Compensation Agreements with Named Executive Officers of Avigen, Inc.
This agreement outlines the annual salaries and bonus structures for Avigen, Inc.'s named executive officers, as approved by the Compensation Committee effective September 16, 2007. The agreement lists the officers, their positions, and their respective salaries. Bonus payments are determined at the Committee's discretion, based on both corporate and individual performance objectives, with target bonuses ranging from 30% to 45% of base salary. The Committee has the authority to adjust compensation packages as needed.
EXHIBIT 10.17
COMPENSATION AGREEMENTS WITH NAMED EXECUTIVE OFFICERS
The following are the annual salaries of our named executive officers as amended by the Compensation Committee (the Committee) of the Board of Directors effective September 16, 2007.
| Name | Position | Salary | ||||||||||
| Kenneth G. Chahine, J.D., Ph.D. | President, Chief Executive | $ | 426,613 | |||||||||
| Officer and Director | ||||||||||||
| Michael Coffee | Chief Business Officer | $ | 302,120 | |||||||||
| M. Christina Thomson, J.D. | Vice President, Corporate | $ | 213,210 | |||||||||
| Counsel and Secretary | ||||||||||||
| Kirk Johnson, Ph.D. | Vice President, Research and | $ | 248,824 | |||||||||
| Development | ||||||||||||
| Andrew A. Sauter | Vice President, Finance | $ | 238,625 | |||||||||
The Committee, pursuant to authority granted by the Board of Directors, approves adjustments to the compensation packages for Avigen’s executive officers based upon assessments of both corporate and individual performance objectives and the discretion of the Committee.
Bonus payments are determined for each individual executive officer based on target bonus payments that represent a percent of base salary between 30% and 45%. Target bonus payments are subsequently weighted so that the bonus payments received are based on the assessments of the achievement of corporate performance objectives as well as the achievement of individual performance objectives. This determination is not based on a formula, but rather the discretionary determination by the Committee.
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