Glu Mobile Inc. Non-Employee Director Compensation Policy (Adopted October 13, 2006)
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Summary
Glu Mobile Inc. has established a compensation policy for its non-employee directors, effective from October 13, 2006. Non-employee directors receive annual cash retainers and additional fees for serving as committee chairs or members, paid quarterly. They are also reimbursed for reasonable meeting expenses. Each year, non-employee directors may choose between restricted stock or stock options as equity compensation, with specific vesting schedules. New non-employee directors receive a larger initial equity award, also with a choice between restricted stock or options and a defined vesting period.
EX-10.01 2 f42216exv10w01.htm EXHIBIT 10.01 exv10w01
EXHIBIT 10.01
DESCRIPTION OF GLU MOBILE INC.
NON-EMPLOYEE DIRECTOR COMPENSATION
NON-EMPLOYEE DIRECTOR COMPENSATION
(Adopted on October 13, 2006)
The Compensation Committee and the Nominating and Governance Committee evaluate the appropriate level and form of compensation for non-employee directors and recommend changes to the Board when appropriate. In connection with our initial public offering (“IPO”), the Board adopted the following policy with respect to the compensation of our non-employee directors:
Cash Compensation
Annual Retainer Fee, provided that until the first annual meeting of stockholders following the IPO, directors who are affiliated with one of our principal stockholders are not eligible for this annual base compensation: | $ | 20,000 | ||
Annual Lead Independent Director Fee: | $ | 15,000 | ||
Annual Committee Fees: | ||||
Audit Committee Chair | $ | 15,000 | ||
Audit Committee Member (other than Chair) | $ | 5,000 | ||
Compensation Committee Chair | $ | 15,000 | ||
Compensation Committee Member (other than Chair) | $ | 5,000 | ||
Nominating and Governance Committee Chair | $ | 5,000 | ||
Nominating and Governance Committee Member (other than Chair) | $ | 5,000 |
All cash compensation will be paid in quarterly installments based upon continuing service. We also reimburse our directors for reasonable expenses in connection with attendance at Board and committee meetings.
Equity Compensation
Each year at about the time of our annual meeting of stockholders, each non-employee director will receive an additional equity award of, at that director’s discretion, either a grant of a number of shares of restricted stock with a then fair market value equal to $50,000 or an option to purchase three times as many shares of our common stock, in either case vesting pro rata monthly over one year.
About the time he or she joins the board, each new non-employee director will receive an initial equity award of, at that director’s discretion, either a grant of a number of shares of restricted stock with a then fair market value equal to $150,000 or an option to purchase three times as many shares of our common stock, in either case vesting as to 16 2/3% of the shares after six months and thereafter vesting pro rata monthly over the next 30 months.
