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8-K - FORM 8-K - Ardea Biosciences, Inc./DE | a55405e8vk.htm |
EX-99.2 - EX-99.2 - Ardea Biosciences, Inc./DE | a55405exv99w2.htm |
Exhibit 99.1
Summary Description of Ardea Biosciences, Inc. 2010 Executive Bonus Plan
As of March 2, 2010
Eligibility: Generally, employees of Ardea Biosciences, Inc. with a title of Vice President or
above are eligible to participate in the plan. Participants must be employed with Ardea
Biosciences, Inc. on the day that bonuses are paid in order to be eligible for a bonus.
Bonus Opportunity: The range of bonus opportunity as a percentage of 2010 base salary for each
participant is generally as follows:
Title | Threshold | Target | Maximum | |||||||||
President and CEO
|
25 | % | 50 | % | 75 | % | ||||||
Senior Vice Presidents
|
17.5 | % | 35 | % | 52.5 | % | ||||||
Vice Presidents
|
15 | % | 30 | % | 45 | % |
Corporate and Individual Performance: Our corporate goals for the year are established by our
Board of Directors and are weighted based on importance between research & development, business
development and financial management objectives. Individual goals are focused on each
participants respective area of responsibility and designed to support overall corporate goal
achievement. Our corporate goals are collectively designed to be stretch goals intended to be
challenging but attainable. 100% goal achievement would represent a high level of success in each
area. Our corporate goals for 2010 are a combination of research & development goals, which
represent 50% of our corporate goals, business development goals, which represent 35% of our
corporate goals, and financial management goals, which represent the remaining 15% of our corporate
goals.
The total bonus pool for the plan will be based on achievement of 2010 corporate and individual
goals. The relative weight between corporate and individual performance components for 2010 will be
as follows:
Title | Corporate Goals | Individual Goals | ||||||
President and CEO |
100 | % | 0 | % | ||||
Senior Vice Presidents |
75 | % | 25 | % | ||||
Vice Presidents |
75 | % | 25 | % |
Award Determination: The bonus payment will be made in cash and will be based upon achievement of
corporate and individual goals. The payment will be calculated by using the weighted average of
goals achieved for both corporate and individual achievement. A minimum weighted average of
greater than 50% is required prior to payout of the threshold amounts stated above. If the
weighted average goal achievement is less than 50%, no payouts will be made. Target bonuses are
paid if a weighted average achievement of 100% is obtained. Maximum bonuses are paid if a weighted
average achievement of 150% is obtained. The Compensation Committee of our Board of Directors must
approve all payments, which are typically made in January of each calendar year.
Disclaimer: Ardea Biosciences, Inc. reserves the right to modify the 2010 Executive Bonus Plan at
any time or to declare special incentive bonus payouts in addition to payouts described in the 2010
Executive Bonus Plan.