First Horizon Pharmaceutical Corporation Executive Officers’ Compensation Summary for 2005 and 2006
This document outlines the base salaries and targeted bonuses for executive officers of First Horizon Pharmaceutical Corporation for 2005 and 2006. It lists compensation details for the CEO, CFO, and other key executives, including information on stock options and restricted share grants. The targeted bonuses are discretionary, and stock options vest annually or immediately upon termination without cause or a change of control. The summary provides a clear overview of executive compensation and related equity awards for the specified years.
Exhibit 10.26
FIRST HORIZON PHARMACEUTICAL CORPORATION
EXECUTIVE OFFICERS’ COMPENSATION FOR 2005 AND 2006
SUMMARY SHEET
| Name |
| Position (2) |
| Year |
| Base Salary |
| Targeted Bonus |
| ||
|
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| Patrick P. Fourteau |
| Chief Executive Officer and President |
| 2005 |
| $ | 285,000 |
| $ | 242,250 |
|
|
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|
|
| 2006 |
| $ | 325,000 |
| $ | 325,000 |
|
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| Darrell Borne |
| Chief Financial Officer, Secretary and Treasurer |
| 2005 |
| $ | 200,000 |
| $ | 120,000 |
|
|
|
|
|
| 2006 |
| $ | 240,000 |
| $ | 144,000 |
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| Sam Gibbons |
| Vice President of Sales |
| 2005 |
| $ | 180,000 |
| $ | 90,000 |
|
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|
| 2006 |
| $ | 188,000 |
| $ | 94,000 |
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| Michael Mavrogordato |
| Vice President of Global Business Development |
| 2005 |
| $ | 150,000 |
| $ | 75,000 |
|
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|
| 2006 |
| $ | 165,000 |
| $ | 82,500 |
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| Leslie Zacks |
| Vice President of Legal and Human Resources |
| 2005 |
| $ | 180,000 |
| $ | 90,000 |
|
|
|
|
|
| 2006 |
| $ | 205,000 |
| $ | 102,500 |
|
(1) The target bonus is discretionary and actual amounts paid may be more or less. There is no stated maximum bonus. In 2005, Fourteau, Borne, Gibbons, Mavrogordato, and Zacks were paid bonuses of $273,600, $135,600, 90,000, $75,000, $90,000, respectively.
(2) All executives have been granted stock options by the Company. The options vest under the Company’s annual vesting policy of 25% per annum.Executive stock options will vest immediately if they are terminated without cause or if the Company undergoes a change of control. As of December 31, 2005, Fourteau, Borne, Gibbons, Mavrogordato, and Zacks had outstanding options, vested and unvested, of 685,000, 147,500, 80,000, 55,000 and 50,000, respectively. In 2005, restricted shares were granted to Fourteau, Borne, Gibbons, Mavrogordato and Zacks of 200,000, 150,000, 25,000, 40,000, and 25,000, respectively.
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