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. |
2021 Performance Bonus Payments
On January 27, 2022, the Compensation Committee (the Committee) of the Board of Directors of Eliem Therapeutics, Inc. (Eliem, or the Company) reviewed the achievement of Company and individual performance goals and other factors deemed relevant by the Committee in determining the amounts earned by Eliem’s named executive officers under its performance bonus program for 2021. The following table sets forth the 2021 performance bonuses, which will be paid during 2022:
| Name and Principal Position |
2021 Performance Bonus Award |
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| Robert Azelby President and Chief Executive Officer and Director |
$ | 330,000 | ||
| Erin M. Lavelle Chief Operating Officer/Chief Financial Officer |
$ | 222,750 | ||
| Valerie Morisset, Ph.D. Executive Vice President, Research and Development and Chief Scientific Officer |
£ | 124,913 | ||
2022 Performance Bonus Program and Salary Increases
On January 27, 2022, the Committee approved annual base salaries and target bonus percentages for Eliem’s 2022 performance bonus program for its named executive officers. The 2022 annual performance bonuses for each named executive officer, other than Mr. Azelby, will be based upon the achievement of Company performance goals and individual performance goals. Mr. Azelby’s annual performance bonus will be based solely upon the achievement of Company performance goals. The Company performance goals will be established by the Board of Directors at a later date. The individual performance goals will consist of a subjective assessment of each named executive officer’s individual contributions to Eliem. The following table sets forth the base salary and target performance bonus percentages for 2022:
| Name and Principal Position |
2022 Base Salary | 2022 Target Performance Bonus as Percentage of Base Salary |
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| Robert Azelby Chief Executive Officer and Director |
$ | 675,000 | 65 | % | ||||
| Erin M. Lavelle Chief Financial Officer |
$ | 465,750 | 45 | % | ||||
| Valerie Morisset, Ph.D. Executive Vice President, Research and Development and Chief Scientific Officer |
£ | 323,260 | 45 | % | ||||
Additional information regarding compensation of Eliem’s named executive officers, including the factors considered by the Committee in determining compensation, will be included in the proxy statement for Eliem’s 2022 Annual Meeting of Stockholders.
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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 thereunto duly authorized.
| Eliem Therapeutics, Inc. | ||||||
| Date: January 31, 2022 | By: | /s/ James B. Bucher | ||||
| James B. Bucher | ||||||
| Executive Vice President and General Counsel | ||||||
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