Document:

watt-ex103_81.htm

EXBHIBIT 10.3

Energous Corporation

Non-Employee Director Compensation Policy

 

Members of the Board of Directors (the “Board”) of Energous Corporation (the “Company”) who are not employees of the Company or any subsidiary of the Company (“Directors”) shall be paid the following amounts in consideration for their service on the Board.

 

Initial Compensation

Upon his or her initial election to the Board (the “Appointment Date”), each Director shall receive an initial restricted stock unit (“RSU”) representing a number of shares equal to

$300,000 divided by the Fair Market Value of the Common Stock on the Appointment Date. The initial RSU shall vest in equal installments on the first three anniversaries of the Appointment Date.

 

Annual Compensation

 

Cash Compensation

 

Each Director shall be paid an annual cash retainer of $50,000 for serviced as a member of the Board, and the following annual amounts for the listed categories of service on the Board. All cash compensation shall be prorated for partial years and paid quarterly in arrears.

 

		
	
Chairman of the Board
	
$50,000

	
Lead Independent Director
	
$25,000

	
Audit Committee Chair
	
$20,000

	
Audit Committee Member
	
$10,000

	
Compensation Committee Chair
	
$15,000

	
Compensation Committee Member
	
$5,000

	
Corporate Governance and Nominating Committee Chair
	
$10,000

	
Corporate Governance and Nominating Committee Member
	
$5,000

 

Equity Compensation

 

On the first trading day of January 2018, each Director then serving will be awarded a RSU representing a number of shares of Common Stock equal to $300,000 divided by the Fair

 

 

EXBHIBIT 10.3

Market Value of the Common Stock on the grant date (the “2018 Grant”). Each 2018 Grant shall vest annually in equal installments on the first three anniversaries of its grant date.

 

On the first trading day of January 2019 and each subsequent year, each Director then serving will be awarded a RSU representing a number of shares of Common Stock equal to

$100,000 divided by the Fair Market Value of the Common Stock on the grant date (each, a “Refresh RSU”). Each Refresh RSU shall vest in full on the third anniversary of its grant date.

 

On the first trading day of 2018 and each subsequent year, the Chairman of the Board, if independent, will be awarded a RSU representing 20,000 shares of Common Stock (each, a “Chairman RSU”). A newly-appointed Chairman of the Board, if independent, will receive a Chairman RSU pro-rated for the number of days remaining in the year. On the first trading day of 2019 and each subsequent year, the Chairman Emeritus, if any and if independent, shall be awarded a RSU for 5,000 shares of Common Stock (each, a “Chairman Emeritus RSU”). Each Chairman RSU and each Chairman Emeritus RSU shall vest in full on the first anniversary of its grant date.

 

“Fair Market Value” of the Common Stock means, respecting any RSU, the average of the closing trading prices of the Common Stock on the principal stock exchange for such Common Stock during the 30 consecutive trading days immediately preceding the date the RSU is granted.

 

Equity Award Terms

 

Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Company’s 2014 Non-Employee Equity Compensation Plan (the “Plan”). All RSUs granted under this Policy shall be made under and pursuant to the Plan.

 

If a Director dies or there is a Change in Control prior to the vesting in full of any RSU granted under this Policy, then any unvested portion of that RSU shall immediately become vested in full. If a Director ceases to serve on the Board for any reason other than death, then the vesting of all RSUs shall cease, and any unvested portion of the initial RSU shall be forfeited, as of the date of such termination of service. The Board, in its discretion, may elect to accelerate the vesting of a Director’s equity awards upon retirement of the Director.

 

Expense Reimbursement

 

The Company shall reimburse Directors for all out-of-pocket expenses they incur in attending meetings of the Board or its Committees.

 

Employee Directors

 

Any Company employee who serves as a member of the Board or the board of directors of a subsidiary of the Company shall receive no additional compensation for such service.

 

Section 409A

 

This Policy is intended to comply with Internal Revenue Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Policy shall be interpreted and administered to be in compliance therewith. Any payments described in

 

 

EXBHIBIT 10.3

this Policy that are due within the “short-term deferral period” as defined in Internal Revenue Code Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise.

 

As amended April 6, 2018cwh_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			CAMPING WORLD HOLDINGS, INC.
		

		
			NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
		

		
			(as amended effective as of April 1, 2019)
		

		
			Non-employee members of the board of directors (the “Board”) of Camping World Holdings, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (as amended from time to time, this “Policy”), which was adopted effective as of October 6, 2016, and is hereby amended effective as of April 1, 2019.  The cash and equity compensation described in this Policy 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 parent or subsidiary of the Company (each, a “Non-Employee Director”), who may be eligible 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 Policy shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion.  The terms and conditions of this Policy 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 and between any subsidiary of the Company and any of its non-employee directors.  No Non-Employee Director shall have any rights hereunder, except with respect to restricted stock units granted pursuant to this Policy.  
		

		
			1.          Cash Compensation.
		

		
			(a)         Annual Retainers.  Each Non-Employee Director shall receive an annual retainer of $80,000 for service on the Board.  
		

		
			(b)         Additional Annual Retainers.  In addition, a Non-Employee Director shall receive the following annual retainers:
		

		
			(i)          (ii)        Audit Committee.   A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $25,000 for such service.  A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $12,500 for such service.
		

		
			(iii)       Compensation Committee.  A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $15,000 for such service.  A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service.
		

		
			(vi)        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 $12,500 for such service.  A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.
		

		
			(c)         Payment of Retainers.  The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid 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 
		

		
			
		

		
			

		 

		

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			1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Section 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.
		

		
			2.          Equity Compensation.  Effective as of May 15, 2019, 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 2016 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 shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board.  All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.
		

		
			(a)         Annual RSU Awards.  Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) on or after May 15, 2019 and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, restricted stock units that have an aggregate fair value on the date of grant of $130,000 (as determined in accordance with FASB Accounting Codification Topic 718 (“ASC 718”) and subject to adjustment as provided in the Equity Plan (the “Annual Awards”)).
		

		
			(b)         Initial Awards.  Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board after May 15, 2019 on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”), restricted stock units that have an aggregate fair value on such Non-Employee Director’s Start Date equal to the product of (i) $130,000 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date and ending on such Non-Employee Director’s Start Date and the denominator of which is 365 (with the number of units or shares of Common Stock underlying each such award subject to adjustment as provided in the Equity Plan in each case).  The awards described in this Section 2(b) shall be referred to as “Initial Awards.”  For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.
		

		
			(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 2(b) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(a) above.
		

		
			(d)         Vesting of Awards Granted to Non-Employee Directors.  Each Initial Award and Annual Award (collectively, the “Awards”) shall vest on the first anniversary of the date of grant, subject in each case to the Non-Employee Director continuing in service through such vesting date.  All of a Non-Employee Director’s Awards shall vest in full on the date such Non-Employee Director’s service is terminated due to a failure to be reelected, to the extent outstanding on the last date of such Non-Employee Director’s service on the Board. All of a Non-Employee Director’s Awards shall vest in full immediately 
		

		
			
		

		
			

		 

		

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			prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
		

		
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