2004 Executive Officer Bonuses and 2005 Compensation Terms for GTC Biotherapeutics, Inc.
This document outlines the 2004 cash bonuses, stock awards, and 2005 compensation terms for executive officers of GTC Biotherapeutics, Inc. It specifies the base salaries, target bonuses (as a percentage of salary), and annual stock option awards for each executive. The agreement also notes that target bonuses can be exceeded by up to 20% if both company and individual performance are exceptional, as determined by the compensation committee.
Exhibit 10.1
| Executive Officer | 2004 Cash Bonuses | 2004 Bonuses Shares | 2005 Base Salary | 2005 Target Bonus (% of Base Salary)1 | 2005 Stock Option Award Shares | ||||||||
| Geoffrey F. Cox, Ph.D. | $ | 70,575 | 13,757 | $ | 436,800 | 40 | % | 75,000 | |||||
| John B. Green | $ | 34,628 | 6,750 | $ | 280,800 | 30 | % | 39,000 | |||||
| Gregory F. Liposky | $ | 33,278 | 6,486 | $ | 265,200 | 30 | % | 55,000 | |||||
| Harry M. Meade, Ph.D. | $ | 33,138 | 6,459 | $ | 273,520 | 30 | % | 39,000 | |||||
| Daniel S. Woloshen | $ | 26,793 | 5,222 | $ | 238,160 | 30 | % | 27,000 | |||||
| 1 | The target bonus opportunity can be exceeded by up to 20% of the target if GTC achieves exceptional corporate performance, as determined by the Committee, and the individual achieves high individual performance. For example, an executive with a target bonus of 30% could receive a bonus of as much as 36% of base salary. |
