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**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K/A **

**Amendment      No. 1**

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) **

**OF      THE SECURITIES EXCHANGE ACT OF 1934 **

**[   ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) **

**OF      THE SECURITIES EXCHANGE ACT OF 1934**

| Delaware                (State                or other jurisdictionof                incorporation or organization)                      | 22-2845714(I.R.S.                EmployerIdentification                No.) |
|------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
|                                                                                                                                     |                                                                        |
|                                                                                                                                     |                                                                        |
| 35                Northeast Industrial Road Branford,                Connecticut (Address                of principal executive offices) | 06405(Zip                Code)                                              |

| Securities                registered pursuant to Section 12 (b) of the Act: |
|-----------------------------------------------------------------------------|
|                                                                        |   |   |
| Title                of each class                                          |   | Name                of each exchange on which registered |
| Common                Stock, par value $.025 per share                      |   | The                NASDAQ Stock Market LLC |
| (the                “Common Stock”)                             |   |   |
|                                                                        |   |   |
| Securities                registered pursuant to Section 12(g) of the Act:  |
|                                                                        | None |   |

**PART      III**

**ITEM      10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

| **Name                  of Nominees**           |   | **Age** |   | **Principal                  Occupation**                                                                                                                        |   | **Director                  Since** |
|-------------------------------------------------|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|
| Felix                  J. Baker, Ph.D.     |   | 38      |   | Managing                  Member, Baker Bros. Advisors, LLC                                                                                                      |   | May                  1999           |
| Julian                  C. Baker           |   | 40      |   | Managing                  Member, Baker Bros. Advisors, LLC                                                                                                      |   | May                  1999           |
| Eran                  Broshy               |   | 48      |   | Chief                  Executive Officer and Director of inVentiv Health                                                                                         |   | July                  2003          |
| Stephen                  R. Davis          |   | 46      |   | Executive                  Vice President and Chief Operating Officer, Neurogen                  Corporation                                                     |   | September 2001                 |
| Stewart                  Hen               |   | 40      |   | Managing                  Director, Warburg Pincus LLC                                                                                                           |   | April                  2004         |
| William                  H. Koster, Ph.D.  |   | 62      |   | President                  and Chief Executive Officer, Neurogen Corporation                                                                                     |   | September                  2001     |
| Jonathan                  S. Leff          |   | 38      |   | Managing                  Director, Warburg Pincus LLC                                                                                                           |   | April                  2004         |
| Craig                  Saxton, M.D.             |   | 64      |   | Former                  Executive Vice President, Pfizer Global Research and Development                  and Vice                  President, Pfizer Inc.  |   | January                  2002       |
| John                  Simon, Ph.D.              |   | 64      |   | Managing                  Director, Allen & Company LLC                                                                                                      |   | May                  1989           |

***Felix          J. Baker, Ph.D.***

***Julian          C. Baker***

***Eran          Broshy***

***Stephen          R. Davis***

***Stewart          Hen***

***William          H. Koster, Ph.D.***

* *

***Jonathan          S. Leff***

***Craig          Saxton, M.D.***

* *

***John          Simon, Ph.D.***

| **Name**                                      |   | **Age** |   | **Company                    Position**                                         |   | **Officer                    Since** |
|-----------------------------------------------|--------|---------|--------|---------------------------------------------------------------------------------|--------|--------------------------------------|
| Bertrand                    L. Chenard, Ph.D. |   | 51      |   | Senior                    Vice President, Chemistry and Process Research        |   | January                    2005      |
| Alan                    J. Hutchison, Ph.D.   |   | 53      |   | Executive                    Vice President, Discovery Research                 |   | June                    1994         |
| James                    E. Krause, Ph.D.     |   | 55      |   | Senior                    Vice President, Biology                               |   | May                    2002          |
| Stephen                    Uden, M.B.         |   | 49      |   | Executive                    Vice President, Head of Research & Development |   | June                    2005         |

***Bertrand            L. Chenard, Ph.D.***
** **

* *

***Alan            J. Hutchison, Ph.D.***

*** ***

***James            E. Krause, Ph.D.***

*** ***

***Stephen            Uden, M.B.***

*** ***

**Section            16(a) Beneficial Ownership Reporting Compliance **

**Code            of Ethics**

**Audit            Committee and Audit Committee Financial Expert**

**ITEM          11. EXECUTIVE          COMPENSATION**

**Compensation            Committee Report**

|                             | **Compensation                      Committee** |                            |
|----------------------------------|-------------------------------------------------|---------------------------------|
|                             |                                            |                            |
|                             | Julian                      Baker*Chair*        |                            |
|                             |                                            |                            |
| Stewart                      Hen | Craig                      Saxton               | John                      Simon |

**Compensation            Discussion and Analysis**

***Introduction***

| · | Providing                        a portion of management's compensation in the form of base                        salaries. The                        Compensation Committee takes into consideration executive                        compensation                        paid by other similar biotechnology companies and individual                        experience                        and capabilities.              |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Providing                        a portion of management's compensation in the form of periodic                        cash bonus                        awards for the accomplishment of predetermined corporate                        and individual                        goals.                                                                                                                                             |
| · | Providing                        equity participation for the purpose of aligning executive                        officers'                        longer term interests with those of the stockholders. The                        size and nature                        of equity based compensation grants are based primarily upon                        the Company's                        performance in meeting its goals. |

***Total              Compensation Objective***

| · | Attract,                        motivate and retain qualified executives to lead Neurogen                        in a competitive                        environment.                                                                                                                                                       |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Align                        the executive officers with specific goals identified by                        the Board of                        Directors by basing a significant percentage of their overall                        compensation                        on achievement of corporate and individual goals. |
| · | Include                        equity compensation as part of the overall compensation package                        to align                        the interests of our executive officers with those of our                        stockholders.                                                                        |
| · | Ensure                        that executive compensation is comparable based on competitors                        in the                        industry and our geographic area.                                                                                                                                         |

| · | Initiated                        a practice of holding executive sessions (without Company                        management                        present) at Committee meetings; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Utilized                        data from independent compensation surveys and consultants                        on executive                        compensation issues;               |
| · | Ensured                        the transparency of compensation policy and actions;                                                                                                      |
| · | Aligned                        compensation structures based on targeting competitive pay;                        and                                                               |
| · | Strengthened                        the link between CEO annual pay and shareholder value through                        specific                        objectives.                     |

