EXECUTIVE COMPENSATION ARRANGEMENTS
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Human Resources
- Compensation Agreements
EX-10.52 2 a5352485ex10_52.htm EXHIBIT 10.52 Exhibit 10.52
EXHIBIT 10.52
EXECUTIVE COMPENSATION ARRANGEMENTS
Each year, the Compensation Committee of the Board of Directors considers whether to alter the base salary of our executive officers. In addition, the Compensation Committee determines whether to award our executive officers a bonus and/or a grant of restricted stock or stock options for the fiscal year, based on pre-established individual and corporate performance objectives.
Listed below are the salaries for our executive officers for fiscal 2006. Except as noted below for Harvey J. Berger, M.D., salaries for fiscal 2007 as well as bonuses and equity compensation in respect of fiscal 2006 have not yet been determined.
| 2006 | ||
| Executive Officer | Salary | |
| Harvey J. Berger, M.D. | $ 544,000 | |
| Chairman of the Board of Directors, Chief Executive Officer and President | ||
| Laurie A. Allen, Esq. | $ 309,000 | |
| Senior Vice President, Legal and Business Development, Chief Legal Officer and Secretary | ||
| David L. Berstein, Esq. | $ 309,000 | |
| Senior Vice President, Chief Patent Counsel | ||
| Timothy P. Clackson, Ph.D. | $ 309,000 | |
| Senior Vice President, Chief Scientific Officer | ||
| Edward M. Fitzgerald | $ 309,000 | |
| Senior Vice President, Finance and Corporate Operations, Chief Financial Officer and Treasurer | ||
| John D. Iuliucci, Ph.D. | $ 309,000 | |
| Senior Vice President, Chief Development Officer | ||
| Camille L. Bedrosian, M.D. | $ 309,000 | |
| Vice President, Chief Medical Officer | ||
| Richard W. Pascoe | $ 275,000 | |
| Vice President, Chief Commercial Officer | ||
On March 6, 2007, upon recommendation of the Compensation Committee, the Board approved compensation for Harvey J. Berger, M.D. Dr. Berger’s annual base salary was increased from $544,000 in the fiscal year ended December 31, 2006 to $576,000 in the fiscal year ending December 31, 2007, effective January 1, 2007. Also, Dr. Berger was awarded 64,000 shares of the Company’s common stock and options to purchase 240,000 shares of the Company’s common stock, both under the Company’s 2006 Long Term Incentive Plan. The stock options have a term of ten years, vest 25% annually over four years, and have an exercise price of $4.64 per share, the closing price per share of the Company’s common stock on March 6, 2007.
