Non-Employee Director Compensation Program, effective July 1, 2020
EX-10.1 2 trxcnon-employeedirect.htm EXHIBIT 10.1 Exhibit
Non-Employee Director Compensation Program
Effective July 1, 2020, the TransEnterix, Inc. Non-Employee Director Compensation Program is:
Annual Equity Retainer(1)
Annual Equity Award (2)
Initial Equity Award (2)
Non-Employee Director role:
Paid in equity in lieu of cash (2)
Equity grant of stock options or restricted stock units with a value of $45,000. Director can elect the form of equity. Cliff vesting at first anniversary of grant or following year’s annual meeting date, if earlier, subject to forfeiture if not vested.
Equity grant of stock options or restricted stock units with a value of $50,000. Incoming director can elect the form of equity. Vests one-third of award on each of the first three anniversaries of the date of grant.
Baseline Board Compensation
Equity issued quarterly in arrears to each director under the Plan. Vested on grant. Yearly election will be made by each director to receive grant as shares of common stock or stock options.
Audit Committee Chair
Compensation Committee Chair
CG & Nominating Committee Chair
Audit Committee Member
Compensation Committee Member
CG& Nominating Committee Member
Annual non-employee director compensation limit of $250,000 with initial year compensation limit of $500,000 as set forth in the Amended and Restated Equity Compensation Plan (the “Plan”).
Number of shares of common stock, restricted stock units or stock options calculated using a stock price equal to the greater $1.00 or the average closing price in the 20 trading days prior to the date of grant and, for stock options, if elected by a director, a Black Scholes calculation. Stock options will have a seven year term.