Document:

Exhibit

Exhibit 10.1

Stitch Fix, Inc.
Independent Director Compensation Policy
Approved by the Board of Directors December 9, 2018

Each member of the Board of Directors (the “Board”) of Stitch Fix, Inc. (the “Company”) who is a non-employee director of the Company and who is not affiliated with any of the purchasers of the Company’s Preferred Stock prior to the Company’s initial public offering of Class A Common Stock (the “IPO”; each such director, an “Independent Director”) will receive the compensation described in this Independent Director Compensation Policy (the “Director Compensation Policy”) for his or her Board service.
Cash Compensation
Commencing with the effective date of the registration statement pertaining to the IPO, each Independent Director will receive the cash compensation set forth below for service on the Board.  The annual cash compensation amounts will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service occurred, pro-rated for any partial quarters.  All annual cash fees are vested upon payment. 

		
	1.
	Annual Board Service Retainer: 

a.    All Independent Directors: $50,000

2.    Annual Committee Member Service Retainer:
a.    Member of the Audit Committee: $10,000
b.    Member of the Compensation Committee: $7,500
c.    Member of the Nominating and Corporate Governance Committee: $5,000

		
	3.
	Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer):

a.    Chairman of the Audit Committee: $20,000
b.    Chairman of the Compensation Committee: $15,000
c.    Chairman of the Nominating and Corporate Governance Committee: $10,000

4.    Annual Lead Independent Director Retainer: $10,000

Equity Compensation
Equity awards will be granted under the Company’s 2017 Incentive Plan (the “Plan”).  All stock options granted under the Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan), with a term of ten years from the date of grant and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Class A Common Stock on the date of grant.  
(a)Automatic Equity Grants.  
(i)Annual Grant.  Without any further action of the Board or Compensation Committee of the Board, at the close of business on the date of each annual meeting of the Company’s stockholders (the “Annual Meeting Date”), each person who is then an Independent Director will automatically receive a Nonqualified Stock Option (“Option”) grant with an aggregate value of $75,000 and a Restricted Stock Unit (“RSU”) grant with an aggregate value of $75,000. Notwithstanding the foregoing, any Independent Director who is a member of Board as of the IPO will not receive an Option or RSU grant until the Annual Meeting Date that follows the date on which all equity award grants held by such Independent Director as of the IPO have become fully vested.
(ii)Initial Grant for New Directors.  Without any further action of the Board or Compensation Committee of the Board, each person who, after the IPO, is elected or appointed for the first time to be an Independent Director will automatically, 

Exhibit 10.1

upon the date of his or her initial election or appointment to be an Independent Director (the “Commencement Date”), receive an Option grant with an aggregate value of $75,000 and an RSU grant with an aggregate value of $75,000, each multiplied by a fraction, the numerator of which is the number of days between the Commencement Date and the then-scheduled next Annual Meeting Date (or, if such Annual Meeting Date has not yet been scheduled, the first anniversary of the immediately preceding Annual Meeting Date or such other date as is determined by the Board in its sole discretion), and the denominator of which is 365.
(iii)Option Value.  The value of a stock option to be granted under the Director Compensation Policy will be determined using the same method the Company uses to calculate stock option awards to its employees, as approved by the Compensation Committee of the Board.
(iv)RSU Value. The number of shares subject to RSUs granted under the Director Compensation Policy shall be equal to the dollar value set forth above divided by the average closing price of the Company’s common stock for 30 calendar days immediately preceding the grant date, rounded down to the nearest share.
(b)Vesting; Change in Control.  Each Option and RSU granted pursuant to the Director Compensation Policy will vest on the earlier of the first anniversary of its date of grant and the next Annual Meeting Date. All vesting is subject to the Independent Director’s Continuous Service (as defined in the Plan) through the applicable vesting date.  Notwithstanding the foregoing vesting schedule, for each Independent Director who remains in Continuous Service with the Company until immediately prior to the closing of a Change in Control (as defined in the Plan), his or her then-outstanding stock options and RSUs will become fully vested immediately prior to the closing of such Change in Control in which their Service is terminated.
(c)Remaining Terms.  The remaining terms and conditions of each Option and RSU, including transferability, will be as set forth in the Company’s standard option and RSU agreement, respectively, in the applicable form adopted from time to time by the Board or the Compensation Committee of the Board. 
Expenses
The Company will reimburse each Independent Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board meetings and meetings of any committee of the Board; provided, that the Independent Director timely submit 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. To the extent that any taxable reimbursements are provided to any Independent Director, they will be provided in accordance with Section 409A of the Internal Revenue Code of 1986, including, but not limited to, the following provisions: (i) the amount of any such expenses eligible for reimbursement during such individual’s taxable year may not affect the expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense must be made no later than the last day of such individual’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any reimbursement may not be subject to liquidation or exchange for another benefit.
Administration
The Board, or any committee to whom the Board delegates the requisite authority, will administer the Policy.  The Board (or such committee) will have the sole discretion and authority to administer, interpret, amend and terminate the Policy, and the decisions of the Board (or such committee) will be final and binding on all persons having an interest in the Policy.Exhibit 101 Form of Award Notice for LTIC

