Evofem Biosciences Non-Employee Director Compensation Policy (2018 Revision)
This policy outlines the compensation for non-employee directors of Evofem Biosciences. Non-employee directors receive an annual cash retainer of $50,000, with additional cash compensation for serving as Chairman or as chair or member of key committees. Directors also receive stock option grants: an initial grant valued at $180,000 upon joining the board, vesting over three years, and an annual grant valued at $90,000, vesting in one year. The policy specifies the amounts and vesting schedules for all compensation components.
Exhibit 10.29
Rev Jan 11,2018
Non-Employee Director Compensation Policy
The following non-employee director compensation shall apply to all non-employee directors of the Company.
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| • | Each non-employee director will receive an annual cash retainer in the amount of $50,000 per year. |
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| • | The Chairman of the Board will receive an additional annual cash retainer in the amount of $17,500 per year. |
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| • | The chairperson of the audit committee will receive additional annual cash compensation in the amount of $10,000 per year for such chairperson's service on the audit committee. Each non-chairperson member of the audit committee will receive additional annual cash compensation in the amount of $5,000 per year for such member's service on the audit committee. |
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| • | The chairperson of the compensation committee will receive additional annual cash compensation in the amount of $10,000 per year for such chairperson's service on the compensation committee. Each non-chairperson member of the compensation committee will receive additional annual cash compensation in the amount of $5,000 per year for such member's service on the compensation committee. |
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| • | The chairperson of the nominating and corporate governance committee will receive additional annual cash compensation in the amount of $7,500 per year for such chairperson's service on the nominating and corporate governance committee. Each non-chairperson member of the nominating and corporate governance committee will receive additional annual cash compensation in the amount of $3,500 per year for such member's service on the nominating and corporate governance committee. |
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| • | Each non-employee directors will receive a stock option grant with an initial grant equal to a cash value of $180,000 in shares of the Company’s common stock upon a director’s initial appointment or election to the Board of Directors, vesting quarterly over a 3 year period and an annual stock option grant equal to a cash value of $90,000 in shares of the Company’s common stock on the date of each annual stockholder’s meeting thereafter, fully vesting in one year from the date of grant. |
