Sciele Pharma, Inc. 2006 Executive Compensation Summary Sheet
This document outlines the 2006 and 2007 base salaries and targeted bonuses for key executives at Sciele Pharma, Inc., including the President, CFO, and other senior officers. It also details the discretionary nature of bonuses, actual bonus amounts paid in 2006, and information about restricted share and stock option grants. The agreement summarizes compensation terms, vesting schedules for restricted shares, and incentive-based awards for the company's top executives.
Exhibit 10.26
SCIELE PHARMA, INC.
EXECUTIVES’ COMPENATION FOR 2006 SUMMARY SHEET
| Name |
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| Position (2) |
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| Year |
| Base Salary |
| Targeted Bonus |
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| Patrick Fourteau |
| President and Chief Executive Officer |
| 2006 |
| $ | 325,000 |
| $ | 325,000 |
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| 2007 |
| $ | 375,000 |
| $ | 375,000 |
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| Darrell Borne |
| Executive Vice President, Chief Financial Officer, |
| 2006 |
| $ | 240,000 |
| $ | 144,000 |
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| Secretary and Treasurer |
| 2007 |
| $ | 280,000 |
| $ | 210,000 |
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| Ed Schutter |
| Executive Vice President & Chief Commercial Officer |
| 2006 |
| $ | 249,600 |
| $ | 156,000 |
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| 2007 |
| $ | 280,000 |
| $ | 168,000 |
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| Larry Dillaha |
| Chief Medical Officer |
| 2006 |
| $ | 230,000 |
| $ | 115,000 |
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| 2007 |
| $ | 240,000 |
| $ | 120,000 |
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| Leslie Zacks |
| Vice President of Legal and Compliance |
| 2006 |
| $ | 205,000 |
| $ | 102,500 |
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| 2007 |
| $ | 230,000 |
| $ | 115,000 |
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(1) The target bonus is discretionary and actual amounts paid may be more or less. In 2006, Forteau, Borne, Schutter, Dillaha, and Zacks were paid bonuses of $342,875, $177,360, $117,000, $97,250 and $102,500, respectively.
(2) All executives have been granted Restricted Shares by the Company. The Restricted Shares vest under the Company’s annual vesting policy of 25% annum unless granted under an incentive based award plan. As of December 31, 2006, Fourteau, Borne, Schutter, Dillaha, and Zacks had vested and unvested shares of 375,000, 240,000, 65,000, 54,000 and 55,000, respectively. In 2006, stock options were granted to Fourteau and Borne of 75,000 and 40,000, respectively.
