Critical Therapeutics, Inc. 2007 Executive Officer Cash Bonus Approval

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Critical Therapeutics, Inc. approved annual cash bonuses for its executive officers for the 2007 fiscal year. The bonuses, determined by the Compensation Committee and approved by the independent directors, were awarded to the company's President and CEO, COO, CFO, General Counsel, and Chief Accounting Officer. The agreement specifies the bonus amounts for each executive, reflecting their roles and contributions during the year.

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EX-10.53 2 b68132ctexv10w53.htm EX-10.53 CRITICAL THERAPEUTICS, INC. 2007 CASH BONUSES FOR EXECUTIVE OFFICERS exv10w53  

EXHIBIT 10.53
CRITICAL THERAPEUTICS, INC.
2007 CASH BONUSES FOR EXECUTIVE OFFICERS
     Under the employment agreements that Critical Therapeutics, Inc. (the “Company”) has entered into with its executive officers, each executive officer is eligible for an annual cash bonus payment in an amount determined by the Compensation Committee of the Board of Directors. On November 5, 2007, based on the recommendation of the Compensation Committee, the independent directors of the Board of Directors approved bonus payments for each executive officer as follows in respect to the Company’s 2007 fiscal year:
             
        Annual Cash Bonus
Name   Position   Amount
Frank E. Thomas
   President and Chief Executive Officer   $ 138,000  
 
            
Trevor Phillips, Ph.D.
   Chief Operating Officer and Senior Vice President of Operations   $ 157,500  
 
            
Thomas P. Kelly
   Chief Financial Officer and Senior Vice President of Finance and Corporate Development   $ 30,000  
 
            
Scott B. Townsend, Esq.
   General Counsel, Senior Vice President of Legal Affairs and Secretary   $ 73,500  
 
            
Jeffrey E. Young
   Chief Accounting Officer, Vice President of Finance and Treasurer   $ 43,875