Exhibit 10.1
December 16, 2019
Ms. Rebecca Jacoby
Via electronic mail
Dear Rebecca:
We are pleased to offer you the opportunity to serve on the Board of Directors (the “Board”) of Quantum Corporation (“Quantum”), effective upon your signature on this letter.
Under the current Board compensation program, your Board retainer will be $50,000 per annum. Additionally, as a member of each of the Audit Committee and the Leadership and Compensation Committee, you will receive additional cash retainers of $12,500 per annum and $10,000 respectively. These retainers are paid in cash, generally in quarterly installments, and will be prorated for partial periods of service. Quantum will also reimburse you for any reasonable travel or incidental expenses associated with performing your duties as a Board member.
We will recommend to the Leadership and Compensation Committee that restricted stock units (RSUs) with a total value of $113,700.00 be awarded to you, which is the pro-rated equivalent of our standard annual equity award fornon-employee directors. The number of RSUs to be awarded will be determined based on the company’s closing stock price on the first trading day of the month following appointment. These RSUs will vest 100% on the earlier ofone-year from the approval date of the award, or the date of the Company’s next annual stockholder meeting. Once the grant of RSUs has been approved, you will receive documentation from E*Trade, Quantum’s Stock Administrator. If you remain a Board member, you will receive an annual stock grant thereafter, currently set at a total value of $125,000 per annum. Details regarding the annual stock program are subject to change.
Last, we are pleased to offer you the opportunity to participate in Quantum’s Deferred Compensation Program. If you are interested in further information about this program, please let us know and we will forward it to you.
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