NEW YORK, March 25 (GenomeWeb News) - By the end of 2005, Sequenom may have paid its non-management board members as much as $36,000 as the result of a compensation agreement recently signed by the company's board, according to documents filed with the SEC on Wednesday.
In the same document, Sequenom also outlined a 2005 bonus schedule for top management.
The company's board of directors approved on March 17 to pay its six non-management members $1,500 apiece for each "special" board meeting attended in person and $1,000 for each special meeting attended electronically, the SEC document said. Additionally, non-management board members will receive $1,000 for each special committee meeting attended personally or electronically, the document added.
Sequenom does not pay non-management directors to attend board meetings or committee meetings, the company said.
There is typically one special board meeting per year and as many as five special committee meeting per year, said a Sequenom spokesperson. Special committee meetings include audit committee, compensation committee, and nomination and governance committee meetings, she added.
Sequenom also said that its CEO and executive vice president of sales and marketing will receive as their 2005 bonuses 50 percent of their base salaries for the year. Bonuses for the chief financial officer and chief medical officer will be 35 percent of their total base salary; vice residents will receive 25 percent; and director-level employees 15 percent.
Sequenom's bonus program is based on "the achievement of total revenue and maximum cash burn targets and MassArray system sales and product launch milestones, completion of specified compliance objectives, and other criteria the disclosure of which would reveal confidential business information and plans of the registrant," the company said in the SEC filing.