***Benchmarking***

***Compensation              Committee Process***

|   | · | aaadvancing                        drug candidates into and through clinical trials designed                        to determine the                        commercial potential of the candidates; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | · | discovering                        drug candidates that qualify for pre-clinical                        development;                                                                                |
|   | · | identifying                        new drug targets and discovering potential drug leads for                        these                        targets;                                           |
|   | · | establishing                        and executing valuable strategic collaborations with pharmaceutical                        companies; and                                                       |
|   | · | securing                        capital sufficient to advance the Company's drug development                        and discovery                        programs.                                  |

***Elements              of              Compensation***

*Our              Compensation Program*

| · |   | Base                          Salary;                      |
|--------|--------|------------------------------------------------------------|
| · |   | Annual                          cash incentive awards; and |
| · |   | Long-term                          incentive compensation. |

*Base              Salary*

*Annual              Cash Incentive Awards*

| · |   | Successful                          completion of planned clinical studies.                                                        |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| · |   | Advancement                          of compounds within research programs to drug candidate                          status. |
| · |   | The                          identification and advancement of new discovery stage                          programs.                   |
| · |   | Out-licensing                          and potential in-licensing of selected                          programs.                        |

*Long-Term              Incentive Compensation*

*Tax              Deductibility of Pay*

***Compensation              of Named Executive Officers***

** **

|                                                                                                                                                                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Summary                          Compensation Table**                                                                                                                                      |
|                                                                                                                                                                                         |
| **Named                          Executive Officer****and                          Principal Position**                                                                                      | **Year** | **Salary****($)** | **Bonus****(1)****($)** | **Stock****Awards****(2)****($)** | **Option****Awards****(4)****($)** | **Non-Equity****Incentive****Plan****Compensation****(5)****($)** | **Change                          in****Pension****Value****and****Nonqualified****Deferred****Compensation****($)** | **All****Other****Compensation****(6)****($)** | **Total****($)** |
| **(a)**                                                                                                                                                                                      | **(b)** | **(c)** | **(d)** | **(e)** | **(f)** | **(g)** | **(h)** | **(i)** | **(j)** |
| William                          H. KosterPresident                          and ChiefExecutive                          Officer                                                             | 2006 | 442,571 | - | - | 199,629 | 179,020 | N/A | 16,294 | 837,514 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Stephen                          R. DavisExecutive                          Vice President                          and Chief Operating                          Officer                     | 2006 | 312,395 | - | - | 133,086 |  90,095 | N/A | 24,920 | 560,496 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Stephen                          UdenExecutive                          Vice President                          and Head of                          Research and Development                | 2006 | 338,350 | - | - | 133,086 | 102,317 | N/A | 25,460 | 599,213 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Alan                          J. HutchisonExecutive                          Vice President,                          Discovery Research                                                     | 2006 | 313,938 | - | - | 116,450 | 78,076 | N/A | 24,920 | 533,384 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Bertrand                          L. ChenardSenior                          Vice President, Chemistry                          andProcess                          Research                  | 2006 | 255,000 | - | - |  99,814 | 55,718 | N/A | 62,470 | 473,002 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| James                          E. KrauseSenior                          Vice President, Biology                                                                                              | 2006 | 262,953 | - | - | 99,814 | 58,770 | N/A | 24,832 | 446,369 |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Charles                          A. RitrovatoSenior                          Vice President,Drug                          Development and Regulatory                          Affairs**(3)** | 2006 | 261,620 | - | - | - | - | N/A | 252,229 | 513,849 |

**______________**

| (1) | No                        bonuses were                        paid to any Named Executive Officer in 2006 except as part                        of a non-equity                        incentive plan, as shown in column (g).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | No                        Restricted Stock                        Awards were granted in fiscal year 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (3) | Employment                        terminated                        on December 31, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (4) | Represents                        the                        compensation expense of stock options for financial reporting                        purposes for                        the year ended December 31, 2006 under FAS 123(R), rather                        than an amount                        paid to or realized by the Named Executive Officer. *See                        Note 6 to the Company’s consolidated financial                        statements,*                        as* *set                        forth in the Company’s 2006 Form 10-K for the assumptions made in                        determining FAS 123(R) values. The FAS 123(R) expense calculated                        as of the                        grant date is spread over the number of months of service                        required over                        which the grant will vest. If the Named Executive Officer                        is expected to                        be retirement eligible before the options vest the expense                        is recorded                        over the period until the officer is retirement eligible.                        The FAS 123(R)                        grant date value of each option was $3.6562 for all options                        granted to the                        Named Executive Officers in 2006. There can be no assurance                        that the FAS                        123(R) amount will be realized. |
| (5) | The                        amount reported                        in this column reflects the value of cash incentive bonuses                        earned in 2006                        but paid in 2007 under our 2006 Annual Cash Incentive Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (6) | All                        Other Compensation, as shown in column (i), is detailed inthe                        table below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

***All              Other Compensation***

|                                                 |
|------------------------------------------------------|
| **All                          Other Compensation**  |
|                                                 |
| **Named                          Executive Officer** | **Forgiven****Loan****($)** | **Forgiven                          interest****on                          Loan****($)** | **Gross-up                          of taxes on interest forgiven****($)** | **Life,                          Accidental****Death                          and Dismemberment Insurance premiums paid by Company****($)** | **Medical                          premiums****paid                           by Company****($)** | **Dental                          premiums****paid                          by Company****($)** | **Severance****($)** | **Vacation                          Payout****($)** | **401(k)****Match****($)** | **Total****($)** |
| William                          H. Koster           | - | - | - | 2,430 | - | 664 | - | - | 13,200 | 16,294 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Stephen                          R. Davis            | - | - | - | 1,890 | 8,665 | 1,165 | - | - | 13,200 | 24,920 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Stephen                          Uden                | - | - | - | 2,430 | 8,665 | 1,165 | - | - | 13,200 | 25,460 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Alan                          J. Hutchison           | - | - | - | 1,890 | 8,665 | 1,165 | - | - | 13,200 | 24,920 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| James                          E. Krause             | - | - | - | 1,802 | 8,665 | 1,165 | - | - | 13,200 | 24,832 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Bertrand                          L. Chenard         | 45,000**(1)** | 1,455**(1)** | 1,030**(1)** | 1,785 | - | - | - | - | 13,200 | 62,470 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Charles                          A. Ritrovato**(2)** | 40,000**(1)** | 1,393**(1)** | 986**(1)** | 1,924 | 8,665 | 1,165 | 179,864 | 5,032 | 13,200 | 252,229 |

**______________**

| (1) | The                        loan was issued prior to the passage of the Sarbanes-Oxley                        Act of                        2002. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Employment                        terminated on December 31, 2006.                                                                               |

