Attached files
file | filename |
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S-1/A - Cellectar Biosciences, Inc. | v171998_s1a.htm |
EX-23.2 - Cellectar Biosciences, Inc. | v171998_ex23-2.htm |
EX-10.47 - Cellectar Biosciences, Inc. | v171998_ex10-47.htm |
Description
of Bonus Plan adopted on
December
8, 2009
On
December 8, 2009, the board of directors of Novelos Therapeutics, Inc. (the
“Company”) approved a special bonus plan for all employees of the Company (the
“Plan”). The Plan provides for the payment of contingent cash bonuses
in three equal installments in aggregate amounts ranging from 80% to 150% of
annual 2009 salaries for each employee. All payments under the Plan
are conditioned upon the achievement of favorable results for the Phase 3
clinical trial of NOV-002 in non-small cell lung cancer (the “Phase 3 Trial”),
as described below.
The first
installment will become payable immediately upon the satisfaction of both of the
following conditions:
|
·
|
the
announcement results for the Phase 3 Trial showing statistically
significant improvement in median overall survival;
and
|
|
·
|
the
receipt by the Company of at least $20 million in proceeds from either the
sale of its capital stock or a partnering transaction, or upon a change in
control of the Company.
|
The
second and third installments will be payable on the first and second
anniversaries of the announcement of the results of the Phase 3 Trial following
the satisfaction of either of the following conditions:
|
·
|
the
results of the Phase 3 Trial show 25% or greater improvement in median
overall survival of patients receiving NOV-002 and chemotherapy as
compared to patients receiving chemotherapy alone;
or
|
|
·
|
the
results of the Phase 3 Trial show statistically significant improvement in
median overall survival and United States Food and Drug Administration
approves NOV-002 for use in the treatment of advanced non-small cell lung
cancer in combination with first-line chemotherapy (paclitaxel and
carboplatin) without requiring an additional efficacy
trial.
|
The
payment of the second and third installments is subject to acceleration in the
event of a change in control of the Company, provided that the above conditions
have been satisfied.
All of
the Company’s employees are eligible for participation in the Plan, including
the following executive officers, who were identified as Named Executive
Officers, or NEOs, in our annual report on Form 10-K for the year ended December
31, 2008. If the conditions to the payments of the bonuses provided
under the Plan are satisfied, our NEOs will receive the following
amounts:
|
Installment
1
|
Installment
2
|
Installment
3
|
|||||||||
Harry
S. Palmin
|
$
|
125,000
|
$
|
125,000
|
$
|
125,000
|
||||||
Christopher
J. Pazoles
|
86,167
|
86,167
|
86,167
|
|||||||||
Kristin
C. Schuhwerk
|
100,000
|
100,000
|
100,000
|