Revised Compensation Arrangement for Named Executive Officers of NMT Medical, Inc.
This document outlines the 2006 compensation for NMT Medical, Inc.'s President and CEO, John E. Ahern, and Vice President and CFO, Richard E. Davis. It specifies their annual salaries, bonuses for work performed in 2005, and the number of stock options granted in 2005. The bonuses are paid according to each executive's amended and restated employment agreement with the company. The arrangement details the key financial terms for these top executives as of March 9, 2006.
Exhibit 10.42
REVISED SUMMARY OF COMPENSATION ARRANGEMENT
APPLICABLE TO THE COMPANY’S NAMED EXECUTIVE OFFICERS
As of March 9, 2006, the following represents the compensation of the executive officers of NMT Medical, Inc. (the “Company”):
| 2006 Compensation | |||||||||
| Executive Officer | Annual Salary | Bonus for Work Performed in 2005 | Shares Underlying Stock Options Granted in 2005 | ||||||
| John E. Ahern | $ | 400,000 | $ | 150,000 | (1) | 25,000 | |||
| Richard E. Davis | $ | 300,000 | $ | 100,000 | (2) | 19,000 | |||
| (1) | Mr. Ahern’s bonus was paid in accordance with the terms of that certain Amended and Restated Employment Agreement that he entered into with the Company on December 31, 2002, which is filed as an exhibit to the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 20, 2003. |
| (2) | Mr. Davis’ bonus was paid in accordance with the terms of that certain Amended and Restated Employment Agreement that he entered into with the Company on May 20, 2004, which is filed as an exhibit to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on August 10, 2004. |
