Virobay, Inc. 2014 Management Performance Bonus Plan for Executive Officers
Virobay, Inc. established this 2014 Management Performance Bonus Plan to reward its executive officers and certain other officers for meeting company goals. Eligible participants may receive a cash bonus of 20% to 30% of their base salary, depending on the achievement of specific corporate objectives set by the Board of Directors. Bonuses are paid in a lump sum after the Board determines if objectives are met. If a participant leaves the company before year-end, they forfeit any bonus. The Board can change or end the plan at any time.
Exhibit 10.19
2014 Management Performance Bonus Plan
Purpose:
The Virobay, Inc. (the “Company”) 2014 Management Performance Bonus Plan (the “Plan”) is applicable to our Named Executive Officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission) and certain other officers as determined by the Board of Directors (the “Board”). The Plan is designed to reward the participants for assisting the Company in achieving its operational goals through exemplary performance. The overarching intent in setting and achieving the goals is to build long-term stockholder value.
Determination of 2014 Cash Bonuses:
Under the Plan, cash bonuses, if any, will be based on the achievement by the Company of certain corporate objectives (the “Corporate Objectives”) as determined in the sole discretion of the Board. Target bonuses for each participant in the Plan range from 20% to 30% of the participant’s base salary. Any cash bonus earned during the period shall be paid in one lump sum, in the payment period immediately following the Board’s determination of the achievement of such Corporate Objectives. No cash bonus will be earned or payable in the event a participant’s employment terminates, for any reason, before the end of the fiscal year. The Board reserves the right to modify these goals and criteria or to otherwise amend or terminate the Plan at any time.
