Minerva Neurosciences, Inc. Non-Employee Director Compensation Plan Approved: June 17, 2015 Effective: July 1, 2015

EX-10.1 2 d944002dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

 

Minerva Neurosciences, Inc.

Non-Employee Director Compensation Plan

Approved: June 17, 2015

Effective: July 1, 2015

Effective as of July 1, 2015, each non-employee member of the board of directors (the “Board”) of Minerva Neurosciences, Inc. (the “Company”) will receive an annual cash retainer of $30,000 and the Chairman of the Board will receive an additional annual cash retainer of $50,000. The chairpersons of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee will receive additional annual cash retainers of $15,000, $10,000 and $7,000, respectively. Other members of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee will receive additional annual cash retainers of $7,500, $5,000 and $3,500, respectively. Each newly elected non-employee director will also receive a one-time grant of an option to purchase 25,000 shares of the Company’s common stock promptly following election or appointment to the Board (the “Director Welcome Options”). The Director Welcome Options will vest quarterly over three years, provided that the applicable non-employee director is, as of such vesting date, then a director of the Company. In addition, each non-employee director will be granted options to purchase 12,500 shares of the Company’s common stock per year (the “Annual Grants”). The Annual Grants will vest in equal quarterly installments over one year, provided that the applicable non-employee director is, as of such vesting date, then a director of the Company. Non-employee directors are also reimbursed for their reasonable out-of-pocket expenses incurred in attending meetings of the Board or of any committee thereof.

The following is a summary of the terms of this Non-Employee Director Compensation Plan:

Cash

    Annual retainer for Chairman of the Board – $80,000

 

    Annual retainer per Board member (other than Chairman) – $30,000

 

    Committee chair annual retainers:
  ¡    $15,000 Audit
  ¡    $10,000 Compensation
  ¡    $ 7,000 Nominating and Governance

 

    Committee member annual retainers:
  ¡    $7,500 Audit
  ¡    $5,000 Compensation
  ¡    $3,500 Nominating and Governance

 

    Retainers are paid on a quarterly basis.

Stock Options

 

    Initial grant per Board member – 25,000 options vesting quarterly over 3 years, provided that the applicable non-employee director is, as of such vesting date, then a director of the Company

 

    Annual grant per Board member – 12,500 options vesting quarterly over 1 year, provided that the applicable non-employee director is, as of such vesting date, then a director of the Company