Ex-10.55 Critical Therapeutics, Inc. Maximum Annual Cash Bonuses for Executive Officers

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	%

     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.