2006 Executive Officer Cash Compensation Summary for Lexicon Pharmaceuticals

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the 2006 cash compensation for Lexicon Pharmaceuticals' named executive officers. The Compensation Committee decided that base salaries for these officers would remain the same as in 2005, with specific amounts listed for each executive. In addition to their base salaries, the officers are eligible for discretionary cash bonuses based on the achievement of certain corporate and individual goals, such as drug development milestones and financial targets. Bonus targets are set as a percentage of each officer's base salary, to be awarded if goals are fully met.

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EX-10.12 4 h33572exv10w12.txt SUMMARY OF 2006 NAMED EXECUTIVE OFFICER CASH COMPENSATION EXHIBIT 10.12 SUMMARY OF 2006 NAMED EXECUTIVE OFFICER CASH COMPENSATION The Compensation Committee of our Board of Directors has determined that 2006 base salaries of our named executive officers would remain unchanged from 2005 as set forth below:
2006 BASE NAME AND POSITION SALARY - ----------------- --------- Arthur T. Sands, M.D., Ph.D. $473,000 President and Chief Executive Officer Julia P. Gregory $329,000 Executive Vice President, Corporate Development and Chief Financial Officer Jeffrey L. Wade, J.D. $292,000 Executive Vice President and General Counsel Brian P. Zambrowicz, Ph.D. $312,000 Executive Vice President of Research Alan J. Main, Ph.D. $312,000 Senior Vice President, Lexicon Pharmaceuticals
Our named executive officers are also eligible to receive cash bonuses, within the discretion of the Compensation Committee, based on the achievement of certain corporate and individual goals in 2006. The corporate goals include objectives relating to the development of drug candidates and the achievement of specified financial targets. The achievement of these goals will be evaluated by the Compensation Committee in making determinations regarding bonuses for 2006 performance. The Compensation Committee has established a bonus target, expressed as a percentage of base salary, for each of our named executive officers, assuming that corporate and individual goals are fully achieved. The bonus target percentage for each of our named executive officers is set forth below:
BONUS NAME AND POSITION TARGET - ----------------- ------ Arthur T. Sands, M.D., Ph.D. 50% President and Chief Executive Officer Julia P. Gregory 35% Executive Vice President, Corporate Development and Chief Financial Officer Jeffrey L. Wade, J.D. 35% Executive Vice President and General Counsel Brian P. Zambrowicz, Ph.D. 40% Executive Vice President of Research Alan J. Main, Ph.D. 30% Senior Vice President, Lexicon Pharmaceuticals