***Grants              of Plan-Based Awards as of December 31, 2006***

|                                                                             |
|----------------------------------------------------------------------------------|
| **Grants                          of Plan-Based Awards as of December 31, 2006** |
|                                                                             |
| **Name**                                                                    | **Grant****Date**  | **Estimated                          Future Payouts****Under                          Non-Equity Incentive****Plan                          Awards** | **Estimated                          Future Payouts****Under                          Equity Incentive****Plan                          Awards** | **All                          Other****Stock****Awards:****Number                          of****Shares****(#)**  | **All                          Other****Option****Awards:****Number                          of****Securities****Underlying****Options****(#)****(1)**  | **Exercise                          Price of****Option****Awards****($/Sh)****(2)**  | **Grant                          Date****Fair                          Value****of****Stock****and****Option                          Awards****($)****(3)**  |
| **Threshold****($)**                                                        | **Target****(4)****($)**  | **Maximum****($)**  | **Threshold****(#)**  | **Target****(5)****(#)**  | **Maximum****(#)**  |
| (a)                                                                              | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) |
| William                          H. Koster                                       | 12/15/06 | - | 221,000 | - | - | - | - | - | 54,600 | 5.78 | 184,294 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Stephen                          R. Davis                                        | 12/15/06 | - | - | - | - | - | - | - | 36,400 | 5.78 | 122,867 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Stephen                          Uden                                            | 12/15/06 | - | 118,000 | - | - | 40,000 | - | - | 36,400 | 5.78 | 122,867 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Alan                          J. Hutchison                                       | 12/15/06 | - | - | - | - | - | - | - | 31,850 | 5.78 | 107,511 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| James                          E. Krause                                         | 12/15/06 | - | - | - | - | - | - | - | 27,300 | 5.78 | 92,151 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Bertrand                          L. Chenard                                     | 12/15/06 | - | - | - | - | - | - | - | 27,300 | 5.78 | 92,151 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Charles                          A. Ritrovato**(6)**                             |   | - | - | - | - | - | - | - | - | - | - |

**______________**

| (1) | Stock                          options                          vest in 25% increments beginning on the first anniversary                          of the grant and                          on each anniversary thereafter. They expire 5 years from each date of                          vesting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The                          exercise                          price is equal to the closing market price of the Company’s Common Stock                          on the date of grant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (3) | Column                          (l) represents                          the compensation expense of stock options for financial                          reporting purposes                          for the year ended December 31, 2006 under FAS 123(R), rather than an                          amount paid to or realized by the Named Executive Officer.*See                          Note 6 to the Company’s consolidated financial statements,*as* *set                          forth in the Company’s 2006 Form 10-K for the assumptions made in                          determining FAS 123(R) values. The FAS 123(R) expense calculated as                          of the grant date is spread over the number of months of                          service required                          over which the grant will vest. If the Named Executive                          Officer is expected                          to be retirement eligible before the options vest, the                          expense is recorded                          over the period until the officer is retirement eligible.The                          FAS 123(R)                          grant                          date value of each option was $3.6562 for all options granted                          to the Named                          Executive Officers in 2006. There                          can be no assurance that the FAS 123(R) amounts will ever be                          realized. |

| (4) | Employment                          agreements of Dr. William H. Koster and Dr. Stephen Uden                          provide target                          awards of 50% and 35%, respectively of base salary as in                          effect on                          December 31 of the year before the payments are to be made.                          The other                          Named Executive Officers do not have specified target awards,                          but target                          awards are determined by the Compensation Committee of                          the Board of                          Directors annually. Non-equity incentive awards of up to                          150% of base                          salary may be paid for extraordinary performance and amounts                          significantly                          below target may be awarded at the Board’s discretion. Non-equity                          incentive awards made in 2006 are shown in column (g) of the Summary                          Compensation Table. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The                          employment agreement of Dr. Stephen Uden provides an annual                          target stock                          option grant of up to 40,000 options for complete and satisfactory                          achievement of all Company and individual objectives. The                          other Named                          Executive Officers do not have specified target awards                          in their employment                          agreements but target awards are determined by the Compensation                          Committee                          of the Board of Directors annually.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (6) | Employment                          terminated on December 31,                          2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

