Variable Incentive. The Company agrees to pay Xxxxxx the year-end bonus (the “Variable Incentive”) that Xxxxxx would have received for the year ending December 31, 2016. The magnitude and timing of the Variable Incentive payment will be in the same manner as to all other executive officers at Zymeworks at the discretion of the compensation committee of the Company’s Board of Directors (the “Compensation Committee”).
Variable Incentive. 5.7.1 Xx Xxxxxxx shall be eligible to receive incentive remuneration between 41.66% to 125% of the aggregate basic salary payable in terms of Clause 5.2 above, for a period of 12 (twelve) months on an annual basis. Any incentive remuneration shall be payable to Xx Xxxxxxx subject to the key performance indicators to be agreed upon between the Parties within 3 (three) months from the Effective Date.
Variable Incentive. The specific amount of incentive remuneration payable to the Managing Director will be subject to a minimum of US$720,000 for a period of 12 (twelve) months. Whilst the minimum amount will be payable on a quarterly basis, any amount decided by the Board over and above the minimum amount will be based on performance criteria and such other parameters as may be considered appropriate from time to time, as evaluated by the Board or a Committee thereof duly authorized in this behalf which will be payable after the Annual Accounts have been approved. Parties agree that if the agreement stands terminated at any time during this period of 12 months then the Managing Director would only be entitled to the pro rated amount of the minimum incentive compensation.
Variable Incentive. The Employee will be eligible to participate in the Employer’s variable compensation program, subject to the general principles set out in the attached hereto as Variable Compensation Agreement. The Employer reserves the right to change, amend, or revise all or part of the general principles out in Variable Compensation Agreement and the criteria for earning the variable incentive compensation in its sole discretion, but acting reasonably, and any such changes will not be deemed a breach or termination of this Agreement so long as the altered program provides the opportunity to earn equivalent compensation.
