Athersys, Inc. 2016 Cash Bonus Incentive Plan Summary for Named Executive Officers
Athersys, Inc. established a 2016 cash bonus incentive plan for its named executive officers, effective January 1 to December 31, 2016. The plan sets target bonus percentages of each officer’s salary, with bonuses based on achieving specific corporate goals—such as advancing clinical programs, meeting operating and capital objectives, and progressing strategic partnerships—as well as individual or functional performance. The plan was approved by the Board of Directors and Compensation Committee, and outlines different bonus weightings for each executive role.
EXHIBIT 10.42
SUMMARY OF ATHERSYS, INC.
2016 CASH BONUS INCENTIVE PLAN
On January 7, 2016 and March 7, 2016, the Board of Directors of Athersys, Inc. (the “Company”), upon the recommendation of the Compensation Committee of the Board of Directors of the Company, approved a cash bonus incentive plan (the “Plan”) for the year ended December 31, 2016 for the named executive officers of the Company. The Plan provides that each participant is eligible to earn a bonus during the award term of January 1, 2016 through December 31, 2016. The Plan provides for the following target bonus percentages of the named executive officer’s salary during the award term, weighted as set forth below on the achievement of specified corporate goals, with the remainder based on individual/functional performance. The corporate goals include advancing the Company’s clinical programs for MultiStem, executing against the established operating plan and capital acquisition objectives, and advancement of strategic partnership and program activities. There is no formally adopted plan document for the Plan.
| Title | Target Bonus | Weighting on Corporate Goals | ||||||
| Chief Executive Officer | 60 | % | 100 | % | ||||
| President & Chief Operating Officer | 45 | % | 80 | % | ||||
| Executive Vice President & Chief Scientific Officer | 45 | % | 80 | % | ||||
| Senior Vice President of Finance | 35 | % | 60 | % | ||||
