Document:

Exhibit

SELECTA BIOSCIENCES, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

Non-employee members of the board of directors (the “Board”) of Selecta Biosciences, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”), as amended by the Board effective June 15, 2018 (the “Effective Date”).  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 parent or 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  This Program shall remain in effect until it is revised or rescinded by further action of the Board.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.  No Non-Employee Director shall have any rights hereunder, except with respect to stock options granted pursuant to the Program.  This Program shall become effective on 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.     Chairperson of the Board or Lead Independent Director.  A Non-Employee Director serving as Chairperson of the Board shall receive an additional annual retainer of $30,000 for such service, and a Non-Employee Director serving as Lead Independent Director shall receive an additional annual retainer of $20,000 for such service.
2.     Audit Committee.  A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 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 $7,500 for such service.
3.    Compensation Committee.  A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $12,000 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 $6,000 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 $8,000 for such service. A Non-Employee Director 

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serving as a member other than the Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $4,000 for such service. 
5.    Science Committee.  A Non-Employee Director serving as Chairperson of the Science Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Science Committee shall receive an additional annual retainer of $4,000 for such service.
C.    Payment of Retainers.  The annual retainers described in Sections I(A) and I(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 2016 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, including without limitation with respect to any stock dividend, stock split, reverse stock split or other similar event affecting the Company’s common stock that is effected prior to the Effective Date.
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 20,000 shares of the Company’s 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 be automatically granted an option to purchase 10,000 shares of the Company’s common stock on the date of such annual meeting, provided, however that if such Non-Employee Director will serve as Chairperson of the Board as of immediately following the date of such annual meeting, such Non-Employee Director shall receive an option to purchase 15,404 shares of the Company’s 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 

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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 from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section II(B) above.  
E.    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 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 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. 
III.    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.
* * * * *

US-DOCS\64706811.4Exhibit

EXHIBIT 10.1

[NAME & ADDRESS]                [DATE]

Re:    Notice of Grant for Restricted Stock Unit Award [2018]

Dear _____________:

Effective _____________, you have been granted an award of Restricted Stock Units over _____________ shares of Stock (the “Award”) in accordance with the terms and conditions of the Regions Financial Corporation 2015 Long Term Incentive Plan (the “Plan”) and the attached Restricted Stock Unit Award Agreement (the “Award Agreement”).  Capitalized terms not defined in this Notice of Grant are defined in the Plan or the Award Agreement.  This document is the “Notice of Grant” referred to in the Award Agreement and is a part of the Award Agreement.

Granted To:                    _____________
Grant Date:                    _____________
Performance Threshold Measurement Periods:    _____________
_____________
_____________
Service Vesting Period:                _____________
Grant:                        _____________

Subject to (1) the terms and conditions of the Plan, the Award Agreement, and this Notice of Grant, (2) your satisfaction of the Service Vesting Period requirement, and (3) the Company’s achievement of the Capital and Liquidity Performance Thresholds specified below (“Performance Thresholds”) during each Performance Threshold Measurement Period (i.e., _____________ - _____________, _____________ - _____________, and _____________ - _____________), you may be entitled to a certain number of shares of Stock, with up to __________% of the shares of Stock at-risk of forfeiture, based on the Company’s achievement of the Performance Thresholds.  

Performance Thresholds: The number of shares of Stock to be delivered under this Award will be based upon the Company’s performance relative to the following Performance Thresholds, as certified by the Committee: 

		
	(i) 
	Capital - Capital Action Decision Tree Status, as defined in the Capital Policy, must remain in either “Monitor Capital” or “Capital Deployment” status; and 

		
	(ii) 
	Liquidity - Risk for Primary Liquidity Level must remain at “Moderate” or better as established in the Market & Liquidity Risk Framework document.  

Each of the Performance Thresholds stands alone in the determination of the at-risk portion of the Award.  In order to be eligible to receive shares of Stock determined in accordance with the foregoing, you must remain employed with the Company or one of its Subsidiaries through the end of the Service Vesting Period, except as otherwise provided in the Award Agreement.
By your signature below, you acknowledge and agree that this Award is granted under, governed by, and subject to the terms and conditions of the Plan, the Award Agreement, and this Notice of Grant.
Please sign one copy of this Notice of Grant and return it to Executive Compensation in the enclosed, pre-addressed interoffice envelope. 
Signature                    Date
PLEASE KEEP A COPY FOR YOUR RECORDS

EXHIBIT 10.1

PERSONAL & CONFIDENTIAL

RESTRICTED STOCK UNIT AWARD AGREEMENT
Under the
REGIONS FINANCIAL CORPORATION 
2015 LONG TERM INCENTIVE PLAN
April 2, 2018

You have been granted an award of Restricted Stock Units (the “Award”) under the Regions Financial Corporation 2015 Long Term Incentive Plan (the “Plan”), the terms and conditions of which are incorporated in this document by reference.  This document sets forth certain terms of your Award and constitutes the Award Agreement required by the Plan.  You should retain it for future reference.  The Plan, the Notice of Grant, which is a part of this Award Agreement, and the prospectus also describe certain provisions applicable to your Award.  Copies of these documents are available through Solium Shareworks, the online equity compensation management system used by Regions.  If you would like paper copies of these documents, please contact Executive Compensation at (205) 820-2355.  Capitalized terms not defined in this Award Agreement are references to defined terms in the Plan or the Notice of Grant.  In the event of any conflict or inconsistency among the provisions in this Award Agreement, the Notice of Grant, or the Plan, the terms and conditions of this Award Agreement will control.

