Medivation, Inc. 2013 Executive Officer Bonus Plan Summary
Medivation, Inc. has established a 2013 Bonus Plan for its executive officers, as approved by the Compensation Committee of the Board of Directors. The plan sets target cash bonuses ranging from 60% to 100% of each executive's 2013 base salary, based on the achievement of specific corporate performance objectives related to clinical trials, regulatory activities, and commercial sales. The Board and Compensation Committee may adjust goals or grant bonuses at their discretion, even if objectives are not fully met. Named executives and their target bonus percentages are specified in the plan.
Exhibit 10.2
2013 Bonus Plan
Purpose:
The Compensation Committee (the Compensation Committee) of the Board of Directors (the Board) of Medivation, Inc. (the Company) has established the terms of the 2013 Bonus Plan (the Plan) to compensate the executive officers of the Company for the level of achievement of corporate performance objectives set forth by the Compensation Committee for 2013, as well as the executive officers contributions toward the achievement of those performance objectives.
Determination of 2013 Cash Bonuses:
Target bonuses for the Companys named executive officers under the Plan will range from 60% to 100% of such executives 2013 base salary. The amount of cash bonuses, if any, for each named executive officer will be based on the named executive officer and the Company meeting the 2013 corporate performance objectives approved by the Compensation Committee, which include objectives relating to clinical trials, regulatory activities and commercial sales of the Companys approved product. The Board and Compensation Committee reserve the right to modify these goals and criteria at any time or to grant bonuses to the participants even if the performance goals are not met. The target bonuses for the Companys named executive officers for 2013 are as follows:
Executive Officer | Target Bonus (as percent of 2013 Base Salary) | |||
David Hung, M.D. President and Chief Executive Officer | 100 | % | ||
Cheryl Cohen Chief Commercial Officer | 60 | % | ||
C. Patrick Machado Chief Business Officer and Chief Financial Officer | 60 | % | ||
Lynn Seely, M.D. Chief Medical Officer | 60 | % |