Senomyx (SNMX) 8-K Other Events

  Exhibit 10.1

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY(1)

CASH	·	Annual retainer	·	$20,000
	·	Board meeting fee (in person)	·	$2,000
	·	Board meeting fee (telephonic)	·	$1,000
	·	Committee meeting fee (in person)	·	$1,000
	·	Committee meeting fee (telephonic)	·	$1,000
INITIAL STOCK OPTION GRANT	·	Number of shares	·	30,000
	·	Vesting period	·	3 years
	·	Vesting increment	·	Monthly
ANNUAL STOCK OPTION GRANT	·	Number of shares	·	15,000 (subject to proration as set forth in the 2004 Plan)
	·	Vesting period	·	1 year
	·	Vesting increment	·	Monthly
ADDITIONAL CHAIRMAN OF THE BOARD COMPENSATION	·	Annual retainer	·	$10,000
	·	Initial stock option grant (shares)	·	15,000
	·	Annual stock option grant (shares)	·	6,000 (subject to proration as set forth in the 2004 Plan)
ADDITIONAL COMMITTEE CHAIR COMPENSATION	·	Annual retainer (Audit)	·	$8,000
	·	Annual retainer (Compensation)	·	$5,000
	·	Annual retainer (Corporate Governance & Nominating)	·	$5,000
	·	Committee meeting fee (in person or telephonic)	·	$1,000
ADDITIONAL LEAD INDEPENDENT DIRECTOR COMPENSATION	·	Annual Retainer	·	$10,000

(1) All stock option grants shall be made pursuant to the Non-Employee Directors’ Nonstatutory Stock Option Program under the 2004 Equity Incentive Plan (the “2004 Plan”).