2013 Compensation Package Summary Agreement between Celgene Corporation and Thomas Daniel
This agreement outlines the 2013 compensation package for Thomas Daniel, Executive Vice President and President of Research and Early Development at Celgene Corporation. It specifies his base salary, bonus target, annual equity awards, long-term incentive plan, severance benefits, and financial planning benefits. The agreement includes conditions for severance in case of involuntary termination (excluding cause) and details the effective dates for each component. Both parties have acknowledged and agreed to the terms by signing the document.
Exhibit 10.2
Summary of 2013 Compensation Package
| Name | Thomas Daniel |
|
| Job Title | EVP, President, Research and Early Development |
|
| Base Salary | $649,000 | Effective March 1, 2013 |
|
|
|
|
| Bonus Target | 70% | Effective January 1, 2013 |
|
|
|
|
| Annual Equity Award | Stock Options: 47,300 Restricted Stock Units: 5,500 | Effective April 1, 2013 |
|
|
|
|
| LTIP Target | 100% of base salary as of plan cycle approval (12/12/12), or $630,000 | 2013-2015 Performance Cycle, commencing January 1, 2013 |
|
|
|
|
| Severance Benefit | 12 months of salary continuation 12 months of bonus COBRA benefit at active employee rates
| In the event of involuntary termination for reasons other than cause |
| Financial Planning Benefit | Up to $15,000 per year | Reimbursement of reasonable and customary fees associated with financial planning and/or tax preparation/advice |
| Acknowledged and agreed: | On behalf of Celgene Corporation: | |||||||
|
|
|
|
|
|
|
|
|
|
| /s/Thomas Daniel |
| 4/25/13 |
| By: | /s/Robert J. Hugin |
| April 22, 2013 |
|
| Thomas O. Daniel |
| Date |
|
| Robert J. Hugin |
| Date |
|
|
|
|
|
|
| Chairman and CEO |
|
| |
