Document:

beam-ex1026_406.htm

Exhibit 10.26

 

Beam Therapeutics Inc.
2019 Equity Incentive Plan

Restricted Stock Award Agreement

This agreement (this “Agreement”), is made effective as of [  ], 2020 (the “Date of Grant”), by and between Beam Therapeutics Inc. (the “Company”) and [] (the “Participant”).  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Beam Therapeutics Inc. 2019 Equity Incentive Plan (as from time to time amended and in effect, the “Plan”).

1.Grant of the Award.  The Company hereby grants to the Participant an Award of [] shares of Restricted Stock, on the terms and conditions set forth in the Plan and this Agreement, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.  

2.Vesting of the Restricted Stock.  The term “vest” as used herein with respect to any share of Restricted Stock means the lapsing of the restrictions described herein with respect to such share. The Restricted Stock shall vest as to []% of the shares of Restricted Stock on [] and as to the remaining []% of the shares in [] equal [] installments thereafter (with the number of shares of Restricted Stock that vest on any date being rounded down to the nearest whole share and the Award becoming vested as to 100% of the shares on []), subject, in each case, to the Participant’s continued Employment through the applicable vesting date.  At any time, any portion of the Restricted Stock that is not vested is hereinafter referred to as the “Unvested Portion”.

3.Cessation of Employment.  If the Participant’s Employment ceases, any Unvested Portion of the Restricted Stock will be forfeited automatically without consideration.  

4.Forfeiture; Recovery of Compensation.  By accepting, or being deemed to have accepted, the Restricted Stock, the Participant expressly acknowledges and agrees that his or her rights, and those of any permitted transferee, with respect to the Restricted Stock, including the right to any proceeds from the disposition of any shares of Stock acquired hereunder, are subject to Section 6(a)(5) of the Plan (including any successor provision).  The Participant further agrees to be bound by the terms of any clawback or recoupment policy of the Company that applies to incentive compensation that includes Awards such as the Restricted Stock.  Nothing in the preceding sentence will be construed as limiting the general application of Section 8 of this Agreement.

5.No Right to Continued Employment.  The granting of the Restricted Stock shall impose no obligation on the Company or any of its subsidiaries to continue the Employment of the Participant and shall not lessen or affect any right that the Company or any subsidiary may have to terminate the Employment of the Participant.

6.Tax Matters.  

a.As a condition to the granting of the Restricted Stock and the vesting thereof, the Participant acknowledges and agrees that he or she is responsible for the payment of all income and employment taxes (and any other taxes required to be withheld) payable in connection with 

 

 

the grant or vesting of, or otherwise in connection with, the Restricted Stock.  The Company shall have the power and the right to require the Participant to remit to the Company (including through the delivery of irrevocable instructions to a broker to sell shares of Restricted Stock that have vested pursuant to this Agreement and to deliver promptly to the Company an amount out of the proceeds of such sale equal to an amount as determined by the Company, consistent with the terms of the Plan), such amount as is determined by the Company, consistent with the terms of the Plan, to satisfy all applicable federal, state, and local taxes required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement.  The Participant authorizes the Company and its Subsidiaries to withhold such amounts due hereunder from any payments otherwise owed to the Participant, but nothing in this sentence shall be construed as relieving the Participant of any liability for satisfying his or her obligation under the preceding provisions of this Section 6(a).

b.Unless the Company notifies the Participant in writing before a vesting date hereunder, the Participant shall be deemed to have forfeited to the Company that number of shares of Stock vesting on such date having a Fair Market Value equal to the amount of the minimum statutory withholding tax obligations with respect to the Restricted Stock that so vests in order to satisfy his or her tax obligations hereunder. 

c.Dividends. The Restricted Stock shall have such rights with respect to dividends declared by the Company as are carried by other shares of Stock, provided that any dividends payable with respect to the Unvested Portion shall be subject to the same vesting conditions as the underlying shares of Restricted Stock and shall only be paid if, when and to the extent such underlying shares vest. The foregoing shall not prohibit or otherwise limit the adjustment of the terms of this Agreement in accordance with the terms of the Plan.

7.Restrictions on Transfer.  Except as expressly permitted under Section 6(a)(3) of the Plan, the shares of Restricted Stock may not be transferred until they have vested in accordance with the terms of this Agreement.

