Narrative Disclosure to Summary Compensation Table
We review compensation for our executive officers annually. The material terms of the elements of our executive compensation program for 2019 are described
below.
Our compensation committee sets base salaries and bonus targets, and grants bonuses and equity incentive awards to our executive officers. In
setting base salaries and bonus targets and granting equity incentive awards, our compensation committee considers compensation for comparable positions in the market, the historical compensation levels of our executives, individual and corporate
performance as compared to our expectations and objectives, our desire to motivate our employees to achieve short- and long-term results that are in the best interests of our stockholders, and a long-term commitment to our company. In granting
bonuses, our compensation committee considers corporate and individual performance.
As part of our annual compensation process, our president and chief
executive officer prepares performance evaluations for the other executive officers and recommends annual salary increases, annual stock option awards and cash bonuses to the compensation committee. The compensation committee conducts a performance
evaluation of our president and chief executive officer. The compensation committee consults with the board of directors as to the achievement of corporate objectives that drive compensation awards.
During its annual compensation review, our compensation committee also consults with external advisors.
In fiscal 2019, the compensation committee engaged Radford as its independent compensation consultant to provide comparative data on executive compensation
practices in our industry and assess our executives compensation relative to comparable companies.
Base Salary
We use base salaries to recognize the experience, skills, knowledge and responsibilities required of all our employees, including our named executive officers.
None of our named executive officers is currently party to an employment agreement or other agreement or arrangement that provides for automatic or scheduled increases in base salary.
In February 2018, as part of his annual performance review, Dr. Aivados annual base salary was increased to $414,000 effective January 1,
2018. In September 2018, in connection with his appointment as our president and chief executive officer, Dr. Aivados annual base salary was increased to $500,000. In February 2019, as part of his annual performance review,
Dr. Aivados annual base salary was increased to $507,400 effective as of January 1, 2019.
In February 2018, as part of his annual
performance review, Dr. Anniss annual base salary was increased to $274,420 effective January 1, 2018. In July 2018, in connection with his promotion to Vice President, Research, Dr. Anniss annual base salary was increased
to $297,500. In February 2019, as part of his annual review, Dr. Anniss base salary was increased to $325,000 effective as of January 1, 2019.
Dr. Vukovic commenced employment with us in November 2018. Pursuant to the terms of his employment offer letter, Dr. Vukovics annual base
salary was set at $405,000. Dr. Vukovic also provided consulting services to us for several months prior to commencing employment with us. Dr. Vukovics base salary for 2019 was not adjusted as part of the annual performance review.
As part of his annual performance reviews, Mr. Doughertys base salary was increased in February 2018 to $357,100, effective January 1,
2018, and increased again in February 2019 to $367,800 effective as of January 1, 2019.
Base salaries were not increased for fiscal 2020.
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