Exhibit 10.19

 

AEROGEN, INC.

 

SUMMARY OF TERMS OF

MANAGEMENT INCENTIVE PLAN

 

I.

Purpose — Retain and motivate key employees of Aerogen in order to maximize
Aerogen’s ability to sustain and enhance shareholder value, either through
strategic transactions, restructuring of Aerogen’s business, or the generation
of considerable sources of capital.

 

 

II.

Eligible Participants — Executive officers and others as may be designated by
the Board of Directors.

 

 

III.

Incentive Payment — Each participant in the Management Incentive Plan shall be
eligible for an incentive bonus of between approximately twenty and forty
percent of such participant’s current base annual salary to be paid upon the
earliest of: (i) the closing of a strategic transaction of a type approved by
the Board of Directors; (ii) a liquidation of the Company; or (iii) March 31,
2006. In addition, the Board of Directors may implement the payment of bonuses
under the Incentive Plan within its sole discretion at any time.

 

--------------------------------------------------------------------------------