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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 10, 2022, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Icosavax, Inc. (the “Company”) adopted an annual incentive plan (the “Plan”) under which the Company’s employees, including the Company’s executive officers listed below, are eligible to receive annual cash bonus payments. The Plan provides for annual cash bonus opportunities and payouts based on the achievement of specific, pre-established corporate performance objectives and, for certain participants, based in part on individual performance. The Committee will establish the corporate performance objectives each year. An employee’s maximum bonus under the Plan may not exceed 200% of his or her target bonus, unless otherwise determined by the Committee (or the Company’s Chief Executive Officer, for non-executive employees).
An employee’s target bonus and the weightings between corporate and individual achievement will be determined by the Committee (or the Company’s Chief Executive Officer, for non-executive employees) for each year during the term of the Plan.
The current target bonus percentages for the Company’s executive officers are as follows: 50% of base salary for Adam Simpson, our Chief Executive Officer, and 40% of base salary for each of Douglas Holtzman, Ph.D., M.P.H., our Chief Scientific Officer, Niranjan Kanesa-thasan, M.D., M.T.M.H., our Chief Medical Officer, Thomas Russo, the Chief Financial Officer, Cassia Cearley, Ph.D., our Chief Business Officer, Elizabeth Bekiroğlu, our General Counsel, and Charles Richardson, Ph.D, our Senior Vice President, Technical Operations.
The foregoing description of the Plan does not purport to be complete and is qualified in its entirety by the Plan, a copy of which the Company intends to file with its Quarterly Report on Form 10-Q for the quarter ending March 31, 2022.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: February 11, 2022||By:|
|Chief Financial Officer|