		

			Exhibit 10.1

		

		

			 

		

		

			Page 1 of 2

		

		
			A. H. Belo Corporation
		

		
			Cash Long-Term Incentive
		

		
			«Plan_Year» Evidence of Grant (Form of)
		

		
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			Participant:«Name»
		

		
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			Date of Grant:«Date_of_Grant»
		

		
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			You have been granted a cash long-term incentive (“LTI”) for «Plan_Year», payable if you meet certain requirements.  This Evidence of Grant sets forth the terms and conditions of your Cash LTI, including the requirements that you must meet in order to receive payment of your Cash LTI.
		

		
			Cash Long-Term Incentive Grant
		

			
					
						Amount of LTI:

					
					
						«Total_LTI_Cash»

				
	
					
						Vesting:

					
					
						«1st_LTI_CASH_Vest» (50% of total grant) will become vested on or before December 31, 2019, provided you have remained in the continuous employ of the Company and its subsidiaries up to and through such vesting date.

				
	
					
						«2nd_LTI_CASH_Vest», (50% of total grant) will become vested on or before December 31, 2020, provided you have remained in the continuous employ of the Company and its subsidiaries up to and through such vesting date.

				
	
					
						Payment dates:

					
					
						The portion of your LTI that becomes vested on a scheduled vesting date will be paid in a cash lump sum as soon as practical following such vesting date. 

				

		
			Termination of Employment
		

		
			Your right, if any, to payout with respect to your Cash LTI upon your termination of employment with the Company and its subsidiaries is set forth in the termination guidelines attached as an Appendix to this Evidence of Grant.
		

		
			Change in Control
		

		
			In the event of a Change in Control, as defined in the A. H. Belo Corporation 2008 Incentive Compensation Plan, the unvested portion of your Cash LTI will vest immediately.  Vested Cash LTIs will be paid at the earliest practicable date that payment may be made without violating any applicable provision of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules, regulations and guideline thereunder (“Section 409A”).
		

		

		

		 

 

		

			Page 2 of 2

		

		
		

		
			Section 409A Payment Rules
		

		
			Notwithstanding the general payment rules described in this Evidence of Grant, including Appendix D, if the Company makes a good faith determination that a payment of your LTI (i) constitutes a deferral of compensation for purposes of Section 409A, (ii) is made to you by reason of your separation from service within the meaning of Section 409A, and (iii) at the time such payment would otherwise be made you are a specified employee within the meaning of Section 409A (using the identification methodology selected by the Company from time to time), the payment will be delayed until the earlier of (x) the first business day of the seventh month following your separation from service or (y) your death.  Furthermore, if your LTI is no longer subject to a substantial risk of forfeiture prior to a Change in Control, and the Change in Control does not constitute a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (within the meaning of Section 409A), the payment date of the LTI will be determined without regard to the occurrence of the Change in Control.  Each payment of a portion of your LTI will be considered, and is hereby designated as, a separate payment for purposes of Section 409A.
		

