Document:

Exhibit 10.14

 

JOUNCE THERAPEUTICS, INC.
 SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN

 

1.                                      Purpose

 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of Jounce Therapeutics, Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives.  The Incentive Plan is for the benefit of Covered Executives (as defined below).

 

2.                                      Covered Executives

 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder.  Participation in this Plan does not change the “at will” nature of a Covered Executive’s employment with the Company.

 

3.                                      Administration

 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan.

 

4.                                      Bonus Determinations

 

(a)                                 Corporate Performance Goals.  A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”), including the following:  cash flow (including, but not limited to, operating cash flow and free cash flow); revenue; corporate revenue; earnings before interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; development, clinical, regulatory or commercial milestones; acquisitions or strategic transactions; operating income (loss); return on capital, assets, equity, or investment; stockholder returns; return on sales; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency; customer satisfaction; working capital; earnings (loss) per share of the Company’s common stock; bookings, new bookings or renewals; sales or market shares; number of customers, number of new customers or customer references; operating income and/or net annual recurring revenue, any of which may be (A) measured in absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices and/or (E) measured on a pre-tax or post-tax basis (if applicable).  Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit or other segment of the Company, or one or more

 

 

product lines or specific markets.  The Corporate Performance Goals may differ from Covered Executive to Covered Executive.

 

(b)                                 Calculation of Corporate Performance Goals.  At the beginning of each applicable performance period, the Compensation Committee will determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive.  In all other respects, Corporate Performance Goals will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the performance period and which is consistently applied with respect to a Corporate Performance Goal in the relevant performance period.

 

(c)                                  Target; Minimum; Maximum.  Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount.

 

(d)                                 Bonus Requirements; Individual Goals.  Except as otherwise set forth in this Section 4(d):  (i) any bonuses paid to Covered Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals.  Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or upon such other terms and conditions as the Compensation Committee may in its discretion determine.

 

(e)                                  Individual Target Bonuses.  The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period.  For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives.

 

(f)                                   Employment Requirement.  Subject to any additional terms contained in a written agreement between the Covered Executive and the Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date.  If a Covered Executive was not employed for an entire performance period, the Compensation Committee may pro rate the bonus based on the number of days employed during such period.

 

5.                                      Timing of Payment

 

(a)                                 With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or semi-annually), the Corporate Performance

 

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Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published.  If the Corporate Performance Goals and/or individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of the fiscal year in which such performance period ends.

 

(b)                                 With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published.  If the Corporate Performance Goals and/or individual goals for any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year.

 

(c)                                  For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such fiscal year.

 

6.                                      Amendment and Termination

 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion.

 

3EX-4.1

 Exhibit 4.1 
  

 

			
		  	

 IC POWER 
IC POWER LTD. 
INCORPORATED IN THE REPUBLIC OF SINGAPORE UNDER THE COMPANIES ACT, CHAPTER 50 (Company Registration No. 2051511865D) COMPUTERSHARE TRUST COMPANY, N.A., 250 ROYALL STREET, CANTON,
MA 02021 
ORDINARY SHARES 
THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA,
JERSEY CITY, NJ AND COLLEGE STATION, TX 
CUSIP 
SEE REVERSE FOR CERTAIN
DEFINITIONS 
THIS CERTIFIES that 
SPECIMEN 
IS THE REGISTERED HOLDER OF 
FULLY PAID, NON-ASSESSABLE
ORDINARY SHARES, NO PAR VALUE PER SHARE, OF IC POWER LTD. and the amount paid on the shares is recorded in the return(s) of allotment lodged pursuant to Section 63A of the Companies Act, Cap. 50, subject to the Constitution of the Company and
transferable on the Branch Register of Members of the Company by the holder hereof in person or by duly authorized attorney upon surrender of this Certificate and the form of share transfer on this reverse side properly endorsed. This Certificate is
not valid unless countersigned and registered by the Transfer Agent and Registrar. 
GIVEN UNDER the official seal of the Company for use in the United States of
America and the facsimile signatures of its duly authorized officers. 
Dated:

DIRECTOR 
DIRECTOR 
COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. 
TRANSFER AGENT AND REGISTRAR

BY: 
AUTHORIZED SIGNATURE 

 IC POWER LTD. 

