Icagen, Inc. 2007 Executive Officer Bonus Targets Summary
This document outlines the 2007 bonus targets for Icagen, Inc.'s executive officers, including the CEO, CFO, and other senior executives. Each executive is eligible for a bonus of up to 30% of their base salary, based on the achievement of specific corporate performance objectives such as advancing development programs, increasing company visibility, meeting reporting and compliance requirements, and enhancing intellectual property. For the CEO, a portion of the bonus is also tied to individual performance goals related to strengthening management and board standards.
EXHIBIT 10.7
ICAGEN, INC.
Summary of 2007 Bonus Targets
Executive Officer 2007 Bonus Targets
| Executive Officer | Bonus Targets for 2007 | |
| P. Kay Wagoner, Ph.D., Chief Executive Officer and President | Up to 30% of base salary | |
| Richard D. Katz, M.D., Senior Vice President, Finance and Corporate Development, Chief Financial Officer and Treasurer | Up to 30% of base salary | |
| Edward P. Gray, J.D., Senior Vice President, Intellectual Property, Chief Patent Counsel and Secretary | Up to 30% of base salary | |
| Seth V. Hetherington, Senior Vice President, Clinical and Regulatory Affairs | Up to 30% of base salary | |
Target bonuses for Dr. Wagoner, Dr. Katz, Mr. Gray and Dr. Hetherington for 2007 will be based on the achievement of specified corporate performance objectives and, in the case of Dr. Wagoner, individual performance objectives. The corporate performance objectives include progression of 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 portfolio to build value in a cost-effective manner. 80% of Dr. Wagoner’s target bonus will be based on corporate performance objectives as described above and 20% of her target bonus will be based on individual performance objectives. Dr. Wagoner’s individual performance objectives include strengthening Icagen’s management team, especially in the areas of research and development and general and administrative, and assisting the Nominating/Corporate Governance Committee in the continual development of high performance standards for Icagen’s board of directors and its committees.
