Exhibit 10.33


 


BIOSANTE PHARMACEUTICALS, INC.


 


DESCRIPTION OF EXECUTIVE OFFICER

COMPENSATION ARRANGEMENTS


 


BioSante Pharmaceuticals, Inc. has entered into employment
agreements with each of its executive officers, copies of which agreements have
been filed with the Securities and Exchange Commission, as exhibits to BioSante’s
annual report on Form 10-K. The following is a description of oral
amendments to those employment agreements or additional oral compensation
arrangements between BioSante and the following executive officers of BioSante:


 


	
  Name of

  Executive

  Officer

  	
   

  	
  Title

  	
   

  	
  Base

  Salary

  	
   

  	
  Bonus

  Arrangements

  	
   

  	
  Stock

  Options

  	
   

  	
  Other

  
	
  Stephen
  M. Simes

  	
   

  	
  Vice
  Chairman, President and Chief Executive Officer

  	
   

  	
  $374,400
  per year.

  	
   

  	
  $60,000
  for the year ended December 31, 2004 paid in January 2006.

  	
   

  	
  Stock
  options to purchase shares of BioSante common stock are granted from time to
  time in the sole discretion of the Compensation Committee of the BioSante
  Board of Directors.

  	
   

  	
  Under
  the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants,
  including executive officers, may voluntarily request that BioSante
  reduce pre-tax compensation by up to 100% (subject to certain special
  limitations) and contribute such amounts to a trust. BioSante contributed an
  amount equal to 50% of the amount that each participant contributed under
  this plan.

  

  Executive officers receive other benefits received by other BioSante
  employees, including health, dental and life insurance benefits. Executive
  officers also receive an auto allowance.

  
Mr. Simes also receives reimbursement for excess long-term
  disability and excess life insurance premiums and taxes associated with the
  premiums.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Phillip
  B. Donenberg

  	
   

  	
  Chief
  Financial Officer, Treasurer and Secretary

  	
   

  	
  $208,572
  per year.

  	
   

  	
  $150,000
  for the year ended December 31, 2005 paid in March 2006 and $25,500
  for the year ended December 31, 2004 paid in January 2006.

  	
   

  	
  On
  March 16, 2006, the Compensation Committee of the BioSante Board of
  Directors granted Mr. Donenberg an option to purchase 62,500 shares of
  BioSante common stock at an exercise price of $3.87 per share. Such option
  vests in three equal (or as nearly equal as possible) yearly installments,
  with the first installment beginning on the one-year anniversary of the date
  of grant.

  	
   

  	
  Under
  the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants,
  including executive officers, may voluntarily request that BioSante
  reduce pre-tax compensation by up to 100% (subject to certain special
  limitations) and contribute such amounts to a trust. BioSante contributed an
  amount equal to 50% of the amount that each participant contributed under
  this plan.

  

  Executive officers receive other benefits received by other BioSante
  employees, including health, dental and life insurance benefits. Executive
  officers also receive an auto allowance.

  



 

















 


	
  Name of

  Executive

  Officer

  	
   

  	
  Title

  	
   

  	
  Base

  Salary

  	
   

  	
  Bonus

  Arrangements

  	
   

  	
  Stock

  Options

  	
   

  	
  Other

  
	
  Steven
  J. Bell, Ph.D.

  	
   

  	
  Vice
  President, Research and Pre-Clinical Development

  	
   

  	
  $174,720
  per year.

  	
   

  	
  $35,000
  for the year ended December 31, 2005 paid in March 2006 and $16,000
  for the year ended December 31, 2004 paid in January 2006.

  	
   

  	
  Stock
  options to purchase shares of BioSante common stock are granted from time to
  time in the sole discretion of the Compensation Committee of the BioSante
  Board of Directors.

  	
   

  	
  Under
  the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants,
  including executive officers, may voluntarily request that BioSante
  reduce pre-tax compensation by up to 100% (subject to certain special
  limitations) and contribute such amounts to a trust. BioSante contributed an
  amount equal to 50% of the amount that each participant contributed under
  this plan.

  

  Executive officers receive other benefits received by other BioSante
  employees, including health, dental and life insurance benefits. Executive
  officers also receive an auto allowance.