Exhibit 10.2


 





 


Senomyx 2009 Executive Bonus Plan-Revised
9/24/09


 


The
Senomyx 2009 Executive Bonus Plan has been designed to align plan participants
with the company’s goals and business strategy. 
This program is an important part of the company’s commitment to
recognize employees who contribute significantly to successful company
performance and attainment of important business results.  Specifically, the objectives of the plan are
as follows:


 


·                  Provide
competitive incentives to employees of the company who contribute significantly
to company success


 


·                  Align
plan participants with Senomyx’ business objectives and performance
expectations


 


·                  Promote
a pay for performance philosophy by providing competitive compensation
opportunities and rewarding and retaining high performers


 


·                  Be
simple to communicate and administer


 


Performance
Period


 


The
plan is effective January 1, 2009 through December 31, 2009.


 


Eligibility


 


All employees of the
company with a title of Vice President or above are eligible for the plan.


 


Bonus
Opportunity


 


The
range of bonus opportunity as a percentage of 2009 base salary for each
participant is as follows:


 


	
  Title

  	
   

  	
  Threshold

  	
   

  	
  Target

  	
   

  	
  Maximum

  	
   

  
	
  CEO and Chairman of the
  Board

  	
   

  	
  30

  	
  %

  	
  60

  	
  %

  	
  90

  	
  %

  
	
  President and COO

  	
   

  	
  22.5

  	
  %

  	
  45

  	
  %

  	
  67.5

  	
  %

  
	
  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 participants’ 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 2009 corporate and individual goals.  The relative weight between corporate and
individual performance components for 2009 will be as follows:


 


	
  Title

  	
   

  	
  Corporate Goals

  	
   

  	
  Individual Goals

  	
   

  
	
  CEO and Chairman of the
  Board

  	
   

  	
  100

  	
  %

  	
  0

  	
  %

  
	
  President and COO

  	
   

  	
  80

  	
  %

  	
  20

  	
  %

  
	
  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 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.


 


Mid-year
Promotions


 


In the event of a mid-year
promotion the bonus will be calculated pro-rata at the salary and target level,
first, prior to the promotion, and second, after the promotion.


 


Payout and
Administration


 


Payments of actual
cash bonuses will be made as soon as practical after the end of the plan year,
but not later than March 15, 2010. 
Participants must be actively employed at the time of payout to be
eligible for bonus payment.  The
Compensation Committee must approve all payments. The Compensation Committee
can modify the plan at its discretion.