AGMMaterial posted on Sedar last week, including a 52 page circular. I found this of interest:
Cash Bonus Discretionary cash bonuses are part of the Corporation’s compensation program as it is believed that they can be used to help to motivate executive officers to achieve key corporate objectives by rewarding the achievement of these objectives.
Currently, cash bonuses are awarded on a discretionary basis following an evaluation of the corporate performance factors. In early 2015, the Governance and Compensation Committee and the Board reviewed and approved the proposed 2015 bonus targets, as a percentage of base salary, approving up to 50% for the CEO, up to 40% for the CFO and up to 30% for the VP Engineering and VP Operations (which were the same as the bonus targets for the prior year). Following the completion of the year and the assessment of corporate performance, the bonus target is multiplied by the corporate performance factor for the respective year based on the Corporate Performance Scorecard and the performance criteria set out therein.
16 With respect to the CEO’s bonus for the year ended December 31, 2015, the Governance and Compensation Committee and the Board reviewed and measured the CEO’s performance against CEO’s stated goals and objectives for 2015, reflecting both the Corporate Performance Scorecard and individual performance goals, and also incorporating the results of the confidential CEO Feedback Instrument. Discretionary and conditional cash bonuses for the year ended December 31, 2015 were determined by the Board in March 2016.
For the NEOs, the aggregate conditional bonus amounts were $160,000 representing 17.7% of their base salaries. See “NEO Compensation - Summary Compensation Table”. The bonus amounts reflected a corporate performance factor at the 54% level, which is a weighted average score of measurable targets and the discretionary components of the scorecard. However, payment of these bonus amounts was deferred and is conditional and will only be made if certain corporate milestone events are accomplished in 2016. If such milestone events are not achieved by September 1, 2016, no bonus amounts will be paid.