Exhibit 99.1
Summary Description of Senomyx, Inc. 2007 Executive Bonus Plan
As of May 30, 2007
Eligibility: All employees of Senomyx with a title of Vice President or above are eligible to participate in the plan. Participants must be employed with Senomyx 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 2007 base salary for each participant is as follows:
Title | | Threshold | | Target | | Maximum | |
President and CEO | | 30 | % | 60 | % | 90 | % |
Executive and Senior Vice Presidents | | 20 | % | 40 | % | 60 | % |
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 both financial- and research-based objectives. Individual goals are focused on each participant’s 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 of our discovery and development programs coupled with achievement of each of our numerous financial goals.
The total bonus pool for the plan will be based on achievement of 2007 corporate and individual goals. The relative weight between corporate and individual performance components for 2007 will be as follows:
Title | | Corporate Goals | | Individual Goals | |
President and CEO | | 100 | % | 0 | % |
Executive and Senior Vice Presidents | | 80 | % | 20 | % |
Vice Presidents | | 80 | % | 20 | % |
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. 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 75% is obtained. Maximum bonuses are paid if a weighted average achievement of 100% is obtained. The specific bonus payout is based on a linear continuum from threshold to maximum. Mathematically, every 1% attainment above the threshold is worth 2% in incremental bonus opportunity as a percent of target. The Compensation Committee of our Board of Directors must approve all payments.
Disclaimer: Senomyx reserves the right to modify the 2007 Executive Bonus Plan at any time or to declare special incentive bonus payouts in addition to payouts described in the 2007 Executive Bonus Plan.
