1stdibs.com, Inc.
EX-10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex1012022non-employeedirec.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i9833abfa6514434c98263c2dd9a41447_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Exhibit 10.1</font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">AMENDED AND RESTATED <br>NON-EMPLOYEE DIRECTOR COMPENSATION POLICY<br>OF THE BOARD OF DIRECTORS<br>OF<br>1STDIBS.COM, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Effective Date&#58;  May 6, 2022</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Non-employee members of the board of directors (the &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Board</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of 1stdibs.com, Inc. (the &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Company</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">shall be eligible to receive cash and equity compensation as set forth in this Amended and Restated Non-Employee Director Compensation Policy (this &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Policy</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This Policy shall become effective on the date set forth above (the &#8220;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Effective Date</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The cash compensation and equity grants described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Non-Employee Director</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), unless such Non-Employee Director declines the receipt of such cash compensation or equity grants by written notice to the Company.  This Policy shall remain in effect until it is revised or rescinded by further action of the Board.  The terms and conditions of this Policy shall supersede any prior cash or equity compensation arrangements between the Company and its directors.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Annual Cash Compensation</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Each Non-Employee Director shall receive the cash compensation set forth below for service on the Board.  The annual cash compensation amounts shall be payable in arrears following the end of each quarter in which the service occurred, pro-rated for any partial months of service.  All annual cash fees are vested upon payment.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Annual Cash Retainer for Board Service</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">All Non-Employee Directors&#58; $30,000</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Lead Director&#58; $50,000 (in lieu of above)</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Annual Cash Retainer for Committee Service</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">  </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">In addition, a Non-Employee Director shall be eligible to receive the following additional annual cash retainers for service in the following roles&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Committee Chair</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Audit&#58; $20,000</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Compensation&#58; $12,000</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Nominating and Corporate Governance&#58; $8,000</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Committee Member</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Audit&#58; $10,000</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Compensation&#58; $6,000</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt">Nominating and Corporate Governance&#58; $4,000</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:24pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Equity Compensation</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Each Non-Employee Director shall be granted the following awards under the Company&#8217;s 2021 Stock Incentive Plan or its successor (the &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">2021</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Plan</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:7pt;text-decoration:underline">Annual Awards</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#58;  On the first business day following the conclusion of each regular annual meeting of the Company&#8217;s stockholders, commencing with the 2022 annual meeting, each Non-Employee Director who shall continue serving as a member of the Board thereafter shall receive a restricted stock unit award (each, an &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Annual Award</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under the 2021 Plan with a grant date fair value equal to $150,000.  The number of shares of each Annual Award shall be equal to $150,000 </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">divided by</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the&#160;ninety (90)-day trailing average&#160;closing price of the Company&#8217;s common stock, as determined on the twentieth (20th) day of the last month of the quarter immediately preceding the quarter in which the Annual Award is granted, rounded down to the nearest whole share. </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">In addition, if a Non-Employee Director is elected to the Board (the date of such election, the &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Election Date</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) after the 2022 annual meeting of stockholders and other than at an annual meeting of stockholders, the Non-Employee Director shall receive an Annual Award upon election to the Board that is prorated in accordance with the following formula&#58; </font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#9675;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:10.76pt">If the Election Date is at least six (6) months before the date of the next annual meeting of the Company&#8217;s stockholders, the Non-Employee Director shall receive the full amount (i.e., 100%) of such Annual Award.</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#9675;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:10.76pt">If the Election Date is less than six (6) months before, but at least three (3) months before the date of the next annual meeting of the Company&#8217;s stockholders, the Non-Employee Director shall receive fifty percent (50%) of such Annual Award.</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#9675;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:10.76pt">If the Election Date is less than three (3) months before the date of the next annual meeting of the Company&#8217;s stockholders, the Non-Employee Director shall not receive any portion of such Annual Award.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Each Annual Award shall become fully vested, subject to the applicable Non-Employee Director&#8217;s continued service as a director, on the earlier of (i) the first occurring of March 8, June 8, September 8 and December 8 (each, a &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Company Vesting Date</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is no less than twelve (12) months after the date of grant or (ii) the consummation of a Change in Control (as defined in the 2021 Plan)&#59; provided</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> if a Non-Employee Director is not re-elected to serve on the Board</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> (or decides not to stand for re-election)</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> at the annual meeting of stockholders immediately following the grant date, such Non-Employee Director&#8217;s Annual Award will vest on the date of such annual meeting. </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"></font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:6pt;text-decoration:underline">Initial Awards</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#58;  Each Non-Employee Director who first joins the Board after the Effective Date shall, upon the Election Date, receive a restricted stock unit award (each, an &#8220;</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Initial Award</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under the 2021 Plan with a grant date fair value equal to $300,000.  The number of shares of each Initial Award shall be equal to $300,000 </font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">divided by</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> the</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;ninety (90)-day trailing average&#160;closing price of the Company&#8217;s common stock, as determined on the twentieth (20th) day of the last month of the quarter immediately preceding the quarter in which the Initial Award is granted, rounded down to the nearest whole share</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Each Initial Award shall vest, subject to the applicable Non-Employee Director&#8217;s continued service as a director, in equal annual installments on each of the three (3) anniversaries of first Company Vesting Date after the date of grant.  Notwithstanding the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2 </font></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">foregoing, the Initial Awards shall fully vest on the consummation of a Change in Control.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Annual Awards and the Initial Awards shall be subject to the terms and conditions of the 2021 Plan (including the annual limits on non-employee director grants set forth in the 2021 Plan) and a restricted stock unit agreement, including attached exhibits, in substantially the same form approved by the Board for employee grants subject to the terms specified above.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Board may also approve other equity grants to the Non-Employee Directors under the 2021 Plan in addition to or lieu of grants described in this Policy.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Expenses</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Company shall reimburse the Non-Employee Directors for reasonable and customary out-of-pocket expenses incurred by the Non-Employee Directors in attending Board and committee meetings and otherwise performing their duties and obligations as directors.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3 </font></div><div style="text-align:right"><font><br></font></div></div></div></body></html>
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