Exhibit 10.1

 



Amended and Restated

Fiscal Year December 2013 Alkermes plc Affiliated Company

Reporting Officer Performance Pay Plan (the “Plan”)

 

The Fiscal 2014 Alkermes plc Affiliated Company Reporting Officer Performance Pay Plan is being amended and restated to account for the change in the Company’s fiscal year from March 31st to December 31st.  As such, performance pay awards under this Plan will be pro-rated to account for the nine month performance period from April 1, 2013 to December 31, 2013.

 

Philosophy

 

We support a pay-for-performance approach to variable compensation that rewards individual and Company performance towards the achievement of our Company objectives. This Plan is designed to provide upside reward for outstanding Company and individual performance, motivate reporting officers to focus on and work together toward achieving Company objectives; and to provide competitive compensation to our reporting officers within our industry.

 

Eligibility

 

The following reporting officers of the Company and its affiliates are eligible to participate in the Plan:

 

·                  Chief Executive Officer and Chairman of the Board of Directors

·                  President

·                  Senior Vice President, Chief Financial Officer and Treasurer

·                  Senior Vice President, Corporate Development

·                  Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

·                  Senior Vice President, Research and Development and Chief Medical Officer

·                  Senior Vice President, Chief Operating Officer and Chief Risk Officer

·                  Senior Vice President, Operations

·                  Senior Vice President, Chief Commercial Officer

·                  Senior Vice President, Corporate Communications

 

Should an employee become a reporting officer of the Company during the Company’s fiscal year, he or she shall become eligible to participate in the Plan at the discretion of the Compensation Committee of the Board of Directors of Alkermes plc (the “Compensation Committee”). The performance period under the Plan consists of the nine-month period from April 1, 2013 to December 31, 2013.  To be eligible to participate in this Plan, the reporting officer must be actively employed by the Company at the time awards are paid by the company. Performance pay awards will be paid prior to two and one half months after the end of the performance period.

 

Individual Performance Pay Targets

 

An individual performance pay range and target as a percentage of base salary will be established by the Compensation Committee for each of the reporting officers and shall be based generally on comparable market data.  Performance pay awards are to be pro-rated over the applicable performance period based on the number of days employed by the Company in the performance period.  The performance pay awards are also to be pro-rated to account for the one-time nine month performance period.

 

Company Objectives for FYDEC13

 

1. Execute on the development of our clinical stage pipeline.

2. Achieve financial guidance.

3. Prepare commercial capabilities for growth of marketed, and soon to be marketed, products.

4. Manufacture commercial products and clinical trial material to meet our goals of quality, reliability and efficiency.

5. Identify and advance top candidates from our earlier-stage pipeline.

 











 

6. Manage relationships with key business partners and evaluate new partnering opportunities to drive long-term growth and enhance shareholder value.

7. Respond to changing business conditions.

 

Individual Performance

 

Each individual’s performance pay award under the Plan will be determined by the Compensation Committee. Individual performance against the Company objectives affects the determination of each individual’s performance pay award relative to that individual’s target performance pay amount. The CEO of the Company shall provide the Compensation Committee with recommendations regarding the performance pay for the President and Senior Vice Presidents. The percentage of base salary represented by each performance pay award granted under the Plan shall fall within the target performance pay range.

 

The Company reserves the right to modify the Plan, Company objectives or overall payouts under the Plan at any time during the course of the fiscal year in response to changing business goals, needs and operations, and to any requirements of the Compensation Committee.