Target Date

EX-10.3 4 dex103.htm DESCRIPTION OF PERFORMANCE OBJECTIVES Description of Performance Objectives

Exhibit 10.3

Description of Performance Objectives for Accelerated Vesting of Incentive Stock Options Granted to Samuel K. Ackerman, M.D.


Vesting Criteria	Target Date	No. of Options
Raise $25 million equity*	Q1 2006	100,000
Close PA-457 partnership	Q1 2006	100,000
Initiate PA-457 Phase 2b	Q1 2006	75,000
Establish coverage by 2 analysts	Q1 2006	55,000
First product enters pivotal clinical studies	Q1 2007	100,000

		430,000

*At $4.00 minimum share price or sufficient to fund PA-457 through Phase 2b

Full vesting of all performance-based options to occur April 2010 unless above target dates are met.