***Outstanding              Equity Awards at December 31, 2006***

|                                                                           |
|--------------------------------------------------------------------------------|
| **Outstanding                        Equity Awards at December 31, 2006** |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                           |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                           | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                            |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| William                        H. Koster                                       | 9/4/2001 | 400,000 | - | - | 19.39 | 9/4/2011 |   | - | - |   | - | - |
|                                                                           | 5/1/2002 | 3,750 | - | - | 17.48 | 12/31/2007 |   | - | - |   | - | - |
|                                                                           | 5/1/2002 | 3,750 | - | - | 17.48 | 12/31/2008 |   | - | - |   | - | - |
|                                                                           | 5/1/2002 | 3,750 | - | - | 17.48 | 12/31/2009 |   | - | - |   | - | - |
|                                                                           | 5/1/2002 | 3,750 | - | - | 17.48 | 12/31/2010 |   | - | - |   | - | - |
|                                                                           | 12/19/2002 | 15,000 | - | - | 3.87 | 12/19/2008 |   | - | - |   | - | - |
|                                                                           | 12/19/2002 | 15,000 | - | - | 3.87 | 12/19/2009 |   | - | - |   | - | - |
|                                                                           | 12/19/2002 | 15,000 | - | - | 3.87 | 12/19/2010 |   | - | - |   | - | - |
|                                                                           | 12/19/2002 | 15,000 | - | - | 3.87 | 12/19/2011 |   | - | - |   | - | - |
|                                                                           | 12/15/2003 | 13,500 | - | - | 8.79 | 12/15/2009 |   | - | - |   | - | - |
|                                                                           | 12/15/2003 | 13,500 | - | - | 8.79 | 12/15/2010 |   | - | - |   | - | - |
|                                                                           | 12/15/2003 | 13,500 | - | - | 8.79 | 12/15/2011 |   | - | - |   | - | - |
|                                                                           | 12/15/2003 | - | 13,500 | - | 8.79 | 12/15/2012 |   | - | - |   | - | - |
|                                                                           | 12/21/2004 | 30,000 | - | - | 9.05 | 12/21/2010 |   | - | - |   | - | - |
|                                                                           | 12/21/2004 | 30,000 | - | - | 9.05 | 12/21/2011 |   | - | - |   | - | - |
|                                                                           | 12/21/2004 | - | 30,000 | - | 9.05 | 12/21/2012 |   | - | - |   | - | - |
|                                                                           | 12/21/2004 | - | 30,000 | - | 9.05 | 12/21/2013 |   | - | - |   | - | - |
|                                                                           | 12/16/2005 | 11,880 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                           | 12/16/2005 | - | 11,880 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                           | 12/16/2005 | - | 11,880 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                           | 12/16/2005 | - | 11,880 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| William                        H. Koster                                         | 12/15/2006 | - | 13,650 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 13,650 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 13,650 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 13,650 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Stephen                        R. Davis                                          | 12/31/1997 | 25,000 | - | - | 13.50 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/1998 | 15,750 | - | - | 17.50 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 8,750 | - | - | 3.87 | 12/19/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 8,750 | - | - | 3.87 | 12/19/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2009 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2010 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | - | 7,875 | - | 8.79 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 25,000 | - | - | 9.05 | 12/21/2010 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 25,000 | - | - | 9.05 | 12/21/2011 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 25,000 | - | 9.05 | 12/21/2012 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 25,000 | - | 9.05 | 12/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | 6,930 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| Stephen                        R. Davis                                          | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Stephen                        Uden                                              | 6/27/2005 | 40,000 | 160,000 | - | 7.00 | 6/27/2015 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | 3,960 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 3,960 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 3,960 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 3,960 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 9,100 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Alan                        J. Hutchison                                         | 12/31/1997 | 50,000 | - | - | 13.50 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/1998 | 18,750 | - | - | 17.50 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2009 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2010 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| Alan                        J. Hutchison                                         | 12/31/2001 | 3,750 | - | - | 17.48 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 3,750 | - | - | 17.48 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 3,750 | - | - | 17.48 | 12/31/2009 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 3,750 | - | - | 17.48 | 12/31/2010 |   | - | - |   | - | - |
|                                                                             | 4/22/2002 |   | - | - |   |   |   | 25,000 | 148,750 |   | - | - |
|                                                                             | 12/19/2002 | 1,250 | - | - | 3.87 | 12/19/2008 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 1,250 | - | - | 3.87 | 12/19/2009 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 1,250 | - | - | 3.87 | 12/19/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 1,250 | - | - | 3.87 | 12/19/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2009 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2010 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 7,875 | - | - | 8.79 | 12/15/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | - | 7,875 | - | 8.79 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 12,500 | - | - | 9.50 | 5/21/2010 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 12,500 | - | - | 9.50 | 5/21/2011 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 12,500 | - | 9.50 | 5/21/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 12,500 | - | 9.50 | 5/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 7,000 | - | - | 9.05 | 12/21/2010 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 7,000 | - | - | 9.05 | 12/21/2011 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 7,000 | - | 9.05 | 12/21/2012 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 7,000 | - | 9.05 | 12/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | 6,930 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 6,930 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| Alan                        J. Hutchison                                         | 12/15/2006 | - | 7,963 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 7,963 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 7,962 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 7,962 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| James                        E. Krause                                           | 7/1/1997 | 37,000 | - | - | 20.13 | 7/1/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/1997 | 6,002 | - | - | 13.50 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/1998 | 7,500 | - | - | 17.50 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/21/2008 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2009 |   | - | - |   | - | - |
|                                                                             | 9/4/2001 | 5,000 | - | - | 19.39 | 12/31/2010 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2009 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | - | - | - |   |   |   | 7,500 | 44,625 |   | - | - |
|                                                                             | 12/19/2002 | 3,750 | - | - | 3.87 | 12/19/2008 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 3,750 | - | - | 3.87 | 12/19/2009 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 3,750 | - | - | 3.87 | 12/19/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 3,750 | - | - | 3.87 | 12/19/2011 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| James                        E. Krause                                           | 12/15/2003 | 6,750 | - | - | 8.79 | 12/15/2009 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 6,750 | - | - | 8.79 | 12/15/2010 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 6,750 | - | - | 8.79 | 12/15/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | - | 6,750 | - | 8.79 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 12,500 | - | - | 9.50 | 5/21/2010 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 12,500 | - | - | 9.50 | 5/21/2011 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 12,500 | - | 9.50 | 5/21/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 12,500 | - | 9.50 | 5/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 6,000 | - | - | 9.05 | 12/21/2010 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 6,000 | - | - | 9.05 | 12/21/2011 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 6,000 | - | 9.05 | 12/21/2012 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 6,000 | - | 9.05 | 12/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | 5,940 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| Bertrand                        L. Chenard                                       | 9/24/2001 | 40,000 | - | - | 15.25 | 9/24/2011 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2007 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2009 |   | - | - |   | - | - |
|                                                                             | 12/31/2001 | 1,250 | - | - | 17.48 | 12/31/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 6,250 | - | - | 3.87 | 12/19/2008 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 6,250 | - | - | 3.87 | 12/19/2009 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 6,250 | - | - | 3.87 | 12/19/2010 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 6,250 | - | - | 3.87 | 12/19/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 5,625 | - | - | 8.79 | 12/15/2009 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 5,625 | - | - | 8.79 | 12/15/2010 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 5,625 | - | - | 8.79 | 12/15/2011 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | - | 5,625 | - | 8.79 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 10,000 | - | - | 9.50 | 5/21/2010 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 10,000 | - | - | 9.50 | 5/21/2011 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 10,000 | - | 9.50 | 5/21/2012 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | - | 10,000 | - | 9.05 | 5/21/2013 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 6,000 | - | - | 9.05 | 12/21/2010 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 6,000 | - | - | 9.05 | 12/21/2011 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 6,000 | - | 9.05 | 12/21/2012 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | - | 6,000 | - | 9.05 | 12/21/2013 |   | - | - |   | - | - |

