BioSante Pharmaceuticals Executive Officer Compensation Arrangements Summary
BioSante Pharmaceuticals, Inc. has outlined compensation arrangements for its executive officers, including Stephen M. Simes, Phillip B. Donenberg, and Steven J. Bell, Ph.D. The agreements specify base salaries, annual bonuses, and eligibility for stock options at the discretion of the Compensation Committee. Executives may participate in the company's 401(k) plan, with BioSante matching 50% of their contributions. Additional benefits include health, dental, and life insurance, auto allowances, and, for Mr. Simes, reimbursement for certain insurance premiums and related taxes. These arrangements are subject to oral amendments and additional agreements.
Exhibit 10.33
BIOSANTE PHARMACEUTICALS, INC.
DESCRIPTION OF EXECUTIVE OFFICER
COMPENSATION ARRANGEMENTS
BioSante Pharmaceuticals, Inc. has entered into employment agreements with each of its executive officers, copies of which agreements have been filed with the Securities and Exchange Commission, as exhibits to BioSante’s annual report on Form 10-K. The following is a description of oral amendments to those employment agreements or additional oral compensation arrangements between BioSante and the following executive officers of BioSante:
| Name of |
| Title |
| Base |
| Bonus |
| Stock |
| Other |
| Stephen M. Simes |
| Vice Chairman, President and Chief Executive Officer |
| $374,400 per year. |
| $60,000 for the year ended December 31, 2004 paid in January 2006. |
| Stock options to purchase shares of BioSante common stock are granted from time to time in the sole discretion of the Compensation Committee of the BioSante Board of Directors. |
| Under the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants, including executive officers, may voluntarily request that BioSante reduce pre-tax compensation by up to 100% (subject to certain special limitations) and contribute such amounts to a trust. BioSante contributed an amount equal to 50% of the amount that each participant contributed under this plan. |
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| Phillip B. Donenberg |
| Chief Financial Officer, Treasurer and Secretary |
| $208,572 per year. |
| $150,000 for the year ended December 31, 2005 paid in March 2006 and $25,500 for the year ended December 31, 2004 paid in January 2006. |
| On March 16, 2006, the Compensation Committee of the BioSante Board of Directors granted Mr. Donenberg an option to purchase 62,500 shares of BioSante common stock at an exercise price of $3.87 per share. Such option vests in three equal (or as nearly equal as possible) yearly installments, with the first installment beginning on the one-year anniversary of the date of grant. |
| Under the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants, including executive officers, may voluntarily request that BioSante reduce pre-tax compensation by up to 100% (subject to certain special limitations) and contribute such amounts to a trust. BioSante contributed an amount equal to 50% of the amount that each participant contributed under this plan. |
| Name of |
| Title |
| Base |
| Bonus |
| Stock |
| Other |
| Steven J. Bell, Ph.D. |
| Vice President, Research and Pre-Clinical Development |
| $174,720 per year. |
| $35,000 for the year ended December 31, 2005 paid in March 2006 and $16,000 for the year ended December 31, 2004 paid in January 2006. |
| Stock options to purchase shares of BioSante common stock are granted from time to time in the sole discretion of the Compensation Committee of the BioSante Board of Directors. |
| Under the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants, including executive officers, may voluntarily request that BioSante reduce pre-tax compensation by up to 100% (subject to certain special limitations) and contribute such amounts to a trust. BioSante contributed an amount equal to 50% of the amount that each participant contributed under this plan. |
