2020 Annual Bonus. Executive will be eligible to receive an annual performance bonus in respect of calendar year 2020, in an amount to be determined in the Board’s sole discretion (the “2020 Annual Bonus”), which will be payable as soon as practicable following the end of the calendar year 2020, subject to Executive’s continued employment on the payment date.
2020 Annual Bonus. The Executive will be eligible for a 2020 annual bonus at the Bonus Target provided in Section 3 of the Agreement, subject to the following conditions:
2020 Annual Bonus. In addition to the Annual Base Salary, for the Company’s 2020 fiscal year only, the Executive shall be eligible to receive annual bonus compensation (the “2020 Bonus”) consistent with the Company’s bonus plan for key executives as in effect from time to time (the “Bonus Plan”) and the terms set forth herein. The 2020 Bonus, if any, shall be paid in 2021 at the time annual bonuses are paid to other senior executives of the Company. For the 2020 fiscal year, the target amount of the Annual Bonus shall be $277,169.35 and the maximum amount of the Annual Bonus shall be $554,338.70, with the actual amount of the Annual Bonus, if any, to be determined by the Board or the Compensation Committee of the Board (the “Committee”) in accordance with the Bonus Plan.
2020 Annual Bonus. Ale shall continue to be eligible to receive a prorated annual bonus for 2020 (payable at the time annual bonuses are generally paid by the Company to its senior executives, but in no event later than March 15, 2021), calculated as the annual bonus that would otherwise have been payable by the Company to Ale for 2020 (based on actual performance) if Ale had remained employed by the Company for the entire year, multiplied by a fraction, the numerator of which is equal to the number of days Ale was employed by the Company during 2020, and the denominator of which is 365.
2020 Annual Bonus. How does the Merger impact my 2020 annual bonus? In general, if the Merger closes in the 2020 calendar year, as is expected, you will remain eligible to receive 100% of your 2020 annual target bonus if you remain employed through the date bonuses are paid or if your employment with Pfenex is involuntarily terminated under certain circumstances before that time. The payment of the bonus is expected to be in the first quarter of 2021, at the same time as other Ligand employees, but no later than March 15, 2021. For the avoidance of doubt, the payment referenced above is the only payment you are eligible to receive in connection with your 2020 annual bonus.
2020 Annual Bonus. With respect to your 2020 bonus, the Company will provide you with a 2020 annual bonus in an amount equal to 40% of your 2020 salary, pro-rated for the number of days employed with the Company during the 2020 calendar year through the Separation Date. The bonus paid under this section will be paid in a lump sum, subject to standard payroll deductions and withholdings, no later than the earlier of:
2020 Annual Bonus. Executive and the Company agree that, on the Effective Date, Executive shall receive a grant of 5,337 shares of unrestricted Class A common stock under the Helius Medical Technologies, Inc. 2018 Omnibus Incentive Plan in lieu of a cash bonus for fiscal year 2020.
2020 Annual Bonus. In satisfaction of, and in lieu of the amount required by, Section 8(d)(iv) of the Employment Agreement, although otherwise under no obligation to do so, Academy agrees to pay to Executive the bonus that would have been earned by Executive under the Annual Incentive Plan for fiscal year 2020 had Executive worked the entirety of fiscal year 2020, less all applicable taxes and other withholdings. Executive acknowledges that the amount provided by this Section 2(a)(i) is greater than the amount provided under Section 8(d)(iv) of the Employment Agreement and agrees that all other terms of Section 8(d)(iv) of the Employment Agreement remain unchanged and in full force and effect.
2020 Annual Bonus. You will be eligible to receive a bonus for 2020 equal to your target bonus times the percentage achievement of the Company’s 2020 goals as assessed by the Board of Directors of the Company in connection with the determination of bonuses for the executive team, with any such bonus paid less applicable taxes and withholdings and at the same time as annual bonuses are paid to other executives of the Company or, if later, immediately upon the expiration of the Revocation Period. You will not be eligible for, nor shall you have a right to receive, any payments or benefits from the Company following the Separation Date other than as set forth in this paragraph.
