Icagen, Inc. 2008 Executive Officer Bonus Targets Summary
This document outlines the 2008 bonus targets for executive officers of Icagen, Inc. The Chief Executive Officer may receive a bonus of up to 50% of base salary, while other named executives may receive up to 40%. Bonuses are contingent on meeting specific corporate performance objectives, such as advancing research and development, increasing company visibility, achieving business goals, fulfilling reporting and compliance duties, and enhancing intellectual property and company value.
EXHIBIT 10.7
ICAGEN, INC.
Summary of 2008 Bonus Targets
Executive Officer 2008 Bonus Targets
| Executive Officer | Bonus Targets for 2008 | |
| P. Kay Wagoner, Ph.D., Chief Executive Officer and President | Up to 50% of base salary | |
| Richard D. Katz, M.D., Senior Vice President, Finance and Corporate Development, Chief Financial Officer and Treasurer | Up to 40% of base salary | |
| Edward P. Gray, J.D., Senior Vice President, Intellectual Property, Chief Patent Counsel and Secretary | Up to 40% of base salary | |
| Seth V. Hetherington, Senior Vice President, Clinical and Regulatory Affairs | Up to 40% of base salary |
Target bonuses for Dr. Wagoner, Dr. Katz, Mr. Gray and Dr. Hetherington for 2008 will be based on the achievement of specified corporate performance objectives. The corporate performance objectives include progression of research, preclinical and clinical development programs; increasing awareness of Icagen within the investment community; achievement of corporate and business development objectives; timely, effective and efficient completion of public company reporting obligations; completing and maintaining policies and procedures for internal controls and compliance obligations; and further developing the Company’s intellectual property, technology portfolio, advisory panel and publication strategy in order to retain and build value.
