VioQuest Pharmaceuticals, Inc. 2006 Management Bonus Plans Summary
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Summary
VioQuest Pharmaceuticals, Inc. established 2006 bonus plans for key executives, including the CEO, CFO, General Manager of Chiral Quest Inc., and other senior leaders. Bonuses are awarded based on achieving specific milestones such as successful financings, clinical trial progress, product acquisitions, regulatory filings, and financial targets. Additional bonuses are tied to qualitative performance factors like leadership and teamwork. Each executive has a maximum eligible bonus amount, with payouts contingent on meeting the outlined goals within the 2006 calendar year.
EX-10.1 2 v044219_ex10-1.htm Unassociated Document
Exhibit 10.1
VioQuest Pharmaceuticals, Inc.
Summary of 2006 Management Bonus Plans
Daniel Greenleaf
President & Chief Executive Officer
| Milestone | Bonus Amount | |||
| Completion of financings resulting in gross proceeds of a targeted amount | $ | 50,000 | ||
| Listing of common stock on national exchange or Nasdaq | 50,000 | |||
| Initiation of 3 clinical trials in the U.S. of Company product candidates under Company-sponsored INDs | 30,000 | |||
| Completion of 3 clinical trials in the U.S. of Company product candidates under Company-sponsored INDs | 30,000 | |||
| Acquisition of new compound, as approved by the Board | 30,000 | |||
| Chiral Quest net loss less than a targeted amount and revenues in excess of a targeted amount | 20,000 | |||
| Acceptance of NDA filing for review for leishmaniasis indication for VQD-001 | 15,000 | |||
| Qualitative factors based on leadership, teamwork, peer interaction, initiative and communication | 25,000 | |||
| TOTAL MAXIMUM ELIGIBLE BONUS | $ | 250,000 | ||
Michael Cannarsa, Ph.D.
General Manager, Chiral Quest Inc.
| Milestone | Bonus Amount | |||
| 2006 Chiral Quest net loss less than a targeted amount | $ | 18,000 | ||
| 2006 Chiral Quest revenue at least at a targeted amount and margin equal to or greater than a targeted percentage | 18,000 | |||
| Completion of targeted number of strategic transactions | 7,200 | |||
| Qualitative factors based on leadership, teamwork, peer interaction, initiative and communication | 4,800 | |||
| TOTAL MAXIMUM ELIGIBLE BONUS | $ | 48,000 | ||
Pamela Jo Harris, M.D.
| Milestone | Bonus Amount | |||
| Initiation of Phase I in VQD-001 | $ | 1,875 | ||
| Completion of Phase I in VQD-001 | 4,375 | |||
| Initiation of Phase I in VQD-002 for solid tumors | 1,875 | |||
| Completion of Phase I in VQD-002 for solid tumors | 4,375 | |||
| Initiation of Phase I in VQD-002 for hematological malignancies | 1,875 | |||
| Completion of Phase I in VQD-002 for hematological malignancies | 4,375 | |||
| NDA filing for VQD-001 for leishmaniasis indication | 3,750 | |||
| Qualitative factors based on leadership, teamwork, peer interaction, initiative and communication | 2,500 | |||
| TOTAL MAXIMUM ELIGIBLE BONUS | $ | 25,000 | ||
Brian Lenz
Chief Financial Officer
| Milestone | Bonus Amount | |||
| Completion of financings resulting in gross proceeds of a targeted amount | $ | 13,500 | ||
| Initiation of 3 clinical trials | 3,825 | |||
| Completion of non-dilutive financings resulting in proceeds of at least targeted amounts | 5,625 | |||
| Listing of common stock on national exchange or Nasdaq | 9,675 | |||
| Chiral Quest net loss less than a targeted amount | 7,875 | |||
| Qualitative factors based on leadership, teamwork, peer interaction, initiative and communication | 4,500 | |||
| TOTAL MAXIMUM ELIGIBLE BONUS | $ | 45,000 | ||
Richard Welter, Ph.D.
Vice President of Corporate Business Development
| Milestone | Bonus Amount | |||
| Company’s acquisition of clinical compound, as approved by the Board (reduced by half if compound is pre-clinical) | $ | 25,000 | ||
| Initiation of 3 clinical trials | 5,000 | |||
| Completion of 3 patient enrollment trials | 5,000 | |||
| Acceptance of NDA filing for review for leishmaniasis indication for VQD-001 | 10,000 | |||
| Qualitative factors based on leadership, teamwork, peer interaction, initiative and communication | 5,000 | |||
| TOTAL MAXIMUM ELIGIBLE BONUS | $ | 50,000 | ||
