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This excerpt taken from the EBS DEF 14A filed Apr 3, 2009. Employment
Agreements
Dr. Lockhart has an employment agreement with us that
provides for his employment as Senior Vice President, Product
Development. The agreement currently provides for an annual base
salary of £170,765. Dr. Lockhart is eligible to
receive a discretionary annual cash bonuses in an amount
reviewed and approved by the compensation committee based on a
target percentage of his annual base salary. The target
percentage for Dr. Lockhart is currently 40%. Provided that
Dr. Lockhart makes a monthly contribution equal to 2.5% of
his salary to a qualified personal pension plan, Emergent will
contribute an amount equal to 10% of his salary to such plan,
subject to limits that may be imposed by U.K. HM
Revenue & Customs. Pursuant to the agreement,
Dr. Lockhart is entitled to receive employee benefits made
available to other employees and officers. Pursuant to the
agreement, Dr. Lockhart is eligible for severance benefits
as set forth in “— Payments Upon Termination or
Change of Control.” Either party may terminate the
agreement on six months’ notice.
None of our other named executive officers has a written
employment agreement with us. Each of our named executive
officers other than Dr. Lockhart is eligible for severance
benefits pursuant to our severance plan and termination
protection program as set forth in “— Payments
Upon Termination or Change of Control.”
On an annual basis, the compensation committee determines salary
increases, cash bonus amounts and stock option awards for our
executive officers. In addition, the compensation committee
determines target annual cash bonuses as a percentage of each
executive officer’s annual base salary. We do not have any
formal or informal policy or target for the amount of executive
salary and bonus in proportion to total compensation.
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