Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e)
Executive Officer Cash Bonuses
On
Name and Position 2020 Cash BonusRichard Waldron Chief Financial Officer $ 184,321 Scott Smith President & Director $ 291,005
$ 303,293
On
2021 Corporate Bonus Plan
On
The Bonus Plan provides the executive officers with the opportunity to earn an annual cash bonus that is paid based on the achievement of corporate performance goals. Each of these performance goals receives a different weight when the bonus attainment is calculated. The corporate performance goals consist of certain clinical development milestones (55% weight), research and development goals (25% weight), and strategic objectives (20% weight). The amount of annual bonus earned depends on whether the Company achieves the performance level for the applicable corporate performance goal. Each of the performance goals is measured independently of the other. Payment of cash bonuses will be subject to attaining 50% threshold performance of the weighted combination of the corporate performance goals overall. Actual payouts may range from 50% to 125% of target, based on performance.
The target annual bonus amount for each participating executive officer is set at a percentage of the named executive officer's annual base salary as set forth in the table below:Name and Position Percentage Target of Base SalaryJay Short Chief Executive Officer 60 %Richard Waldron Chief Financial Officer 40 %Scott Smith President & Director 50 %Carolyn Anderson Short Executive Vice President and Chief of Intellectual Property and Strategy, Co-founder, and Assistant Secretary 50 %
The annual cash bonus for each executive officer will be equal to (1) the applicable target annual bonus amount multiplied by (2) the percentage achievement applicable to the weighted combination of those goals identified above as achieved by the Company in 2021.
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