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Exhibit 10.1
Summary of Oral Agreement for
Payment of Services
between Adolor Corporation and its Board of
Directors
(effective as of
May 2009)
Adolor Corporation (the “Company”)
compensates its non-employee directors through a mix of base cash
compensation, deferred stock and stock option grants. The
elements of the non-employee directors’ compensation are as
follows:
|
Cash and Deferred Stock
Compensation:
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·
Board Service Annual
Retainer ($15,000 cash, paid quarterly; $5,000 in deferred
stock)
|
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$20,000
|
|
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|
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·
Per Meeting
Fees
|
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$2,000/mtg.
|
|
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|
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·
Committee Service
Fees
|
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·
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Committee Member Annual Retainer (paid in
quarterly installments, in cash, to all Committee members,
including chairs)
|
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$2,500
|
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·
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Audit Committee Chair Annual Retainer ($2,500
cash, paid in quarterly installments; $4,000 deferred stock
award)
|
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$6,500
|
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·
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Compensation and Governance Committee Chair
Annual Retainers (paid as a deferred stock award)
|
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$2,500
|
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·
Chairman of the Board
Annual Retainer (paid as a deferred stock award)
|
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$13,500
|
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Equity Compensation - Stock
Options:
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·
Initial Grant
(upon first election or appointment to Board)
|
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25,000 options
|
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·
Annual Grant
(upon the date of the Annual Meeting)
|
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20,000 options
|
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Under the Compan
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