Rigel Pharmaceuticals 2012 Cash Incentive Plan for Executives and Employees
Rigel Pharmaceuticals, Inc. established this 2012 Cash Incentive Plan to reward executives and employees for helping the company achieve its operational goals. Cash bonuses are determined by both company performance and individual performance, as decided by the Compensation Committee or Board of Directors. Bonus targets range from 5% to 60% of base salary, with a maximum of 120%. Key performance areas include product development and financial results. The company may adjust goals or grant bonuses at its discretion, and all bonuses must be paid by March 15 of the following year.
EXHIBIT 10.36
2012 Cash Incentive Plan
Purpose:
The terms of the 2012 Cash Incentive Plan (the Plan) have been established to reward the executives and other employees of Rigel Pharmaceuticals, Inc. (the Company) for assisting the Company in achieving its operational goals through exemplary performance. Under the Plan, cash bonuses, if any, will be based on both the achievement of corporate goals and a review of personal performance, which is determined at the discretion of the Compensation Committee of the Board of Directors (the Compensation Committee) and/or the Board of Directors (the Board). The overarching intent in setting and achieving the goals is to build long-term shareholder value.
Determination of 2012 Cash Bonuses:
Target bonuses for participants in the Plan will range from 5% to 60% of such recipients 2012 base salary, with a range for executives of 40% to 60% of such executives 2012 base salary. The maximum bonus that a participant will be eligible to receive is 120% of such participants 2012 base salary and in no event will a bonus be paid later than March 15 of the year following the year in which the bonus was earned. The objective Company performance goals for each participant will be based on meeting certain goals with respect to the Companys financial and operational performance, including building the pipeline of potential product candidates (weighted at 10%), initiating clinical development of product candidates (weighted at 15%), advancing the development of product candidates already in t he clinic (weighted at 60%), and the Companys cash position at December 31, 2012 (weighted at 15% ), as well as other Company performance goals to be determined by the Compensation Committee. 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.