Common use of Annual Performance Bonuses Clause in Contracts

Annual Performance Bonuses. You will be eligible to participate in the Company's discretionary annual performance related bonus scheme to a target value of 50% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee (the “Compensation Committee”) of the board of directors (the “Board”) of the Company's parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 50% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL's share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as COO. Any Annual Performance Bonus paid will not be pensionable and will be subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

Annual Performance Bonuses. You will be eligible to participate in the Company's ’s discretionary annual performance related bonus scheme to a target maximum value of 50% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation remuneration committee of the Board (the “Compensation Remuneration Committee”) of the board of directors (the “Board”) of the Company's parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 50% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus bonus may be payable in cash or, in whole or in part, in share options in the Company’s parent company, Bicycle Therapeutics Limited (“BTL”), as agreed by you and the Compensation Remuneration Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Remuneration Committee) and Board board approval so as to be compliant with BTL's ’s share option plan rules), ) with due consideration for the operational requirements of the Company at that time in your role as COOCEO. Any Annual Performance Bonus paid will not be pensionable and will be are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Remuneration Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

Annual Performance Bonuses. You will be eligible to participate in the Company's ’s discretionary annual performance related bonus scheme to a target maximum value of 50% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee of the Board (the “Compensation Committee”) of the board of directors (the “Board”) of the Company's parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 50% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL's ’s share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as COOCEO. Any Annual Performance Bonus paid will not be pensionable and will be are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

Annual Performance Bonuses. You will be eligible to participate in the Company's discretionary annual performance related bonus scheme to a target maximum value of 5035% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee (the “Compensation Committee”) of the board of directors (the “Board”) of the Company's ’s parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 5035% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL's ’s share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as COOCBO. Any Annual Performance Bonus paid will not be pensionable and will be are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

Annual Performance Bonuses. You will be eligible to participate in the Company's discretionary annual performance related bonus scheme to a target maximum value of 5040% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee (the “Compensation Committee”) of the board of directors ("the “Board”) of the Company's ’s parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 5040% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL's ’s share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as COO. Any Annual Performance Bonus paid will not be pensionable and will be are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

Annual Performance Bonuses. You will be eligible to participate in the Company's ’s discretionary annual performance related bonus scheme to a target maximum value of 5040% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation remuneration committee of the Board (the “Compensation Remuneration Committee”) of the board of directors (the “Board”) of the Company's parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 50% of your Earned Salary in that year, excluding any discretionary multiplier being applied to such bonus or any other bonuses in this offer. Such Annual Performance Bonus bonus may be payable in cash or, in whole or in part, in share options in the Company’s parent company, Bicycle Therapeutics Limited (“BTL”), as agreed by you and the Compensation Remuneration Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Remuneration Committee) and Board board approval so as to be compliant with BTL's ’s share option plan rules), ) with due consideration for the operational requirements of the Company at that time in your role as COO. Any Annual Performance Bonus paid will not be pensionable and will be are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Remuneration Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the 8548359 v5 ​ ​ Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.