Cash and cash equivalents
EX-10.20 3 a40483exv10w20.htm EXHIBIT 10.20 exv10w20
Exhibit 10.20
HALOZYME THERAPEUTICS, INC.
2007 SENIOR EXECUTIVE INCENTIVE PLAN
2007 SENIOR EXECUTIVE INCENTIVE PLAN
The 2007 Senior Executive Incentive Plan of Halozyme Therapeutics, Inc. (the Company) set forth maximum cash and equity bonus awards for the Companys senior executive officers (the 2007 Incentive Plan). Maximum cash and equity bonus amounts were established for each executive officer (amounts for selected members of senior management are set forth in the table below) based upon the accomplishment of both individual and Company performance criteria during 2007. The maximum cash bonus amount for each executive officer represented 30% of that officers annual base salary, with the exception that the maximum cash bonus amount for the Companys Chief Executive Officer represented 40% of his base salary. The individual performance criteria for specific members of senior management varied from position to position, but all members of senior management had common Company performance goals. The Company performance criteria were based upon operational, clinical and financial performance objectives established by the Company in 2007. If all individual and Company performance criteria were not met, members of senior management were still eligible to receive a portion of their respective maximum bonus amounts; provided, however, that if a minimum amount of either individual performance criteria or Company performance criteria were not achieved, then members of senior management would not be entitled to any cash or equity bonuses. Members of senior management, as a group, were eligible to receive aggregate cash bonuses of approximately $608,000 and aggregate common stock options to purchase approximately 390,000 shares of Company common stock. All stock options issued pursuant to the 2007 Incentive Plan were to be issued out of the Companys 2006 Stock Plan. Finally, despite the establishment of the 2007 Incentive Plan, final bonus amounts were to be determined at the discretion of the Board of Directors.
Maximum | ||||||||
Maximum | Stock Option | |||||||
Cash Bonus | Grant | |||||||
Jonathan E. Lim (President and Chief Executive Officer) | $ | 144,000 | 150,000 | |||||
David A. Ramsay (Chief Financial Officer) | $ | 70,500 | 40,000 | |||||
Robert Little (Vice President Chief Commercial Officer) | $ | 92,220 | 40,000 | |||||
Richard Yocum (Vice President Clinical Development) | $ | 81,000 | 40,000 | |||||
Gregory I. Frost (Chief Scientific Officer) | $ | 79,500 | 40,000 | |||||
William Fallon (Vice President Manufacturing and Operations) | $ | 76,500 | 40,000 | |||||
Don A. Kennard (Vice President Regulatory Affairs) | $ | 64,200 | 40,000 |