Achievement at less than the minimum level determined by the Compensation Committee will result in no bonus being earned for that particular goal or for the Individual Objectives as determined by the Compensation Committee. The Compensation Committee will determine, in its discretion, the level of achievement of the goals identified below and the overall achievement of the Individual Objectives, with a multiplier of 0.7x at a minimum level of achievement, 1x at a target level of achievement and 1.5x at a maximum level of achievement. The “Fourth Quarter Addendum” is intended to be additive to the calculation but shall not change the target level of achievement for the Company Objectives for the year, which collectively remains at 100%. With respect to the Company Objectives, the Compensation Committee shall have the authority to determine whether (and by what amount) the actual result used to calculate the achievement of a Measure of the “2021 Company Objectives” and the “Fourth Quarter Addendum” should be adjusted to account for extraordinary events or circumstances (including, without limitation, overall financial market performance factors relative to assumptions used in establishing target Measures), or should otherwise be adjusted in order to be consistent with the purpose or intent of the 2021 annual performance bonus program. Each Measure 1-3 of the “2021 Company Objectives” must achieve at least 50% level for any bonus amount to be earned under Company Objectives. Each Measure 1-3 will be determined by the Committee. Portion of bonus attributable to Company Objectives is weighted as follows: 40% Innovation (Measure 1), 20% Cash Balance (Measure 2) and 40% Collaboration (Measure 3). Additionally, all bonuses are subject to “clawback” to the extent required or permitted by law. A participant in the 2021 annual bonus program must be employed by Calyxt as of Decemand as of the payment date in order to receive any bonus under the 2021 annual bonus program unless otherwise provided in a written agreement between Calyxt and the participant. The maximum bonus that may be earned will not exceed 1.5x target level bonus, even if actual performance exceeds the maximum level for any or all performance goals. Annual Incentive Payment Criteria – In Respect of Fiscal Year 2021Ĭompany Objectives – Revised September 2021īonus at target (100%) level of achievement of Company Objectives and Individual Objectives is a percentage of base salary to be determined by the Compensation Committee of the Board of Directors (the “Committee”).
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