**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 Payout**100%
                  of Goal**
              **50%
                  of Target Bonus Payout**120%
                  of Goal
              60%
                  of Target Bonus Payout**Net
                  Income****:****Achieve:**
              **Base
                  Bonus Payout:**<80%
                  of Goal
              No
                  Payout80%
                  of Goal
              20%
                  of Target Bonus Payout**100%
                  of Goal**
              **25%
                  of Target Bonus Payout**120%
                  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 Payout**100%
                  of Goal**
              **25%
                  of Target Bonus Payout**120%
                  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.










**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.


**Overall
                  Score**
              
              **%
                  of Potential Base Bonus 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.