Senomyx,Inc. (NASDAQ:SNMX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Adoption of Executive Bonus Plan
On February 23, 2017, our Board of Directors approved the 2017 Executive Bonus Plan, or the 2017 Bonus Plan, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Under the terms of our 2017 Bonus Plan, the payout for all of our officers is calculated entirely based on our achievement of corporate goals during 2017. The corporate goals are comprised of a research and development, or “R&D,” component and a financial and commercial, or “F&C,” component. A minimum corporate goal achievement of greater than or equal to 50% of the combined R&D and F&C components is required in order for an executive to earn any performance-based cash bonus. However, the actual payment will be determined by separately evaluating the achievement of the R&D component and the F&C component of the corporate goals.
The Compensation Committee retains broad discretion to modify the 2017 Bonus Plan at any time, including the methodology for calculating the specific bonus amounts. The Compensation Committee may also, in its sole discretion, determine to either increase the payout under the 2017 Bonus Plan for extraordinary achievement or to reduce payout if economic and business conditions warrant.
On February 23, 2017, our Board of Directors approved the corporate performance goals associated with the 2017 Bonus Plan. Our corporate performance goals are a combination of financial and commercial objectives, which represent 55% of our corporate performance goals, and research and development objectives, which represent the remaining 45% of our corporate performance goals.
The foregoing description is a summary only, is not necessarily complete, and is qualified by the full text of the underlying plan, which is filed as an exhibit to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
99.1 Senomyx, Inc. 2017 Executive Bonus Plan.
About Senomyx, Inc. (NASDAQ:SNMX)
Senomyx, Inc. is focused on using taste receptor technologies to discover, develop and commercialize flavor ingredients for the packaged food, beverage and ingredient supply industries. The Company operates through development and commercialization of flavor ingredients segment. It is engaged in the discovery, development and/or commercialization of flavor ingredients through over five programs. The Sweet Taste Program is focused on developing flavor ingredients or discovering natural sweeteners. The Savory Flavor Program is focused at flavor ingredients to be used in product categories, such as ready meals, sauces, soups and snack foods. The Bitter Blocker Program is focused on flavor ingredients used in products that contain bitter tastants. The Cooling Taste Program is focused at flavor ingredients used in products that consist of cooling agents. The salt taste modifier program is focused on reduction of the level of salt contained in packaged food and beverage products. Senomyx, Inc. (NASDAQ:SNMX) Recent Trading Information
Senomyx, Inc. (NASDAQ:SNMX) closed its last trading session 00.00 at 1.03 with 215,953 shares trading hands.