|                                                                             |
|----------------------------------------------------------------------------------|
| **Outstanding                          Equity Awards at December 31, 2006** |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | **Option                        Awards** |   | **Stock                        Awards** |
|                                                                             |   |   |   |   |   |   |  Service-BasedEquity                        Awards |   |  Equity                        IncentivePlan                        Awards |
| Name                                                                             | Grant                        Date | Number                        of Securities Underlying                        Unexercised Options                        Exercisable(#) | Number                        of Securities Underlying                        Unexercised Options                        Unexercisable(#) | Equity                        Incentive Plan Awards:                        Number of Securities Underlying Unexercised Unearned Options(#) | Option                        Exercise                        Price($) | Option                        Expiration Date |   | Number                        of Shares of Stock That Have                        NotVested(#) | MarketValue                        ofShares                        of Stock                        That Have                        NotVested($) |   | EquityIncentivePlan                        AwardsNumber                        ofUnearnedShares                        ThatHave                        NotVested(#) | EquityIncentivePlan                        AwardsMarket                        orPayout                        Valueof                        UnearnedShares                        That Have                        NotVested($) |
| (a)                                                                              |   | (b) | (c) | (d) | (e) | (f) |   | (g) | (h) |   | (i) | (j) |
| Bertrand                        L. Chenard                                       | 12/16/2005 | 5,940 | - | - | 7.88 | 12/16/2011 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2012 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2013 |   | - | - |   | - | - |
|                                                                             | 12/16/2005 | - | 5,940 | - | 7.88 | 12/16/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2012 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2013 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2014 |   | - | - |   | - | - |
|                                                                             | 12/15/2006 | - | 6,825 | - | 5.78 | 12/15/2015 |   | - | - |   | - | - |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Charles                        A. Ritrovato**(1)**                               | 5/1/2002 | 20,000 | - | - | 12.00 | 12/31/2008 |   | - | - |   | - | - |
|                                                                             | 5/1/2002 | - | - | - | - | - |   | 5,000 | 29,750 |   | - | - |
|                                                                             | 12/19/2002 | 7,000 | - | - | 3.87 | 12/19/2008 |   | - | - |   | - | - |
|                                                                             | 12/19/2002 | 3,000 | - | - | 3.87 | 6/30/2007 |   | - | - |   | - | - |
|                                                                             | 12/15/2003 | 16,875 | - | - | 8.79 | 6/30/2007 |   | - | - |   | - | - |
|                                                                             | 5/21/2004 | 25,000 | - | - | 9.50 | 6/30/2007 |   | - | - |   | - | - |
|                                                                             | 12/21/2004 | 18,000 | - | - | 9.05 | 6/30/2007 |   | - | - |   | - | - |

**______________**

| (1) | Employment                        terminated on December 31, 2006. |
|-----|--------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Option                        Exercises and Stock Vested as of December 31,                        2006**                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                              |
| The                        following table shows information concerning the value realized                        by each                        Named Executive Officer upon the exercise of stock options                        and the vesting                        of restricted shares during 2006.  |
|                                                                                                                                                                                                                                                                                                              | **Option                        Awards** |   | **Stock                        Awards** |
| **Name**                                                                                                                                                                                                                                                                                                          | **Number                        of Shares****Acquired                        on Exercise****(#)** | **Value                        Realized****on****Exercise****(1)****($)** |   | **Number                        of Shares****Acquired                        on Vesting****(#)** | **Value                        Realized****on                        Vesting****(2)****($)** |
| (a)                                                                                                                                                                                                                                                                                                               | (b) | (c) |   | (d) | (e) |
| William                        H. Koster                                                                                                                                                                                                                                                                          | - | - |   | 45,000 | 259,650 |
| Stephen                        R. Davis                                                                                                                                                                                                                                                                           | - | - |   | 25,000 | 144,250 |
| Stephen                        Uden                                                                                                                                                                                                                                                                               | - | - |   | - | - |
| Alan                        J. Hutchison                                                                                                                                                                                                                                                                          | - | - |   | 45,000 | 272,250 |
| James                        E. Krause                                                                                                                                                                                                                                                                            | - | - |   | 7,500 | 44,738 |
| Bertrand                        L. Chenard                                                                                                                                                                                                                                                                        | - | - |   | - | - |
| Charles                        A. Ritrovato **(3)**                                                                                                                                                                                                                                                               | - | - |   | 5,000 | 31,750 |

**______________**

| (1) | The                        value realized upon the exercise of stock options is based                        on the                        difference between the exercise price per share paid by the                        Named                        Executive Officer and the closing market price of the Company’s Common                        Stock on the exercise date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The                        value realized upon the vesting of restricted shares is based                        on the                        number of shares to be vested and the average of the high                        and low market                        price of the Common Stock on the vesting date.                                                                        |
| (3) | Employment                        terminated on December 31, 2006.                                                                                                                                                                                                                                                                                                                         |

**Terms            and Conditions of Certain Employment and Severance Agreements; Change            in            Control**

***Employment            Agreements***

*WILLIAM              H. KOSTER, President and Chief Executive Officer*

| ·         | *Termination                          without cause or for good reason*.                          This includes a material reduction of duties or a reduction                          of salary. Dr.                          Koster would receive a lump sum payment in an amount equal                          to the sum of                          his annual base salary and two times the mean average annual                          bonus earned                          during the employment period; provided that if he has not                          earned an annual                          bonus prior to the termination date, the mean average annual                          bonus shall                          be treated as $200,000. Stock options and restricted stock                          (subject to a                          floor of 25%) that would otherwise have vested in the two                          year period                          following his termination would vest and all options would                          remain                          exercisable for two years. |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·    | *Death                          and disability.*                          Dr. Koster or his beneficiaries would receive a pro-rata                          portion of his                          average annual bonus. Stock options and restricted stock                          (subject to a                          floor of 25%) that would otherwise have vested in the two                          year period                          following death or disability would vest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

| ·         | *Non-renewal                    of employment agreement.*                    Dr. Koster would receive a lump sum payment equal to one year's                    salary and                    his annual average bonus. If the Company determines not to renew                    his                    employment agreement, stock options and restricted stock that                    would                    otherwise have vested in the one year period following the non-renewal                    would vest.                                                                                                                                                                                                                                                                                                                                  |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·    | *Change                    in control*.                    If following a change in control Dr. Koster is terminated without                    cause or                    for good reason, he would receive a lump sum payment equal to                    three times                    his annual salary and average bonus. All of Dr. Koster's stock                    options                    would vest and restricted stock (subject to a floor of 50%) that                    would                    otherwise have vested in the two year period following the termination                    would vest and all options would remain exercisable for two years.                    Dr.                    Koster would also be eligible to receive a tax "gross-up" payment                    of up to                    $5,000,000. |

*STEPHEN        R DAVIS, Executive Vice President, and Chief Operating        Officer*

| ·    | *Termination                    without cause or for good reason.*                    This includes a material reduction of duties or a reduction of                    salary. Mr.                    Davis would receive a lump sum payment equal to one year's salary.                    Mr.                    Davis's stock options that would otherwise have vested up to                    the December                    1st immediately following termination would vest.                                               |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·    | *Death                    and disability.*                    Mr. Davis would continue to receive his salary until he becomes                    eligible                    to receive payments under the Company's long-term disability                    plan. A                    pro-rata portion of Mr. Davis's stock options that would otherwise                    have                    vested up to the December 1st immediately following his death                    or                    disability would vest. |
| ·    | *Non-renewal                    of employment agreement*.                    Mr. Davis would continue to receive his salary for up to one                    year. If the                    Company determines not to renew his employment agreement, Mr.                    Davis's                    stock options that otherwise would have vested up to the December                    1st                    immediately following the non-renewal would vest.                                                              |

