Corgentech Inc. Bonus Plan Agreement with James Huang (October 11, 2002)
Corgentech Inc. agrees to pay James Huang a guaranteed annual bonus for the first three years of his employment, with specific amounts and payment dates outlined for each year. To receive each bonus, Mr. Huang must be employed on the payment date; if his employment ends earlier, he will receive a pro-rated bonus for that year. The agreement also clarifies that employment is at-will, meaning either party can end the employment at any time, and that other compensation and benefits may be changed by the company.
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Exhibit 10.29
CORGENTECH INC.
| TO: | James Huang | |
FROM: | John P. McLaughlin President and CEO | |
RE: | Bonus Plan | |
DATE: | October 11, 2002 |
Set forth below is your bonus plan from Corgentech Inc. (the "Company") for the first three (3) years of your employment with the Company (the "Bonus Plan").
1. Annual Bonus:
Provided that you are employed on the dates specified herein, you will receive a guaranteed bonus each year for three (3) years (each, a "Bonus Payment") as follows:
| Bonus Payment Date | Amount | ||
|---|---|---|---|
| October 11, 2003 | $ | 75,666.66 | |
| October 11, 2004 | $ | 72,666.67 | |
| October 11, 2005 | $ | 69,666.67 | |
In addition to this guaranteed bonus, the Company, at its discretion, may provide you with additional bonus opportunities. Each Bonus Payment is subject to standard payroll deductions and withholdings. You must be employed by the Company at the time a Bonus Payment is payable in order to earn and receive the annual Bonus Payment. In the event your employment with the Company terminates, for any reason, prior to the time each annual Bonus Payment is payable, you will receive a pro rata bonus calculated by multiplying your annual Bonus Payment amount by a fraction, the numerator of which shall be the number of days in the applicable year beginning with the first day of such year and ending with your date of termination, and the denominator of which shall be three hundred sixty-five (365).
2. At-Will Employment:
You understand that this Bonus Plan does not constitute a guarantee of continued employment with the Company and that your employment relationship with the Company is at-will. As such, either you or the Company may terminate your employment at any time and for any reason, either with or without cause or advance notice. In addition, the Company retains the right to modify your compensation and benefits, other than this Bonus Plan, within its sole discretion, upon notice to you.
Agreed and Accepted:
| /s/ JAMES HUANG Print Name: James Huang | Date: | 10/11/02 |
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- Exhibit 10.29
