Critical Therapeutics, Inc. 2008 Executive Officer Annual Target Cash Bonus Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Critical Therapeutics, Inc. set annual target cash bonuses for its executive officers for 2008, based on a percentage of each officer's annual base salary. The plan covers several executives, including the President and CEO, with targets ranging from 30% to 40%. The Compensation Committee may adjust actual bonus amounts based on company and individual performance, and no executive is guaranteed a bonus. The agreement also reflects changes in executive roles, including the appointment of Trevor Phillips, Ph.D. as President and CEO effective April 1, 2008.

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EX-10.55 4 b68132ctexv10w55.htm EX-10.55 CRITICAL THERAPEUTICS, INC. MAXIMUM ANNUAL CASH BONUSES FOR EXECUTIVE OFFICERS exv10w55  

EXHIBIT 10.55
CRITICAL THERAPEUTICS, INC.
ANNUAL TARGET CASH BONUSES FOR EXECUTIVE OFFICERS
     On November 5, 2007, based on the recommendation of the Compensation Committee of the Board of Directors of Critical Therapeutics, Inc. (the “Company”), the independent directors of the Board of Directors established annual target cash bonuses for executive officers for 2008. In addition, in connection with the appointment of Trevor Phillips, Ph.D. as President and Chief Executive Officer effective April 1, 2008, the Company and Dr. Phillips entered into an amended and restated employment agreement that provides for an increase in Dr. Phillips’ annual target cash bonus. The current annual target cash bonus for 2008, as a percentage of 2008 annual base salary, for each executive officer is as follows:
             
Name   Position   Bonus Target %
Frank E. Thomas*
   President and Chief Executive Officer     40 %
 
            
Trevor Phillips, Ph.D.*
   Chief Operating Officer and Senior Vice President of Operations     40 %
 
            
Thomas P. Kelly
   Chief Financial Officer and Senior Vice President of Finance and Corporate Development     30 %
 
            
Scott B. Townsend, Esq.
   General Counsel, Senior Vice President of Legal Affairs and Secretary     30 %
 
            
Jeffrey E. Young
   Chief Accounting Officer, Vice President of Finance and Treasurer     30 %
 
*   On March 2, 2008, Frank E. Thomas resigned as President and Chief Executive Officer effective March 31, 2008. On March 4, 2008, the Company announced that the Board of Directors appointed Trevor Phillips, Ph.D. as President and Chief Executive Officer of the Company effective April 1, 2008.
     The Compensation Committee may make actual cash bonus awards that may be greater or less than the annual target cash bonus based on overall corporate performance and individual performance. None of the executive officers is guaranteed any annual cash bonus.