THE COMPANY WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST AND SUBJECT TO A PAYMENT OF $5 OR SUCH LESSER SUM AS MAY BE FIXED BY THE DIRECTORS OF THE COMPANY, A
COPY OF THE COMPANY’S CONSTITUTION. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall
be construed as though they were written out in full according to applicable laws or regulations: 
  

													
	TEN COM	 	–	 	as tenants in common	 	UNIF GIFT MIN ACT–	 	                                    	 	Custodian	 	                                    

	TEN ENT	 	–	 	as tenants by the entireties	 		 	(Cust)	 		 	            (Minor)
	JT TEN	 	–	 	as joint tenants with right of survivorship and not as tenants in common	 		 	under Uniform Gifts to Minors	 	
		 		 	 		 	Act                             	 	
		 		 	 		 	                (State)	 	
		 		 	 	UNIF TRF MIN ACT–	 	                                    
 Custodian (until age             )
		 		 	 		 	            (Cust)	 		 	
		 		 	 		 	                                    
             under Uniform Transfers
		 		 	 		 	(Minor)	 		 	
		 		 	 		 	to Minors
Act                                        
                         
		 		 	 		 		 	            (State)

 Additional abbreviations may also be used though not in the above list. 

 

	
	 In consideration of the sum of
$                 , for value received,
                                         
                                        
(“Transferor”)

  

			
	hereby sells, assigns and transfers unto	 	  

  

					
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE	 		 	
	 	 		 	
	 	 		 	

  

	
	  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF TRANSFEREE) 

                          
                                         
                                         
                                         
                                        
(“Transferee”)                      fully paid, non-assessable Ordinary Shares of IC
Power Ltd. represented by the within Certificate, does hold unto the said Transferee, its Executors, Administrators, and Assigns, its ownership of the same subject to several conditions on which the Transferor held the same immediately before the
execution hereof; and the said Transferee does hereby agree to accept the said                  Ordinary Shares, subject to the conditions aforesaid, and
does hereby irrevocably constitute and appoint 

                          
                                         
                                         
                                         
                                         
       Attorney to transfer and register the said shares on the Branch Register of Members of the within named Company maintained by Computershare Trust Company, N.A. in Massachusetts, the United States of
America. 
  

					
	Dated:	 	  
	 	

 As Witness our Hands this
                 day of                  in the year of our Lord Two
Thousand                      . 

 

			
	Signed, sealed and delivered by the above named
		
	Transferor	 	  

	
	in the presence of
	
	  

	(Signature)

			
		
	Addresss	 	  

			
		
	Occupation	 	  

	
	
	Signed, sealed and delivered by the above named
		
	Transferee	 	  

	
	in the presence of
	
	  

	(Signature)

			
		
	Addresss	 	  

			
		
	Occupation	 	  

 

			
	If the Transferor is a corporation
		
	Signed, sealed and delivered by	 	  

	For and on behalf of	 	

			
		
	Transferor	 	  

			
		
	Name:	 	  

			
		
	Designation:	 	  

	in the presence of
	
	  

	(Signature)

			
		
	Addresss	 	  

			
		
	Occupation	 	  

	
	  
  

If the Transferee is a corporation

			
		
	Signed, sealed and delivered by	 	  

	For and on behalf of	 	

			
		
	Transferee	 	  

			
		
	Name:	 	  

			
		
	Designation:	 	  

	in the presence of
	
	  

	(Signature)

			
		
	Addresss	 	  

			
		
	Occupation	 	  

 
 

  
 NOTICE: THE SIGNATURE(S) TO THIS TRANSFER
INSTRUMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
  

					
	Signature(s) Guaranteed	 	
			
	By	 	  
	 	
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15.

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