8.Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Date of Grant has been made available to the Participant.  By accepting, or being deemed to have accepted, the Restricted Stock, the Participant agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.  

9.Acknowledgements.  The Participant acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which will be an original and all of which together will constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for all purposes hereunder, and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Participant.

[Signature page follows.]

 

 

The Company, by its duly authorized officer, and the Participant have executed this Agreement as of the Date of Grant.

 

	
BEAM THERAPEUTICS INC.

	
 
	
 
	
 

	
By:
	
 
	
 

	
 
	
 
	
 

	
Name:
	
 
	
 

	
 
	
 
	
 

	
Title:
	
 
	
 

 

Agreed and Accepted:

 

	
By
	
 

	
 
	
[]beam-ex1029_409.htm

Exhibit 10.29

 

Beam Therapeutics Inc.

Non-Employee Director Compensation Policy (as amended and restated as of January 10, 2021)

 

Effective as of the date set forth above, each individual who provides services to Beam Therapeutics Inc. (the “Company”) as a director, other than a director who is employed by the Company or a subsidiary or a director who is affiliated with ARCH Venture Partners or F-Prime Capital (a “Non-Employee Director”), shall be entitled to receive the following amounts of compensation, subject to the limitations on annual Non-Employee Director compensation set forth in the Company’s 2019 Equity Incentive Plan:

 

		
	
Type of

Compensation
	
Amount and

Form of Payment

	
Annual cash fee
	
$40,000 ($70,000 for the chairman of the Board of Directors (the “Board”))

	
Additional annual cash fee for members of the Audit Committee
	
$7,500 ($15,000 for the Audit Committee chairman)

	
Additional annual cash fee for members of the Compensation Committee
	
$5,000 ($10,000 for the Compensation Committee chairman)

	
Additional annual cash fee for members of the Nominating and Corporate Governance Committee
	
$4,000 ($8,000 for the Nominating and Corporate Governance Committee chairman)

	
Equity compensation
	
Each Non-Employee Director who is first elected or appointed to the Board shall, upon his or her initial election or appointment to the Board, be granted an option to purchase shares of the Company’s common stock having a grant date fair value, determined in accordance with FASB ASC Topic 718 (or any successor provision) (“ASC Topic 718”), approximately equal to $770,000 (the “Initial Option”), such option to vest as to one-third of the shares subject to the option on the first anniversary of the date of grant and in equal monthly installments as to the remainder of the shares for two years thereafter, subject to the Non-Employee Director’s continued service to the Board through each applicable vesting date.

 

On the date of the first meeting of the Board following each annual meeting of stockholders of the Company, each Non-Employee Director who has been serving on the Board as a Non-Employee Director for at least three (3) months as of the date of such annual meeting shall be granted an option to purchase shares of the Company’s common stock having a grant date fair value, determined in accordance with ASC Topic 718, approximately equal to $385,000 (the “Annual Option”), such option to vest in full on the first anniversary of the date of grant, subject to the Non-Employee Director’s continued service to the Board through the applicable vesting date.  

 

Each option granted to any Non-Employee Director will have a per share exercise price equal to the fair market value of a share of the Company’s common stock on the date of grant, have a term of no more than ten (10) years and will be subject to the terms and conditions of the Company’s 2019 Equity Incentive Plan (or any successor plan).

 

 

 

 

 

All cash fees shall be payable in arrears on a quarterly basis or upon the earlier resignation or removal of the Non-Employee Director and shall be prorated for any calendar quarter of partial service, based on the number of calendar days the Non-Employee Director was a member of the Board.  

 

In addition, Non-Employee Directors will be reimbursed by the Company for reasonable travel and other expenses incurred in connection with the Non-Employee Director’s attendance at Board and committee meetings, in accordance with the Company’s policies as in effect from time to time.  

 

For the avoidance of doubt, directors who are employees of the Company or one of its subsidiaries and directors who are affiliated with ARCH Venture Partners or F-Prime Capital will not receive compensation for their service as a director, other than, with respect to directors who are so affiliated with an investor fund, reimbursement for reasonable travel and other expenses as described in the paragraph above.

 

The Board (or the compensation committee thereof) may amend this Non-Employee Director Compensation Policy at any time.

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