Form 8-K -Cash bonus | EXEL Message Board Posts



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Msg  26633 of 29035  at  3/5/2021 5:56:23 PM  by

Pacific


Form 8-K -Cash bonus

the Compensation Committee approved an annual cash bonus payment of $1,281,596 for Dr. Morrissey.

https://www.sec.gov/ix?doc=/Archives/edgar/data/939767/000093976721000030/exel-20210304.htm

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On March 4, 2021, the Compensation Committee of the Board of Directors of Exelixis, Inc. (Exelixis) approved a cash bonus payment for Michael M. Morrissey, Ph.D., Exelixis President and Chief Executive Officer, pursuant to the Exelixis Annual Cash Bonus Program for Executives (the ABP).

The ABP provides for the payment of annual performance-based cash bonus awards to Dr. Morrissey, the amount of which is based on a pre-set target percentage of Dr. Morrisseys annual base salary for the applicable ABP year. The Compensation Committee is responsible for establishing the bonus target percentages, as well as the relative percentage contributions of corporate performance and individual performance, if applicable. For Dr. Morrissey, the terms of the ABP provide that the amount of the cash bonus award for a calendar year depends upon Exelixis achievement of applicable corporate performance goals established by the Compensation Committee for that year.

In accordance with the terms of the ABP and giving consideration to Exelixis overall performance during 2020 and challenges posed by changing market conditions and the COVID-19 pandemic during 2020, which challenges rendered certain of the previously established corporate performance goals impossible or impractical to fully achieve, the Compensation Committee approved an annual cash bonus payment of $1,281,596 for Dr. Morrissey.




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26634 Re: Form 8-K -Cash bonus JoeFlow 1 3/5/2021 8:01:19 PM




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