UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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. |
(e) Compensatory Arrangements of Principal Executive Officer, Principal Financial Officer and Named Executive Officers
2022 Base Salary and Target Bonus Information
On February 25, 2022, the Compensation Committee of the Board of Directors (the “Committee”) of Cytek Biosciences, Inc. (the “Company”) approved (i) annual base salaries for fiscal year 2022 and (iii) target performance bonus percentages for fiscal year 2022, for the Company’s executive officers as set forth below. The base salaries for fiscal year 2022 are effective as of February 16, 2022 and the target performance bonus amounts for fiscal year 2022 are expressed as a percentage of the corresponding 2022 base salary.
The following table sets forth the amounts approved by the Committee for each of the Company’s named executive officers:
| Name |
2022 Base Salary |
2022 Target Bonus Percentage |
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| Wenbin Jiang, Ph.D. President and Chief Executive Officer |
$ | 545,000 | 80 | % | ||||
| Ming Yan, Ph.D. Chief Technology Officer |
$ | 400,000 | 50 | % | ||||
| Patrik Jeanmonod Chief Financial Officer |
$ | 385,000 | 50 | % | ||||
The cash bonuses for the named executive officers will be primarily based on the achievement of the 2022 corporate goals, as determined by the Board of Directors of the Company on December 15, 2021 (the “2022 Bonus Program”). The Company’s 2022 corporate goals include a revenue target (“Revenue Target”) and EBITDA target (“EBITDA Target”) with a weighting of 80% and 20%, respectively. The 2022 Bonus Program will be funded based upon achievement of the targets only if the Company achieves a specified percentage of the Revenue Target and the bonus pool will not be funded with respect to achievement of the EBITDA Target unless the Company achieves a specified percentage of the EBITDA Target. The executive officers’ actual bonuses for fiscal year 2022 may exceed 100% of his 2022 target bonus percentage in the event performance exceeds the predetermined goals and/or upon the achievement of other goals. Individual payouts may also be adjusted based on the Committee’s assessment of the officer’s respective individual achievement and performance rating. Payment of bonuses to the Company’s executive officers under the 2022 Bonus Program and the actual amount of such bonus, if any, are at the discretion of the Committee.
Equity Award Grant Information
On February 25, 2022 the Committee also approved equity awards under the Company’s 2021 Equity Incentive Plan (the “Plan”) to the Company’s executive officers as set forth below.
| Name |
Stock Options |
Restricted Stock Units |
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| Wenbin Jiang, Ph.D. President and Chief Executive Officer |
163,158 | 108,137 | ||||||
| Ming Yan, Ph.D. Chief Technology Officer |
47,841 | 31,708 | ||||||
| Patrik Jeanmonod Chief Financial Officer |
42,310 | 28,042 | ||||||
The above restricted stock unit (“RSU”) grants were effective as of February 28, 2022 and vest over four years with 4/48 of the total shares underlying the RSU grant vesting on May 18, 2022, and 3/48 of the total shares underlying the RSU grant vesting each subsequent quarter thereafter on the prescheduled vest dates of August 18, November 18, February 18 and May 18. The above stock option grants were effective as of February 28, 2022, with an exercise price equal to $13.64, the closing price of the Company’s common stock on that date, and ratably vest monthly over four years commencing on January 1, 2022. The vesting of the RSUs and stock options described above is contingent upon the executive officer’s continuous service, as defined in the Plan, on each vesting date. The stock options will terminate after 10 years, or earlier if the executive officer ceases to provide services to the Company.
2021 Bonus Payments
On February 28, 2022, the Committee approved cash bonuses with respect to performance for fiscal year 2021. The following table sets forth the amounts approved by the Committee for each of the Company’s named executive officers:
| Name |
2021 Cash Bonus | |||
| Wenbin Jiang, Ph.D. President and Chief Executive Officer |
$ | 163,687 | ||
| Ming Yan, Ph.D. Chief Technology Officer |
$ | 134,451 | ||
| Patrik Jeanmonod Chief Financial Officer |
$ | 106,492 | ||
SIGNATURES
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.
| Cytek Biosciences, Inc. | ||||||
| Date: March 2, 2022 | By: | /s/ Wenbin Jiang, Ph.D. | ||||
| Wenbin Jiang, Ph.D. President and Chief Executive Officer | ||||||