**Exhibit
          10.48**
  **SPECIALIZED
          HEALTH PRODUCTS INTERNATIONAL, INC.**
 **2008
          EXECUTIVE BONUS PLAN PROPOSAL**
 
 SHPI
          executives will be eligible to receive an annual bonus based upon the
          achievement the Company’s 2008 revenue, net income and cash flow goals.
          Executives eligible for bonus payments under the 2008 plan and target base
          bonus
          payouts for achievement of 100% of goal are shown below:
 
 **Officers**
                
                **Target
                    Bonus Payout**Jeff
                    Soinski, President & CEO
                
                40%
                    of annual salaryDon
                    Solomon, Ph.D., COO & CTO
                
                30%
                    of annual salaryPaul
                    Evans, VP, Bus. Dev. & General Counsel
                
                30%
                    of annual salaryDavid
                    Green, CFO
                
                30%
                    of annual salaryRebecca
                    Whitney, VP, Sales & Marketing
                
                30%
                    of annual salary**Management
                    Directors**Jeff
                    Jones, Sr. Director of Manufacturing & Operations
                
                25%
                    of annual salaryMark
                    Ferguson, Sr. Director of Product Development &
                
                25%
                    of annual salaryEngineeringMark
                    Nelson, Sr. Director of QA and RA
                
                25%
                    of annual salaryRiley
                    Astill, Controller
                
                20%
                    of annual salaryDave
                    Thorne, Director of Concept Development and
                
                20%
                    of annual salaryCustomer
                    Complaints
  The
          following formula related to achievement of the Company’s 2008 revenue, net
          income and cash flow goals (which shall not include capital raised through
          the
          issuance of stock or debt) as defined in the final 2008 Budget approved
          by the
          Board of Directors, will be used to calculate base bonus payout amounts
          at
          year-end 2008.
 
 **Revenue:****Achieve:**
                
                **Base
                    Bonus Payout:**<80%
                    of Goal
                
                No
                    Payout80%
                    of Goal
                
                40%
                    of Target Bonus Payout100%
                    of Goal
                
                50%
                    of Target Bonus Payout120%
                    of Goal
                
                60%
                    of Target Bonus Payout**Net
                    Income:****Achieve:**
                
                **Base
                    Bonus Payout:**<80%
                    of Goal
                
                No
                    Payout80%
                    of Goal
                
                20%
                    of Target Bonus Payout100%
                    of Goal
                
                25%
                    of Target Bonus Payout120%
                    of Goal
                
                30%
                    of Target Bonus Payout**Cash
                    Balance at December 31:****Achieve:**
                
                **Base
                    Bonus Payout:**<80%
                    of Goal
                
                No
                    Payout80%
                    of Goal
                
                20%
                    of Target Bonus Payout100%
                    of Goal
                
                25%
                    of Target Bonus Payout120%
                    of Goal
                
                30%
                    of Target Bonus Payout
 
 Base
          bonus payout amounts will be calculated on a pro rata basis for performance
          between 80-120% of goal. For example, achievement of 90% of revenue goal
          would
          relate to a potential base bonus payout of 45% of Target Bonus
          Payment.
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  **Calculation
          of Bonus Payout Adjusted for Achievement of Individual
          Objectives**
 
 Actual
          bonus payouts for each employee participating in the Executive Bonus Plan
          will
          be adjusted based upon achievement of pre-determined objectives for 2008.
          Performance against individual objectives will be ranked by the employee’s
          supervisor and reviewed by the Executive Committee according to the scale
          shown
          below.
 
 **0**  **Did
          not meet objective**
  **1**  **Partially
          meets objective**
  **2**  **Meets
          objective**
  **3**  **Exceeds
          objective**
  **4**  **Significantly
          exceeds objective**
 
 An
          overall score will be determined for each employee at year-end. Relative
          importance of each individual objective related to achievement of the Company’s
          overall strategic objectives will be taken into account when determining
          an
          employee’s overall score. This score will be applied to the potential base bonus
          payment (calculated based upon achievement of the Company’s financial
          objectives), according to the scale shown below.
 
 **%
                    of Potential****Base
                    Bonus****Overall
                    Score**
                
                **Payout**0
                
                0%1
                
                80%2
                
                100%3
                
                110%4
                
                120%
 
 Scores
          will be determined and expressed to one decimal point, and adjusted bonus
          payouts will be calculated on a pro rata basis. For example, if the potential
          base bonus payment for all plan participants is 90% (based upon achievement
          of
          financial objectives) and an employee receives a score of 2.5 based upon
          achievement of their individual objectives they would receive a bonus payout
          of
          94.5% (90% x 105%).
 
 **Potential
          for Incremental Bonus Payments**
 
 In
          addition to calculated bonus payouts, plan participants will be eligible
          to
          receive incremental bonus payments for achievement of strategic initiatives
          beyond those contemplated in the plan. The amount of such incremental payments,
          if any, will be based upon the recommendation of the Compensation Committee
          and
          submitted to the Board of Directors for approval prior to payment.
 
 Total
          salaries for executives eligible for bonus under this plan are $1,720,320
          (estimate: to be adjusted after final salary increases are established
          for
          2008). Base bonus potential equals $503,680 (estimate) for 100% achievement
          of
          goal. This amount will be accrued at a rate of $41,973 (estimate) per month
          throughout the year.
 
 Executive
          bonus payments will be determined when full-year 2008 financial statements
          are
          available. Bonuses will be payable after review and formal approval by
          the
          Compensation Committee but in any event shall be paid on or before March
          15,
          2009.
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