Title
1.1 EXHIBIT 10.5
Executive Officer Compensation Arrangements (2004 Bonuses and 2005 Salaries and Bonus Targets)
The following summarizes the compensation arrangements established between NeuroMetrix, Inc. (the “Company”) and the executive officers through verbal agreements.
On March 11, 2005, the Compensation Committee of the Board of Directors of the Company determined the following compensation information for certain executive officers of the Company: (1) cash bonus awards for 2004, (2) base salary levels for 2005 and (3) target cash bonuses for 2005. This compensation information is as follows:
| Name |
| Title |
| 2004 Bonus |
| 2005 Salary |
| 2005 Target |
| |||
| Shai N. Gozani, M.D., Ph.D. |
| Chairman, President and Chief Executive Officer |
| $ | 125,000 |
| $ | 250,000 |
| $ | 125,000 |
|
| Gary Gregory |
| Chief Operating Officer |
| $ | 105,000 |
| $ | 235,000 |
| $ | 117,500 |
|
| W. Bradford Smith |
| Chief Financial Officer |
| N/A |
| $ | 220,000 |
| $ | 66,000 |
| |
| Nicholas J. Alessi |
| Director of Finance and Treasurer |
| $ | 10,925 |
| $ | 114,713 |
| N/A | (2) | |
| Guy Daniello |
| Senior Vice President of Information Technology |
| $ | 29,547 |
| $ | 165,375 |
| $ | 33,075 |
|
| Michael Williams |
| Senior Vice President of Engineering |
| $ | 56,640 |
| $ | 176,400 |
| $ | 35,280 |
|
(1) The award of cash bonuses in 2005 will be determined by the Compensation Committee based on the executive officer’s and the Company’s achievement of a number of objective and subjective goals specifically established for each executive officer by the Compensation Committee.
(2) As of March 11, 2005, Nicholas J. Alessi was no longer deemed to be an executive officer of the Company.
