Document:

Exhibit 10.22

Quanterix Corporation

2018 Non-Employee Director Compensation Policy

 

Effective as of January 1, 2018

 

I.                                        Overview

 

The Board of Directors (the “Board”) of Quanterix Corporation (the “Company”) has approved this 2018 Non-Employee Director Compensation Policy (the “Policy”) to provide an inducement to attract and retain the services of qualified persons to serve as directors.

 

II.            Eligibility

 

This Policy shall apply to each director of the Board who is not an employee of, or compensated consultant to, the Company or any of its Affiliates (as defined in the 2017 Employee, Director and Consultant Equity Incentive Plan (“the Plan”)) (a “Non-Employee Director”).  Employees of the Company and their affiliates are not eligible to receive compensation under this Policy.

 

III.                              Director Compensation

 

The following is a description of the compensation arrangements under which our Non-Employee Directors are compensated for their service as directors, including as members of the various committees of our Board, consisting of the cash retainers described in Section III.A and the equity awards described in Section III.B.

 

A.            Cash Compensation

 

1.              Terms for Cash Payment

 

Subject to Section III.A.2, each Non-Employee Director shall receive the following annual cash compensation for his or her service on the Board and committees of the Board:

 

	
Base Board Retainer
    	
 
    	
$
    	
35,000
    	
 
    
	
Additional Lead   Director/Non-Employee Board Chairman Retainer
    	
 
    	
$
    	
20,000
    	
 
    
	
Additional Audit   Committee Chairman Retainer
    	
 
    	
$
    	
20,000
    	
 
    
	
Additional   Compensation Committee Chairman Retainer
    	
 
    	
$
    	
12,000
    	
 
    
	
Additional   Nominating and Governance Committee Chairman Retainer
    	
 
    	
$
    	
10,000
    	
 
    
	
Additional Audit   Committee Member Retainer
    	
 
    	
$
    	
7,500
    	
 
    
	
Additional   Compensation Committee Member Retainer
    	
 
    	
$
    	
6,000
    	
 
    
	
Additional   Nominating and Governance Committee Member Retainer
    	
 
    	
$
    	
5,000
    	
 
    

 

Cash payments to Non-Employee Directors shall be paid quarterly in arrears on the first Company payroll date following the end of the fiscal quarter to which service relates (each, a “Payment Date”).

 

Each Non-Employee Director: (i) who is elected or appointed to the Board after the date hereof or (ii) ceases to be a Non-Employee Director during a fiscal quarter, shall receive a prorated cash

 

 

retainer for the portion of such partial fiscal quarter during which he or she served on the Board or a committee of the Board (the “Prorated Retainer”). The Prorated Retainer shall be an amount equal to the product of (A) the aggregate amount payable in respect of such Non-Employee Director’s service for a full fiscal quarter multiplied by (B) a fraction, the numerator of which is (x) the number of days during such fiscal quarter which the Non-Employee Director served on the Board or committees, and the denominator of which is (y) the total number of days during such fiscal quarter.  The Prorated Retainer shall be paid on first Payment Date following such fiscal quarter.

 

2.              Election for Equity in Lieu of Cash Retainers

 

Prior to the end of each calendar year, each Non-Employee Director shall make an annual election by delivery to the Company of an election form, substantially in the form attached hereto as Exhibit A (the “Election Form”), with respect to cash retainers for the following calendar year, indicating whether he or she elects to receive the retainers in cash, as described in Section III.A.1, or in the Company’s common stock, $0.001 par value per share (“Common Stock”), in lieu of the cash retainers.  If no election has been made as of the first day of the year, the Non-Employee Director shall receive all retainers in cash as set forth in Section III.A.1 or, if a previous election has been made to receive Common Stock in lieu of the cash retainers, such election shall remain in effect for subsequent calendar years until such election is changed by the completion, signature and delivery to the Company of a new Election Form, in accordance with the terms of this Policy. Each newly elected or appointed Non-Employee Director shall make an election prior to, or within 30 days of, his or her initial appointment or election to the Board, for the remainder of the year of such appointment or election, whether to receive the retainers in cash or in Common Stock.

 

In the event an election is made to receive Common Stock in lieu of cash retainers, such director shall automatically be granted, without any further action by the Board, on the first trading day following each fiscal quarter a number of shares of Common Stock having an aggregate fair market value equal to the aggregate amount of such Non-Employee Director’s cash retainer for such fiscal quarter, determined by dividing (A) the aggregate amount of the retainers by (B) the Fair Market Value (as defined in the Plan) of the Common Stock on such trading day.

 

All Common Stock granted to Non-Employee Directors under this Policy shall be granted under the Plan and will be subject to the terms and conditions set forth in the Plan.

 

B.            Equity Compensation

 

1.              Annual Equity Awards

 

Each Non-Employee Director will automatically be granted, without any further action by the Board, on the first trading day of each fiscal year, (A) a non-qualified stock option (the “Options”) to purchase 7,900 shares of Common Stock at an exercise price equal to the Fair Market Value as of such grant date and (B) 2,270 restricted stock units (each RSU relating to one (1) share of Common Stock) (“RSUs”) (collectively, the “Annual Awards”).  The Annual Awards shall become vested in full on December 31st of the year in which such awards were granted, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.