*STEPHEN        UDEN,*

*Executive        Vice President, Head of Research & Development*

| ·    | *Termination                    without cause or for good reason.*                    This includes a material reduction of duties or a reduction of                    salary. Dr.                    Uden would receive a lump sum payment equal to one year's salary.                    Dr.                    Uden’s stock options and restricted stock that would otherwise have                    vested                    in the one year period following termination would                    vest. |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·    | *Death                    and disability.*                    Dr. Uden would continue to receive his salary until he becomes                    eligible to                    receive payments under the Company's long-term disability plan.                    A pro-rata                    portion of Dr. Uden’s stock options that would otherwise have vested up to                    the June 26th immediately following his death or disability would                    vest.                        |
| ·    | *Non-renewal                    of employment agreement*.                    Dr. Uden would continue to receive his salary for up to one year.                    If the                    Company determines not to renew the employment agreement, Dr.                    Uden’s stock                    options that would otherwise have vested up to the June 26th                    immediately                    following the non-renewal would vest.                                               |

** **

*ALAN        J. HUTCHISON, Executive Vice President Discovery Research*

| ·    | *Termination                    without cause or for good reason.*                    This includes a material reduction of duties or a reduction of                    salary. Dr.                    Hutchison would receive a lump sum payment equal to one year's                    salary. Dr.                    Hutchison's stock options that would otherwise have vested up                    to the                    December 1st immediately following termination would vest.         |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·    | *Death                    and disability.*                    Dr. Hutchison would continue to receive his salary until he becomes                    eligible to receive payments under the Company's long-term disability                    plan. A pro-rata portion of Dr. Hutchison's stock options that                    would                    otherwise have vested up to the December 1st immediately following                    his                    death or disability would vest. |
| ·    | *Non-renewal                    of employment agreement.*                    Dr. Hutchison would continue to receive his salary for up to                    one year. If                    the Company determines not to renew his employment agreement,                    Dr.                    Hutchison's stock options that otherwise would have vested up                    to the                    December 1st immediately following the non-renewal would                    vest.     |

***Potential        Payments upon a Change in Control***

|                                                                                         |
|----------------------------------------------------------------------------------------------|
| **Change                  in Control Payment Estimates as of December 29, 2006****(1)** |
|                                                                                         |
| **Name**                                                                                     |   | **Cash****Severance****Amount** |   | **Accelerated****Vesting                  of****Stock****Options****(5)** |   | **Accelerated****Vesting                  of****Restricted****Stock****(5)** |   | **Continuation****of                  Health****&****Welfare****Benefits****(8)** |   | **Total** |
| William                  H. Koster                                                           |   | $1,815,619**(3)** |   | $134,082 |   | $- |   | $- |   | $1,949,701**(6)** |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Stephen                  R. Davis                                                            |   | $312,395**(2)** |   | $42,588 |   | $- |   | $11,720 |   | $366,703 |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Stephen                  Uden                                                                |   | $338,350**(2)** |   | $6,188 |   | $- |   | $12,260 |   | $356,798 |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Alan                  J. Hutchison                                                           |   | $313,938**(2)** |   | $15,815 |   | $148,750 |   | $11,720 |   | $490,223 |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| James                  E. Krause                                                             |   | $- |   | $35,841**(7)** |   | $44,625**(7)** |   | $- |   | $80,466 |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Bertrand                  L. Chenard                                                         |   | $- |   | $56,641**(7)** |   | $- |   | $- |   | $56.641 |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Charles                  A. Ritrovato**(4)**                                                 |   | $- |   | $- |   | $- |   | $- |   | $- |

**______________**

| (1)    | The                  following general                  assumptions were made in preparation of the above                  table:                                                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                 | A                  change in control                  occurred on December 29, 2006. |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                 | A                  “Change in Control” is                  as defined in the 2001 Amended and Restated Neurogen Corporation                  Stock                  Option Plan. |
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                                 | The                  Change in Control                  resulted in the Named Executive Officers’ termination of employment on                  December 29, 2006, and the closing market price of the Company’s Common                  Stock on that date was $5.95. |
| (2)    | Upon                  termination the Named Executive Officers (excluding Dr. William                  H. Koster)                  would have received a lump sum payment in an amount equal to one                  year’s                  salary.                                                                                                                                          |
| (3)    | Upon                  termination, Dr. William H. Koster would have received a lump sum                  payment                  equal to the sum of three times his annual salary and average annual                  bonus.                                                                                                                                                                      |
| (4)    | Dr.                  Charles A. Ritrovato's employment terminated on                  December 31, 2006 and therefore severance amounts are not                  applicable.                                                                                                                                                                                                                   |
| (5)    | Upon                  termination vesting of                  options and restricted stock would have been accelerated. The                  December 29, 2006 market value of the Company’s Common Stock was used to                  determine value.                                                                                                                             |
| (6)    | Upon                  termination Dr. William H. Koster would have been eligible                  to receive an excise tax "gross-up" payment of up to                  $5,000,000.                                                                                                                                                                                                       |
| (7)    | Assumes                  the Change in Control                  resulted in the Named Executive Officers’ termination of employment on                  December 29, 2006, and such stock options and such restricted stock                  awards                  would vest under the Amended and Restated Neurogen Corporation                  2001 Stock                  Option Plan. |
| (8)    |  The                amounts reported in this column for each officer reflect premiums                that                would be paid by the Company for group health and welfare benefits                for                twelve months after termination of                employment.                                                                                                    |

***Other        Benefits***

*401        (k) Plan*

*Medical,        Dental, Life Insurance and Disability *

*Other        Paid Time-Off Benefits*

**Director        Compensation**

|                                                                                                          |
|---------------------------------------------------------------------------------------------------------------|
| **Director                  Compensation Structure as of December 31,                  2006**       |
|                                                                                                          |
|                                                                                                          |   | **Annual****Retainer                  Fees** |   | **Annual****Option                  Awards** |   |
| Chairman                  of the Board                                                                        |   | $100,000 | **(3)** |   | - | - |   |
| Chairman                  of the Audit Committee                                                              |   | $25,000 | **(2)(3)** |   | 2,500 | **(4)** |   |
| Chairman                  of the Executive, Governance, or Science Committee                                  |   | $5,000 | **(3)** |   | 2,500 | **(4)(5)** |   |
| Member                  of the Board of Directors                                                             |   | $25,000 | **(3)** |   | 10,000 | **(1)** |   |
| Members                  of Audit, Executive, Governance, Compensation, or Science                  Committee |   | - |   |   | 1,500 | **(4)(5)** |   |

