Critical Therapeutics, Inc. 2007 Maximum Annual Cash Bonus Schedule for Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Critical Therapeutics, Inc. set maximum annual cash bonuses for its executive officers for 2007, expressed as a percentage of each officer's base salary. The percentages vary by position, with the CEO eligible for up to 40% and other executives for 30–35%. The Compensation Committee can award bonuses above or below these maximums based on company and individual performance, but no executive is guaranteed a bonus.

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EX-10.45 9 b63627ctexv10w45.txt EX-10.45 MAXIMUM ANNUAL CASH BONUSES FOR EXECUTIVE OFFICERS Exhibit 10.45 CRITICAL THERAPEUTICS, INC. 2007 MAXIMUM ANNUAL CASH BONUSES FOR EXECUTIVE OFFICERS On December 19, 2006, based on the recommendation of the Compensation Committee, the independent directors of the Board of Directors established maximum annual cash bonuses for executive officers for 2007. The maximum annual cash bonus for 2007, as a percentage of 2007 annual base salary, for each executive officer is as follows:
2007 MAXIMUM NAME POSITION ANNUAL CASH BONUS - -------------------------- ------------------------------------------------------------ ----------------- Frank E. Thomas President and Chief Executive Officer 40% Trevor Phillips, Ph.D. Senior Vice President of Operations and Chief Operating Officer 35% Dana Hilt, M.D. Senior Vice President of Clinical Development and Chief Medical Officer 30% Scott B. Townsend, Esq. Vice President of Legal Affairs, General Counsel and Secretary 30% Jeffrey E. Young Vice President of Finance, Chief Accounting Officer and Treasurer 30%
The Compensation Committee may make actual cash bonus awards that may be greater or less than the annual maximum cash bonus based on overall corporate performance and individual performance. None of the executive officers is guaranteed any annual cash bonus.