Penwest Pharmaceuticals Executive Officer Bonus Program Summary
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Summary
Penwest Pharmaceuticals Co. has a bonus program for its executive officers, managed by the Compensation Committee of its Board of Directors. The program offers annual cash bonuses based on the achievement of both company-wide and individual performance goals, including short-term operating targets and long-term strategic objectives. The President's bonus is entirely tied to company goals, while other executives' bonuses are based on a mix of company and individual goals. Bonus targets, set annually, typically range from 20% to 40% of an executive's salary and may be adjusted for individual performance.
EX-10.26 2 b73464ppexv10w26.htm EX-10.26 SUMMARY OF EXECUTIVE OFFICER BONUS PROGRAM exv10w26
Exhibit 10.26
Summary of Executive Officer Bonus Program
Penwest Pharmaceuticals Co. (“the Company”) maintains a bonus program for its executive officers that is administered by the Compensation Committee (the “Committee”) of the Board of Directors of the Company. This program provides for an annual cash payout dependent on achievement by both the executive and the Company of predetermined short-term operating goals and longer-term strategic objectives. These goals also include Company goals and individual goals. Our President’s target bonus is based 100% upon achieving Company goals. Individual incentive compensation target awards are set annually by the Compensation Committee. These target awards are determined by salary grade and are subject to an adjustment based on individual performance, and typically range from 20%-40% of the executive’s salary.