		
			It is the Company’s intention that the LTI will either be exempt from, or will satisfy the requirements of, Section 409A, and this Evidence of Grant will be construed in a manner to give effect to such intention.  Notwithstanding any other provision of this Evidence of Grant, the Company is not obligated to guarantee any particular tax result for you with respect to any payment provided to you hereunder, and you will be responsible for any taxes imposed on you with respect to any such payment.
		

		
			Tax Withholding
		

		
			The Company will withhold from any payment to you all federal, state, city or other taxes as may be required to be withheld pursuant to any law or governmental regulation or ruling.  
		

		
			General Information
		

		
			Your right to receive an LTI grant or any payment with respect thereto will not be transferrable or assignable by you, other than with respect to a transfer upon your death by will or the laws of descent and distribution if you are entitled to payment of a vested portion of your LTI that has not been paid as of the date of your death.
		

		
			Nothing contained in this Evidence of Grant will confer upon you any right to be employed by or remain employed by the Company or any of its subsidiaries or affiliates, or limit or affect in any manner the right of the Company and its subsidiaries and affiliates to terminate your employment or modify your compensation.
		

		
			This document will in all respects be interpreted, governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict of laws rules.
		

		
			If you have questions concerning this grant, please contact [Name] at [Phone Number].
		

		 

 

		

			Appendix 

		

		

			Page 1 of 1

		

		

			A. H. Belo Corporation

		

		

			Termination Guidelines for Cash Long-Term Incentive Grants

		

			
					
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						The following guidelines will determine the effect of a Cash Long-Term Incentive (LTI) grant recipient's termination of employment on his or her unpaid LTI.

				
	
					
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						Termination Reason
All Participants
(Regardless of Retirement1 Eligibility)

					
					
						Cash LTI's

				
	
					
						Discharge for Cause2

					
					
						Unvested LTI is forfeited immediately

				
	
					
						Death or Long-Term Disability3

					
					
						Unvested LTI's fully vest and are paid as soon as practicable

				
	
					
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						Termination Reason
Participants Who Are Not Retirement1 Eligible

					
					
						Cash LTI's

				
	
					
						Voluntary Resignation

					
					
						Unvested LTI is forfeited immediately

				
	
					
						Discharge Without Cause2

					
					
						Unvested LTI is forfeited immediately

				
	
					
						 

					
					
						 

				
	
					
						Termination Reason
Retirement1 Eligible Participants
(Age 55+ and 7-Years Service)

					
					
						Cash LTI's

				
	
					
						Voluntary Resignation

					
					
						Unvested LTI's fully vest and are paid as soon as practicable

				
	
					
						Discharge Without Cause2

					
					
						Unvested LTI's fully vest and are paid as soon as practicable

				

		
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			Notwithstanding these termination guidelines, if you are an officer of A. H. Belo or one of its operating companies, your payment will be deferred for 6 months after termination of employment if necessary to comply with Section 409A of the Internal Revenue Code. 
		

		
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			In the event of a Change in Control as defined in the A. H. Belo Incentive Compensation Plan, all LTI's will vest immediately. Vested LTI's will be paid at the earliest practicable date that payment may be made without violating any applicable provision of Section 409A of the Internal Revenue Code. 
		

		
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			If you have any questions regarding these termination guidelines, please contact [Name] at [Phone Number].
		

		
			          
		

		 

		

			1Retirement means that you have incurred a separation from service within the meaning of Section 409A of the Internal Revenue Code, other than due to death, long-term disability or discharge for cause, after attaining age 55 and completing seven years of service as determined under the A. H. Belo Savings Plan.

		

		

			2Cause is determined by the Compensation Committee

		

		

			3Long-Term Disability means disability within the meaning of Section 409A of the Internal Revenue Code

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