Exhibit 10.26

 

FIRST HORIZON PHARMACEUTICAL CORPORATION

 

EXECUTIVE OFFICERS’ COMPENSATION FOR 2005 AND 2006

 

SUMMARY SHEET

 

Name

 

Position (2)

 

Year

 

Base Salary

 

Targeted Bonus

 

 

 

 

 

 

 

 

 

 

 

Patrick P. Fourteau

 

Chief Executive Officer and President

 

2005

 

$

 285,000

 

$

 242,250

 

 

 

 

 

2006

 

$

 325,000

 

$

 325,000

 

 

 

 

 

 

 

 

 

 

 

Darrell Borne

 

Chief Financial Officer, Secretary and Treasurer

 

2005

 

$

 200,000

 

$

 120,000

 

 

 

 

 

2006

 

$

 240,000

 

$

 144,000

 

 

 

 

 

 

 

 

 

 

 

Sam Gibbons

 

Vice President of Sales

 

2005

 

$

 180,000

 

$

 90,000

 

 

 

 

 

2006

 

$

 188,000

 

$

 94,000

 

 

 

 

 

 

 

 

 

 

 

Michael Mavrogordato

 

Vice President of Global Business Development

 

2005

 

$

 150,000

 

$

 75,000

 

 

 

 

 

2006

 

$

 165,000

 

$

 82,500

 

 

 

 

 

 

 

 

 

 

 

Leslie Zacks

 

Vice President of Legal and Human Resources

 

2005

 

$

 180,000

 

$

 90,000

 

 

 

 

 

2006

 

$

 205,000

 

$

 102,500

 

 

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(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.

 

1

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