligible Director who is serving on the Board as of the Annual Meeting each calendar year beginning with calendar year 2022 and who also will serve Audit Committee Chair immediately following such Annual Meeting shall be granted an additional Restricted Stock Unit award with a value of $20,000 (the “ACC Annual Award,” together with the ACC Initial Awards, Annual Awards and Initial Awards, the “Director Awards”).   The number of Restricted Stock Units subject to an ACC Annual Award will be determined by dividing the value by the Average Closing Price.  Each ACC Annual Award shall vest in full on the earlier to occur of (x) the one-year anniversary of the applicable grant date and (y) the date of the next Annual Meeting following the grant date, subject to continued service as the Audit Committee Chair through the applicable vesting date.

  f.Accelerated Vesting Events.  Notwithstanding the foregoing, an Eligible Director’s Director Award(s) shall vest in full immediately prior to the occurrence of a Non-Transactional Change in Control, to the extent outstanding and unvested at such time, if the Eligible Director will not become, as of immediately following such Non-Transactional Change in Control, a member of the board of the Company or the ultimate parent of the Company.

  2.Compensation Limits.  Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time.

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Exhibit 10.1

WEAVE COMMUNICATIONS, INC. 
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
Each member of the Board of Directors (the “Board”) of Weave Communications, Inc. (the “Company”) who is not an employee of the Company (each such member, an “Outside Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”) for his or her service on the Board and committees of the Board following the closing of the initial public offering of the Company’s Common Stock (the “IPO”).
The Director Compensation Policy will become effective upon the effective date of the registration statement that is filed in connection with the Company’s IPO (the “Effective Date”). The Director Compensation Policy may be amended at any time in the sole discretion of the Board.
Annual Cash Compensation
Each Outside Director will receive the cash compensation set forth below for service on the Board and committees of the Board.  The annual cash compensation amounts will be payable in arrears, in equal quarterly installments following the end of each fiscal quarter of the Company in which the service occurs.  Any amount payable for a partial quarter of service will be pro-rated by multiplying such amount by a fraction, the numerator of which will be the number of days of service that the Outside Director provides in such quarter and the denominator of which will be the number of days in such quarter inclusive.  All annual cash fees are vested upon payment.
1.Annual Board Member Service Retainer:
a.Member of the Board:  $35,000.
b.Outside Director serving as Chairperson:  $20,000 (in addition to member retainer).
c.Outside Director serving as Lead Independent Director: $15,000 (in addition to member retainer).
2.Annual Committee Member Service Retainer:
a.Member of the Audit Committee:  $10,000.
b.Member of the Compensation Committee:  $6,000.
c.Member of the Nominating and Governance Committee:  $4,000.
3.Annual Committee Chair Service Retainer (in lieu of Annual Committee Member Service Retainer):
a.Chairperson of the Audit Committee:  $20,000.
b.Chairperson of the Compensation Committee:  $12,000.
c.Chairperson of the Nominating and Governance Committee:  $8,000.
Equity Compensation
Equity awards may be granted in the form of restricted stock units or stock options, in the sole discretion of the Board, and will be granted under the Company’s 2021 Equity Incentive Plan or 

any successor equity incentive plan adopted by the Board and the stockholders of the Company (the “Plan”).
1.Automatic Equity Grants.  Annual and initial grants shall be made as follows:
a.Annual Grant.  Without any further action of the Board, at the close of business on the date of each annual meeting of the Company’s stockholders (“Annual Meeting”) beginning with the 2022 Annual Meeting, each continuing Outside Director who has served as an Outside Director for at least six (6) months prior to the Annual Meeting shall be granted an equity award under the Plan (an “Annual Grant”) for the number of shares of the Company’s Common Stock (“Shares”) that has a Grant Date Value (as defined below) of $150,000.  
Each Annual Grant shall vest in full on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the first Annual Meeting following the date of grant, subject to the Outside Director serving on the Board through such vesting date. 
b.Initial Grant for New Directors.  When an Outside Director is first elected or appointed to serve on the Board (on or after the Effective Date), without any further action of the Board, the Outside Director will be granted on the effective date of his or her initial election or appointment, an equity award under the Plan (an “Initial Grant”) that has a Grant Date Value of $300,000. 
Each Initial Grant will vest in three annual installments on the first, second and third anniversary of the grant date, subject to the Outside Director serving on the Board through such vesting dates.
2.Grant Date Value. 
a.Restricted Stock Units.  The number of Shares subject to an award of restricted stock units that comprise the “Grant Date Value” of an Annual Grant or Initial Grant shall equal the stated Grant Date Value divided by the volume weighted average price (VWAP) over the thirty (30) trading days prior to and including the grant date (or if the grant date is not a trading day, the closest prior trading day), rounded down to the nearest whole Share. 
b.Stock Options.  The number of Shares subject to an award of stock options that comprise the “Grant Date Value” of an Annual Grant or Initial Grant shall equal (x) the stated Grant Date Value divided by the volume weighted average price (VWAP) over the thirty (30) trading days prior to and including the grant date (or if the grant date is not a trading day, the closest prior trading day), rounded down to the nearest whole Share, multiplied by (z) two (2).
3.Vesting; Change in Control.  Notwithstanding the foregoing, for each Outside Director who remains in continuous service as a member of the Board until immediately prior to the closing of a “Change in Control” (as defined in the Plan), any unvested portion of any equity award granted in consideration of such Outside Director’s service as a member of the Board shall vest in full immediately prior to, and contingent upon, the consummation of the Change in Control.
4.Discretionary Grants.  In addition to the automatic grants described herein and subject to any limitations provided in the Plan, the Board, in its sole discretion, may grant additional equity awards to certain Outside Directors for services to the Company that exceed the standard expectations of an Outside Director or for other circumstances determined to be appropriate by the Board, including, without limitation, an inducement for the Outside Director to remain on the Board.
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5.Remaining Terms.  The remaining terms and conditions of each equity award granted under this policy will be as set forth in the Plan and the Company’s standard form of award agreement, as amended from time to time by the Board or the Compensation Committee of the Board, as applicable.
Expenses
The Company will reimburse each Outside 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 Outside 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.
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