base salary. Consistent with this arrangement, in January 2022, the Board approved a 2021 bonus for Mr. Thero in the amount of $536,738
Joseph T. Kennedy, former Executive Vice President, General Counsel and Strategic Initiatives, Secretary
For Mr. Kennedy, pursuant to and conditioned upon Mr. Kennedys compliance with his separation agreement, Mr. Kennedy was eligible for a
2021 annual bonus, calculated on a pro rata basis based on his 2021 service and subject to the achievement of our Boards approved corporate goals, with such bonus targeted at 50% of his base salary. Consistent with this arrangement, in January
2022, the Board approved a 2021 bonus amount for Mr. Kennedy in the amount of $216,824.
Special Incentive Bonus Programs
From time to time, the Remuneration Committee establishes special bonus programs to incentivize individual performance toward goals that are judged by the
Remuneration Committee as important for corporate progress, very difficult to achieve, and of significant shareholder value if achieved or to reward exceptional achievement.
At the time that it approved annual bonuses for 2021, the Remuneration Committee approved an additional bonus of $50,000 for Mr. Mikhail for his
significant achievements during 2021, including a smooth transition following Mr. Theros retirement, his vision and strategy, his leadership with the
Go-To-Market strategy development, successes in driving progress in Europe, building out the management team and driving a performance-driven culture focused on
meritocracy.
In December 2021, the Remuneration Committee approved a special retention bonus award for Dr. Ketchum in the amount of $25,000, in
recognition of his undertaking additional business development responsibilities, and his performance with respect to such responsibilities.
Equity
Compensation
Overview
Stock Options and
Restricted Stock Units. As an important component of our compensation program, executive officers are eligible to receive equity compensation, which has historically been in the form of stock options, restricted stock units and performance-based
restricted stock units. The Remuneration Committee grants stock options and restricted stock units (both time-based and performance-based) to executive officers to aid in their retention, to motivate them to assist with the achievement of both
near-term and long-term corporate objectives and to align their interests with those of our shareholders by creating a return tied to the performance of our stock price. In determining the form, date of issuance and value of a grant, the
Remuneration Committee considers the contributions and responsibilities of each executive officer, appropriate incentives for the achievement of our long-term growth, the size and value of grants made to other executives at peer companies holding
comparable positions, individual achievement of designated performance goals, and the Companys overall performance relative to corporate objectives.
We believe that equity awards, through stock options and restricted stock units, align the objectives of management with those of our shareholders with
respect to long-term performance and success. We believe that equity awards serve as useful performance-recognition mechanisms with respect to key employees, as most awards are subject to time-based vesting provisions. Stock options are typically
awarded to executive officers upon their hiring. We believe that such equity awards encourage executive officers to remain with the Company and also focus on our long-term performance as well as the achievement of specific performance goals.
Equity Award Grant Policy. We have an equity award grant policy that formalizes our process for granting equity-based awards to officers and employees. Under
our equity award grant policy, all grants to executive officers must
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