The grant date of your Award, the date on which your Award vests, and the vesting conditions for your Award are set forth in the attached Notice of Grant.  The number of Restricted Stock Units referenced in the Notice of Grant represent the maximum number of shares of Stock payable under this Award (“Maximum Award”).  The portion of the Maximum Award that may be paid is dependent on the extent to which (1) you satisfy the Service Vesting Period requirement and (2) the Company achieves the Capital and Liquidity Performance Thresholds specified in the Notice of Grant.  Except as otherwise specified herein, at the end of the Performance Threshold Measurement Periods (collectively, the “Vesting Period”), the Committee will certify the level of achievement of the Capital and Liquidity Performance Thresholds and determine the number of shares of Stock, if any, payable to you under this Award.  In order to receive such shares of Stock, you must be employed by Regions or one of its Subsidiaries through the end of the Service Vesting Period (except as otherwise provided below).  On such date, the number of shares of Stock payable under this Award, if any, will be issued and released to you.
 
During the Service Vesting Period, the Restricted Stock Units will be accounted for by the Company in a bookkeeping account.  Since this Award constitutes a grant of Restricted Stock Units, there are no voting rights applicable to the Restricted Stock Units.  All ordinary cash dividends (as determined by the Committee in its sole discretion) that would have been paid upon shares of Stock underlying the Restricted Stock Units will be accumulated, deemed reinvested in shares of Stock based on the then current value of a share of Stock, and paid at the time and to the extent this Award vests (the “Dividend Equivalents”).  

Upon the vesting of this Award and any Dividend Equivalents, you may elect to satisfy any federal tax withholding requirements by reducing the number of shares of Stock that would otherwise be issued to you, to the extent and in the manner allowed by the Plan.  

If, during the Service Vesting Period, any of the following events occur, this Award will be treated as described below:

		
	•
	Notwithstanding anything in the Plan to the contrary, in the event of a Change in Control, the portion of your Award that is subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds for any Performance Threshold Measurement Period that ends after the closing of the Change in Control will convert to time-based vesting for the duration of the applicable Performance Threshold Measurement Periods.  If your employment is terminated by the Company without Cause or by you for Good Reason, in each case, within the twenty-four (24) month period following the Change in Control, this Award (i.e., the portion of this Award not subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (____%) and the portion of this Award subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds but converted to time-based vesting in accordance with the preceding sentence (up to ____%)) will fully vest upon your termination of employment and shares of Stock equivalent to the Maximum Award will be issued to you. 

		
	•
	If your employment terminates due to your death, then as soon as practicable following your death, your Award will fully vest (unless prohibited by applicable laws, rules, or regulations), and shares of Stock equivalent to the Maximum Award will be issued to your estate.

 
		
	•
	If your employment terminates due to (a) your Disability or (b) your retirement (on or after age 65 or on or after you attain age 55 with 10 years of continuous service) any time on or after November 30th of the year during which this 

EXHIBIT 10.1

Award is granted, then (i) the portion of this Award not subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (____%) will fully vest upon your termination of employment (unless prohibited by applicable laws, rules, or regulations), and shares of Stock will be issued to you, and (ii) the portion of this Award subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (____%) will continue to vest in accordance with its terms.

		
	•
	If the Company terminates your employment without Cause but through no fault of your own (as determined in the Company’s sole discretion), the Restricted Stock Units equivalent to the Maximum Award will be pro-rated for the portion of the Service Vesting Period between the grant date and the date your employment terminated, and then (i) the pro rata portion of this Award not subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (____%) will fully vest upon your termination of employment (unless prohibited by applicable laws, rules, or regulations), and shares of Stock will be issued to you, and (ii) the pro rata portion of this Award subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (____%) will continue to vest in accordance with its terms.

		
	•
	If your employment terminates during the Service Vesting Period for any reason other than those listed above, your Award will be forfeited as of your termination date. 

Notwithstanding anything herein to the contrary, if this Award (or any portion of this Award) is determined to be “deferred compensation” within the meaning of Section 409A of the Code (for example, if you are eligible for retirement as defined above during the Service Vesting Period) and is payable on your termination of employment, then it will be paid only upon a “separation from service,” as defined in Section 409A of the Code, and if you are a “specified employee,” as defined in Section 409A of the Code, it will not be paid until six months after your “separation from service,” all in accordance with Section 409A of the Code.

Any amounts paid or payable or shares of Stock delivered or deliverable under this Award are subject to clawback and/or forfeiture in accordance with the terms of Applicable Law and the Company’s Compensation Recoupment Policy (or any successor policy thereto), in each case, as in effect from time to time.

By signing the attached Notice of Grant, you acknowledge that you accept this Award on the terms and conditions set forth in this Award Agreement, the Notice of Grant, and the Plan, and you further acknowledge and agree as follows: (1)  this Award Agreement, the Notice of Grant, and the Plan set forth the entire agreement and understanding between you and Regions relating to the subject matter herein and supersede and replace all prior agreements and understandings with respect to such subject matter; (2) you and Regions have made no agreements, representations, or warranties relating to the subject matter of this Award Agreement that are not set forth herein; (3) no provision of this Award Agreement may be amended, modified, or waived unless such amendment, modification, or waiver is authorized by the Committee and is agreed to in writing by an authorized officer of Regions; and (4) this Award Agreement is binding upon Regions’ successors and assigns.  You also acknowledge and agree that Regions, the Board, and the Committee, in their oversight and conduct of the business and affairs of Regions, may in good faith cause Regions to act or fail to act in a manner that prevents this Award from vesting; and this Award Agreement is not intended to and will not be interpreted to impose any liability upon Regions, the Board, the Committee, or any officer, agent, or associate of Regions for any forfeiture of this Award that results from any such action or omission.

I congratulate you on your Award, and thank you for your continued service to Regions!

REGIONS FINANCIAL CORPORATION

/s/ Grayson Hall

Grayson Hall 
Chairman and Chief Executive Officer

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