Document:

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.EXHIBIT
10.5

 

11099 N. Torrey Pines
Road

La Jolla, CA  92037

Telephone:  858-646-8300

Facsimile:   858-404-0750

 

February 20, 2002

 

Antony E. Rogers

327 N. Vulcan

Encinitas, CA 92024

 

Telephone:  (760) 436-0307

 

Dear Antony:

 

It is my pleasure to
provide you with this letter, a formal offer, setting forth the principal terms
for you to join Senomyx, Inc., a Delaware corporation (the “Company”),
which is located in La Jolla, California.

 

	
  Position:

  	
   

  	
  Director, Finance and
  Administration. You will report to Paul Grayson, Chairman of the Board of
  Directors, CEO and President.

  
	
   

  	
   

  	
   

  
	
  Compensation:

  	
   

  	
  Monthly compensation
  will be $10,416.67 per month, minus standard deductions and withholdings.

  
	
   

  	
   

  	
   

  
	
  Equity:

  	
   

  	
  Subject to approval by
  the Company’s Board of Directors and pursuant to the terms of a separate
  Stock Option Agreement and the Company’s Equity Incentive Plan, the Company
  will grant to you at fair market value on your first day of employment,
  32,000 shares (the “Shares”) of the common stock of the Company. Assuming
  your continuous employment, the Shares will vest according to the following
  schedule: (i) twenty five percent (25%) of the total (8,000 shares) will
  vest upon the first anniversary of the commencement of your employment with
  the Company; (ii) one forty-eighth (1/48) of the total (approximately
  666

  

 

1

 

	
   

  	
   

  	
  shares) will vest
  ratably on a monthly basis beginning at the end of the one year and will
  continue to vest over a three year period.

  
	
   

  	
   

  	
   

  
	
  Benefits:

  	
   

  	
  You will be eligible to
  participate in the Company’s medical and dental benefit plans, as well as its
  401(k) plan subject to the terms of the plans. Details about these
  benefit plans are available for your review. The Company may modify
  compensation and benefits from time to time as it deems necessary.

  
	
   

  	
   

  	
   

  
	
  Paid Time Off:

  	
   

  	
  You will be entitled to
  17 days per year of paid time off.

  
	
   

  	
   

  	
   

  
	
  Employment

  	
   

  	
   

  
	
  At Will:

  	
   

  	
  Your employment with
  the Company is not for a guaranteed or definite period of time. Your
  employment will be at will, which means it may be terminated at any time by
  you or the Company with or without cause or advance notice.

  
	
   

  	
   

  	
   

  
	
  Employee

  	
   

  	
   

  
	
  Handbook:

  	
   

  	
  As a Company employee,
  you will be expected to abide by Company rules and regulations and
  acknowledge in writing that you have read the Company’s Employee Handbook
  which will govern the terms and conditions of your employment. The Company’s
  Employee Handbook may be modified from time to time at the sole discretion of
  the Company.

  
	
   

  	
   

  	
   

  
	
  Proprietary

  	
   

  	
   

  
	
  Information and

  	
   

  	
   

  
	
  Inventions

  	
   

  	
   

  
	
  Agreement:

  	
   

  	
  As a condition of
  employment, you will be required to sign and comply with the attached
  Proprietary Information and Inventions Agreement which prohibits unauthorized
  use or disclosure of the Company’s proprietary information.

  
	
   

  	
   

  	
   

  
	
  Confidential

  	
   

  	
   

  
	
  Information:

  	
   

  	
  In your work for the
  Company, you will be expected not to use or disclose any confidential
  information, including trade secrets, of any former employer or other person
  to whom you have an obligation of confidentiality. Rather, you will be
  expected to use only that information which is generally known and used by
  persons with training and experience comparable to your own, which is common
  knowledge in the industry or otherwise legally in the public domain, or which
  is otherwise provided or developed by the Company. During our discussions
  about your proposed job duties, you assured us that you would be able to
  perform those duties within the guidelines just described.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You agree that you will
  not bring onto Company premises any unpublished documents or property
  belonging to any former employer or other person to whom you have an
  obligation of confidentiality.

  

 

2

 

	
  Working Hours:

  	
   

  	
  Normal working hours
  are from 8:00 a.m. to 5:00 p.m., Monday through Friday.

  
	
   

  	
   

  	
   

  
	
  Entire Agreement:

  	
   

  	
  This letter, together
  with your Proprietary Information and Inventions Agreement and the Employee
  Handbook, forms the complete and exclusive statement of the terms of your
  employment with the Company. The employment terms in this letter supersede
  any other agreements or promises made to you by anyone, whether oral or
  written.

  
	
   

  	
   

  	
   

  
	
  Start Date:

  	
   

  	
  February 25, 2005,
  or at another mutually agreeable date. This offer is subject to proof of
  United States Citizenship or other proof of employability in the United
  States if not accepted by February 25, 2002, it will lapse.

  

 

We are excited about
Senomyx’s prospects for success, and anticipate that your contribution will
substantially enhance our progress.  I
look forward to your joining the Company, and to working with you as we develop
our business.

 

Sincerely,

 

	
  /S/ PAUL A. GRAYSON

  	
   

  
	
   

  	
   

  
	
  Paul A. Grayson

  	
   

  
	
  President and Chief
  Executive Officer

  	
   

  

 

SIGNED AND AGREED TO:

 

 

	
  /S/ ANTONY E. ROGERS

  	
   

  
	
  FEBRUARY 25, 2002

  	
   

  
	
  (Date)

  	
   

  

 

	
  cc:

  	
  Jean J. Lockhart

  
	
   

  	
  Mark Zoller

  
	
   

  	
  Klaus Gubernator

  

 

Exhibit A — Employee
Proprietary Information and Inventions Agreement

 

3

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