The stock option to be granted in the Annual Award (i) to the Chairperson of the Board shall have an aggregate value of $92,500 and (ii) to all other non-employee directors shall each have an aggregate value of $67,500. The number of shares subject to each such stock option shall be determined by the Company using a Black Scholes methodology and its customary assumptions therefor.
The number of restricted stock units to be granted in the Annual Award (i) to the Chairperson of the Board shall $92,500 divided by the Closing Price and (ii) to all other non-employee directors shall each be equal to shall be equal to $67,500 divided by the Closing Price.
Each Annual Award shall be fully vested on the anniversary of the date of grant or the date of the next annual meeting of stockholders, whichever is earlier, subject to service on the Board on such date.
Sale Event Acceleration
In the event of a Sale Event (as defined in the Companys 2018 Stock Option and Incentive Plan), the equity retainer awards, including the Initial Award and each Annual Award, granted to non-employee directors pursuant to this policy shall become 100% vested and exercisable or nonforfeitable immediately prior to such Sale Event.
Closing Price shall mean the reported closing price of Repligen Corporations Common Stock on the Nasdaq Global Market on any grant date, or the preceding business date if there are no market quotations on such date.
Common Stock shall mean the common stock of Repligen Corporation, par value $0.01 per share.
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ADOPTED BY THE BOARD OF DIRECTORS on February 26, 2020.