 

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2.              Initial Equity Awards for Newly Elected Directors

 

Upon initial election or appointment of a Non-Employee Director to the Board, such Non-Employee Director will automatically be granted, on his or her election or appointment date, without any further action by the Board, (A) 15,800 Options at an exercise price equal to the Fair Market Value as of such grant date and (B) 4,540 RSUs (collectively, the “Initial Awards”). The Options granted pursuant to Initial Awards shall vest over a three-year period, with one-third vesting on the first anniversary of the applicable grant date, and the remainder vesting over the following two years in 24 successive equal monthly installments at the end of each month until the third anniversary of such grant date, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.  The RSUs granted pursuant to Initial Awards shall vest over a three-year period, with one-third vesting on each of the first, second, and third anniversaries of the applicable grant date, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.

 

All Annual Awards and Initial Awards granted to Non-Employee Directors under this Policy shall be granted under the Plan, and will be subject to the terms and conditions set forth in the Plan, and the form of Stock Option Agreement and form of Restricted Stock Unit Agreement, each as approved by the Board.

 

C.            Expense Reimbursement

 

Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Non-Employee Director shall be reimbursed for his or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board and its committees or in connection with other business related to the Board.  Each Non-Employee Director shall also be reimbursed for his or her reasonable out-of-pocket business expenses authorized by the Board or one of its committees that are incurred in connection with attendance at meetings with the Company’s management. Each Non-Employee Director shall abide by the Company’s travel and other policies applicable to Company personnel.

 

IV.                               Policy Review / Amendments

 

The Compensation Committee or the Board shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.  This Policy may only be amended by the Board.

 

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EXHIBIT A

 

QUANTERIX CORPORATION

 

NON-EMPLOYEE DIRECTOR COMPENSATION ELECTION FORM

 

In accordance with the Director Compensation Policy, effective January 1, 2018 (the “Policy”), of Quanterix Corporation (the “Company”), the undersigned hereby makes the following election for the period from January 1,      through December 31,      (the “Period”) with respect to the non-employee director board and committee cash retainers (the “Retainers”) to be earned by the undersigned during the Period:

 

I elect to receive my Retainers during the Period (please check one of the following):

 

o in cash

 

o in the  Company’s common stock, $0.001 par value per share (“Common Stock”)

 

In accordance with the Policy, Common Stock shall be granted quarterly in arrears on the first trading day following the end of the fiscal quarter to which service relates and the undersigned shall be granted automatically and without any further action required by the Board of Directors (“Board”) under the Company’s 2017 Employee, Director and Consultant Equity Incentive Plan or any successor plan (the “Plan”) a number of shares of Common Stock having an aggregate fair market value equal to the aggregate amount of the Retainers for such fiscal quarter, determined by dividing (A) the aggregate amount of the Retainers by (B) the Fair Market Value (as defined in the Plan) of the Common Stock on such trading day (rounded down to the nearest whole share), in lieu of the aggregate amount of the Retainers that would otherwise be paid in cash in respect of such fiscal quarter.

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
Print   Name
    	
 
    	
DateExhibit

Exhibit 10.1

THIRD Amendment TO EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into effective as of November 12, 2018 (the “Amendment Effective Date”), by and between Scott Levin (the “Employee”) and FTD Companies, Inc., a Delaware corporation (the “Company”).
WHEREAS, the Company and the Employee entered into that certain Employment Agreement dated as of July 28, 2014, as amended by that certain First Amendment to Employment Agreement dated as of December 12, 2016 and that certain Second Amendment to Employment Agreement dated as of April 23, 2018 (as amended, the “Agreement”); and
WHEREAS, the parties desire to amend the Agreement in the manner reflected herein, effective as of the Amendment Effective Date. 
NOW, THEREFORE, in consideration of the promises and mutual covenants and conditions herein, the parties, intending to be legally bound, hereby agree as follows, effective as of the Amendment Effective Date:
		
	1.
	Section 1(b) of the Agreement is hereby amended by deleting the first sentence thereof and replacing it with the following:

“Employee will serve as Chief Executive Officer and President of the Company and report to the Board of Directors of the Company.  Except with respect to this Section 1(b) and Section 7(d)(ii), the term “Board of Directors” shall have such meaning as set forth in Section 2(a).”

		
	2.
	Section 2(a) of the Agreement is hereby amended by deleting “$356,000” in the first line thereof and replacing it with “$897,000”.

		
	3.
	The definition of “good reason” in Section 7(d) of the Agreement is hereby amended by deleting the phrase “Chief Executive Officer of the Company” in clause (ii) thereof and replacing such phrase with “Board of Directors”.

		
	4.
	Section 13 of the Agreement is hereby amended by deleting the first sentence thereof and replacing it with the following:

“This Agreement may not be amended or modified except by an express written agreement signed by both parties and approved by the Board of Directors.”

		
	5.
	Capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Agreement.

		
	6.
	Except to the extent amended hereby, all terms, provisions and conditions of the Agreement are hereby ratified and shall continue in full force and effect and the Agreement shall remain enforceable and binding in accordance with its terms.

		
	7.
	This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to the conflicts of laws principles thereof. The parties consent to jurisdiction and venue in any federal or state court of competent jurisdiction located in the City of Chicago.

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	8.
	This Amendment may be executed in one or more counterparts (including by means of facsimile signature pages), each of which shall be deemed an original, but all of which together shall constitute a single instrument.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized representatives as of the Amendment Effective Date.

	
		
	 
	 

	FTD COMPANIES, INC.

By: /s/ Robert Berglass

Name: Robert Berglass

Title: Chairman of the Board

	SCOTT LEVIN

/s/ Scott Levin

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