Zymeworks Inc. Compensation Adjustment Letter for James Priour (Chief Commercial Officer)
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Summary
Zymeworks Inc. has promoted James Priour to Chief Commercial Officer and increased his base salary to $400,000 as of January 1, 2021, following an annual compensation review. He is also eligible for a 2020 bonus of $126,328 and a 2021 target bonus of 40%. Additionally, he will receive performance-based stock options and restricted stock units. All other employment terms remain unchanged. This letter confirms the changes and recognizes his contributions to the company.
EX-10.2 3 zyme-20210331xex102.htm EX-10.2 Document
Executive bonus compensation awards are determined based on two criteria: the degree to which the company achieved its corporate goals for the year (weighted at 75%), and the degree to which you achieved your Individual goals for the year (weighted at 25%).
Priour, James
Exhibit 10.2
March 3, 2021
Mr. James Priour
Senior Vice President, Commercial
Senior Vice President, Commercial
Dear James,
Re: Annual Compensation Review
Our Compensation Review Process for the 2020 performance year is now complete. On behalf of the Zymeworks’ Board of Directors, I am pleased to confirm your promotion to the position of Chief Commercial Officer, in addition to the following changes to your base salary.
| Current Base Salary | $375,000 (USD) | ||||
| Merit Increase % | 6.67% | ||||
| Base Salary (as of January 1st, 2021) | $400,000 (USD) | ||||
Executive bonus compensation awards are determined based on two criteria: the degree to which the company achieved its corporate goals for the year (weighted at 75%), and the degree to which you achieved your Individual goals for the year (weighted at 25%).
Details of your bonus payment are provided below:
| 2020 Target Bonus % | 35.00% | ||||
| 2020 Bonus Payment | $126,328 (USD) | ||||
| 2021 Target Bonus % | 40.00% | ||||
Change in base salary and bonus payment will be reflected on the March 15th, 2021 pay.
Performance-based Stock Option Award Performance-based Restricted Stock Unit Award | 37,500 6,250 | ||||
You will be notified at a later date when your performance-based stock option award and restricted stock unit awards are ready for your review and acceptance in Shareworks.
Your revised compensation is based on a market assessment of Zymeworks’ compensation practices and your contributions to the Company’s goals and ongoing efforts to make Zymeworks a world leader in antibody and protein therapeutics. All other terms and conditions of your employment contract remain unchanged.
This is well deserved! I want to personally thank you for all your contributions and commitment to Zymeworks’ success. It is appreciated.
Sincerely,
/s/ Ali Tehrani
Dr. Ali Tehrani
President & Chief Executive Office
Dr. Ali Tehrani
President & Chief Executive Office
Zymeworks Inc. 540-1385 West 8th Ave, Vancouver, BC, Canada, V6H 3V9 www.zymeworks.com
