Summary of Compensation Arrangement for Independent Director Heinz Haller – BioAmber Inc.
BioAmber Inc. approved a compensation package for Heinz Haller for his service as an independent director. Mr. Haller will receive an annual fee of $35,000, with payment timing set by the CEO. He is also granted options to purchase 500 shares of company stock at $369.14 per share, vesting 50% after one year and 50% after two years from his election as director. There is no formal written agreement for this compensation.
Exhibit 10.56
Summary of Compensation Package for Mr. Heinz Haller
On August 29, 2011, the board of directors of BioAmber Inc. (the “Company”) approved a compensation package for Mr. Heinz Haller for his service as an independent director of the Corporation, consisting of:
| a. | an annual fee of $35,000 with a payment schedule to be determined by the Chief Executive Officer; and |
| b. | the grant of options to purchase 500 shares of the Company’s common stock pursuant to the Company’s stock option plan with an exercise price of US$369.14 per share. The options vest over two years: 50% at the first anniversary date of the election of Mr. Heinz Haller as a director of the Corporation and 50% at the second anniversary date of the election of Mr. Heinz Haller as a director of the Company. |
Mr. Haller does not have a written agreement with respect to director compensation.