**______________**

| (1) | Granted                  in quarterly increments of 2,500 options.                                                                                                                                                                                                                |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Annual                  maximum of $5,000 to a director if a director chairs more than                  one                  committee with the exception of the chair of the Audit Committee,                  who                  receives $25,000 annually for that position. |
| (3) | All                  annual retainers are paid in quarterly installments.                                                                                                                                                                                                         |
| (4) | Granted                  annually upon appointment to the committee.                                                                                                                                                                                                              |
| (5) | Annual                  maximum of 5,000 options to a director for committee                  service.                                                                                                                                                                            |

|                                                               |
|--------------------------------------------------------------------|
| **Director                  Compensation as of December 31, 2006** |
|                                                               |

| **Name**                               |   | **Fees                  Earned or****Paid                  in Cash****($)** |   | **Stock                  Awards****($)** |   | **Option                  Awards****(1)                  (2) (3)****($)** |   | **Non-Equity****Incentive                  Plan Compensation****($)** |   | **Change                  in****Pension                  Value****and                  Nonqualified Deferred Compensation Earnings** |   | **All                  Other****Compensation****($)** |   | **Total****($)** |
|----------------------------------------|--------|-----------------------------------------------------------------------------|--------|------------------------------------------|--------|---------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|
| **(a)**                                |   | **(b)**                                                                     |   | **(c)**                                  |   | **(d)**                                                                   |   | **(e)**                                                               |   | **(f)**                                                                                                                              |   | **(g)**                                               |   | **(h)**          |
| Felix                  J. Baker, Ph.D. |   | 25,000                                                                      |   | -                                        |   | 44,858                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 69,858           |
| Julian                  C. Baker  |   | 30,000                                                                      |   | -                                        |   | 56,788                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 86,788           |
| Eran                  Broshy      |   | 27,500                                                                      |   | -                                        |   | 56,788                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 84,288           |
| Stewart                  Hen           |   | 25,000                                                                      |   | -                                        |   | 55,084                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 80,084           |
| Jonathan                  S. Leff      |   | 25,000                                                                      |   | -                                        |   | 44,858                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 69,858           |
| Craig                  Saxton, M.D.    |   | 130,000                                                                     |   | -                                        |   | 56,788                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 186,788          |
| John                  Simon, Ph.D.     |   | 50,000                                                                      |   | -                                        |   | 53,380                                                                    |   | -                                                                     |   | -                                                                                                                                    |   | -                                                     |   | 103,380          |

**______________**

| (1) | Represents                  the                  compensation costs for financial reporting purposes for the year                  ended                  December 31, 2006 under FAS 123(R). See Note 6                  *Stock                  Options and Restricted Stock*** ***in                  the Company’s consolidated financial statements*                  as                  set forth in the Company’s 2006 Form 10-K, for the assumptions made in                  determining FAS 123(R) values. There can be no assurance that the                  FAS                  123(R) amounts will ever be realized. The maximum amount of options                  granted to a single director is 15,000 per year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At                  December 31, 2006, the aggregate number of option awards outstanding                  was:                  Dr. Felix J. Baker - 86,035 shares; Mr. Julian C. Baker - 92,535                  shares;                  Mr. Eran Broshy - 59,908 shares; Mr. Stewart Hen - 55,542 shares;                  Mr.                  Jonathan S. Leff - 49,542 shares; Dr. Craig Saxton - 143,747 shares                  and Dr. John. Simon - 82,254 shares.  Dr. Craig Saxton additionally                  held 25,000 shares of restricted stock at December 31,                  2006.                                                                                                                                  |
| (3) | The                  FAS 123(R) grant date value was $400,482 for options granted in                  the year                  ended December 31, 2006, of which $31,938 was related to the options                  awarded to Robert Butler, Mark Novitch, and Suzanne Woolsey who                  did not                  stand for reelection at the Annual Meeting in June                  2006.                                                                                                                                                                                                                                                                                                                                             |

**Compensation        Committee Interlocks and Insider Participation**

**ITEM        12. SECURITY OWNERSHIP OF CERTAIN        BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER        MATTERS**

**Security        Ownership of Certain Beneficial Owners        and Management**

|                                                                    |
|-------------------------------------------------------------------------|
| **Neurogen                      Common Stock**                          |
|                                                                    |
| **Name                      and Address of Beneficial Owner**           |   | **Shares                      Owned****including                      Options****Exercisable                      within****60                      days of April 2, 2007** |   |   | **Right                      to Acquire****Beneficial                      Ownership****under                      Options Exercisable****within                      60 days of April 2, 2007** |   | **Percent                      of****Common                      Stock****owned** |
| Warburg                      Pincus                                     |   | 8,571,429 |   |   |   |   | 20.5 |
| 466                      Lexington Avenue                               |   |   |   |   |   |   |   |
| New                      York, NY 10017                                 |   |   |   |   |   |   |   |
| Andrew                      H. Tisch (1)                                |   | 947,108 |   |   |   |   | 2.3 |
| Daniel                      R. Tisch(1)                                 |   | 947,108 |   |   |   |   | 2.3 |
| James                      S. Tisch (1)                                 |   | 947,108 |   |   |   |   | 2.3 |
| Thomas                      J. Tisch(1)                                 |   | 1,247,108 |   |   |   |   | 3.0 |
| Joan                      H. Tisch                                      |   | 24,100 |   |   |   |   | .1 |
| Pfizer                      Inc                                         |   | 2,846,000 |   |   |   |   | 6.8 |
| 235                      East 42nd Street                               |   |   |   |   |   |   |   |
| New                      York, NY 10017                                 |   |   |   |   |   |   |   |
| BlackRock                      Financial Management, Inc.               |   | 2,164,158 |   |   |   |   | 5.2 |
| 40                      East 52nd Street                                |   |   |   |   |   |   |   |
| New                      York, NY 10022                                 |   |   |   |   |   |   |   |
| William                      H. Koster, Ph.D.                           |   | 705,438 |   |   | 587,380 |   | 1.7 |
| Stephen                      R. Davis                                   |   | 199,743 |   |   | 138,805 |   | * |
| Stephen                      Uden                                       |   | 46,016 |   |   | 43,960 |   | * |
| Alan                      J. Hutchison, Ph.D.                           |   | 224,999 | (2) |   | 190,805 |   | * |
| Bertrand                      L. Chenard, Ph.D.                         |   | 143,096 |   |   | 134,815 |   | * |
| James                      E. Krause, Ph.D.                             |   | 190,578 | (3) |   | 166,192 |   | * |
| Felix                      J. Baker, Ph.D.                              |   | 5,298,805 | (4) |   | 88,535 |   | 12.7 |
| Julian                      C. Baker                                    |   | 5,316,813 | (5) |   | 95,035 |   | 12.7 |
| Eran                      Broshy                                        |   | 62,309 |   |   | 62,309 |   | * |
| Stewart                      Hen                                        |   | 58,042 |   |   | 58,042 |   | * |
| Jonathan                      S. Leff                                   |   | 52,042 |   |   | 52,042 |   | * |
| Craig                      Saxton, M.D.                                 |   | 143,121 | (6) |   | 118,121 |   | * |
| John                      Simon, Ph.D.                                  |   | 143,258 |   |   | 84,754 |   | * |
| All                      officers and directors as a group (13 persons) |   | 7,378,682 |   |   | 1,820,795 |   | 17.6 |

