Attached files
Exhibit 10.8
Non-Employee Director Compensation Program
Effective July 1, 2020, the Asensus Surgical, Inc. Non-Employee Director Compensation Program is:
Annual Equity Retainer(1) |
Annual Equity Award (2) |
Initial Equity Award (2) |
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Non-Employee Director role: |
Dollar value |
Paid in equity in lieu of cash (2) |
Equity grant of stock options or restricted |
Equity grant of stock options or restricted |
Baseline Board Compensation |
$40,000 |
Equity issued quarterly |
stock units with a value |
options or restricted |
Non-Executive Chair |
$40,000 |
in arrears to each |
of $45,000. Director |
stock units with a value |
Audit Committee Chair |
$20,000 |
director under the Plan. |
can elect the form of |
of $50,000. Incoming |
Compensation Committee Chair |
$13,000 |
Vested on grant. |
equity. Cliff vesting at |
director can elect the |
CG & Nominating Committee Chair |
$10,000 |
Yearly election will be |
first anniversary of grant |
form of equity. Vests |
Audit Committee Member |
$ 9,000 |
made by each director |
or following year’s annual |
one-third of award on |
Compensation Committee Member |
$ 6,000 |
to receive grant as shares |
meeting date, if earlier, |
each of the first three |
CG& Nominating Committee Member |
$ 5,000 |
of common stock or stock options |
subject to forfeiture if not vested. |
anniversaries of the date of grant. |
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(1) |
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”). |
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(2) |
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. |