**______________**

|  *  | Less                    than 1% of the outstanding shares of common stock.                                                                                                                                                      |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)           | The                    address of each person is 667 Madison Ave., New York, NY 10021,                    except for                    Daniel R. Tisch, whose address is 500 Park Ave., New York, NY                    10022. |
| (2)           | Includes                    25,000 shares of unvested restricted stock.                                                                                                                                                         |
| (3)           | Includes                    7,500 shares of unvested restricted stock.                                                                                                                                                          |
| (4)           | Includes                    5,205,578 shares as to which he has shared voting power and shared                    dispositive power and 4,692 shares as to which he has sole voting                    power.                   |
| (5)           | Includes                    5,205,578 shares as to which he has shared voting power and shared                    dispositive power and 16,200 shares as to which he has sole voting                    power.                  |
| (6)           | Includes                    25,000 shares of unvested restricted                    stock.                                                                                                                                      |

**Securities          Authorized for Issuance under Equity Compensation Plans**

| The                    following table sets forth, for the Company's equity compensation                    plans,                    the number of options outstanding under such plans, the weighted-average                    exercise price of outstanding options, and the number of shares                    that                    remain available for issuance under such plans, as of December                    31,                    2006.  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | **Total                    securities to be issued upon****exercise                    of outstanding options** |   | **Securities                    remaining available for future issuance under equity compensation                    plans                    (excluding securities reflected in column a)** |
| **Plan                    category**                                                                                                                                                                                                                                                                                                                                                                                                                              |   | **Number** |   | **Weighted-average****exercise                    price** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | **(a)** |   | **(b)** |   | **(c)** |
| Equity                    compensation plans approved by security holders                                                                                                                                                                                                                                                                                                                                                                                         |   | 5,429,345 |   | $11.91 |   | 1,262,877 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| Equity                    compensation plans not approved by security holders                                                                                                                                                                                                                                                                                                                                                                                     |   | 13,500 |   | 33.38 |   | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 5,442,845 |   | $11.96 |   | 1,262,877 |

**ITEM        13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR        INDEPENDENCE**

**Certain        Relationships and Related Party Transactions**

**Independence        of the Board of        Directors**

**ITEM        14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

**Audit          Fees and All Other Fees **

***Audit          Fees***

***Audit-Related          Fees***

***Tax          Fees***

***All          Other Fees***

**Pre-Approval        Policies and Procedures**

**PART        IV**

**ITEM          15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

| (a) | DOCUMENTS                    FILED WITH THIS REPORT |
|-----|-----------------------------------------------------|

| (b) | EXHIBITS                    REQUIRED |
|-----|--------------------------------------|

**SIGNATURES**

|                                                                                                                                                                                                                                                                                                                                |   | NEUROGEN                        CORPORATION                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|
| Date:                        April 30, 2007                                                                                                                                                                                                                                                                                         |   |                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                |   | By:                        /s/ STEPHEN R. DAVIS                                                                                          |
| Pursuant                        to the requirements of Section 13 or 15(d) of the Securities                        Exchange Act                        of 1934, the registrant has duly caused this report to be                        signed on its                        behalf by the undersigned, thereunto duly authorized. |   | Stephen                        R. DavisExecutive                        Vice President andChief                        Operating Officer |

| **EXHIBIT                        INDEX** |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **EXHIBIT****NUMBER**                    |   | **DESCRIPTION**                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 3.1                                      |   | Restated                        Certificate of Incorporation, filed July 7, 1994 (incorporated                        by                        reference to Exhibit 4.1 to Registration Statement No. 33-81268                        on form                        S-8).                                                                                                                                                                                 |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 3.2                                      |   | By-Laws,                        as amended (incorporated by reference to Exhibit 3.6 to the                        Company's Form                        10-K for the fiscal year ended December 31, 1993).                                                                                                                                                                                                                                                 |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.1                                     |   | Neurogen                        Corporation 1993 Omnibus Incentive Plan, as amended (incorporated                        by                        reference to Exhibit 10.3 to the Company's Form 10-K for                        the fiscal year                        ended December 31, 1993).                                                                                                                                                         |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.2                                     |   | Form                        of Stock Option Agreement currently used in connection with                        the grant of                        options under Neurogen Corporation 1993 Omnibus Incentive                        Plan                        (incorporated by reference to Exhibit 10.4 to the Company's                        Form 10-K for                        the fiscal year ended December 31, 1993).                           |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.3                                     |   | Neurogen                        Corporation 1993 Non-Employee Directors Stock Option Program                        (incorporated                        by reference to Exhibit 10.5 to the Company's Form 10-K for                        the fiscal                        year ended December 31, 1993).                                                                                                                                                |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.4                                     |   | Form                        of Stock Option Agreement currently used in connection with                        the grant of                        options under Neurogen Corporation 1993 Non-Employee Directors                        Stock                        Option Program (incorporated by reference to Exhibit 10.6                        to the Company's                        Form 10-K for the fiscal year ended December 31, 1993).      |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.5                                     |   | Form                        of Proprietary Information and Inventions Agreement (incorporated                        by                        reference to Exhibit 10.31 to Registration Statement No.                        33-29709 on Form                        S-1).                                                                                                                                                                                |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.6                                     |   | Collaborative                        Research Agreement and License and Royalty Agreement between                        the Company                        and Pfizer Inc, dated as of January 1, 1992 (CONFIDENTIAL                        TREATMENT                        REQUESTED) (incorporated by reference to Exhibit 10.35 to                        the Company's                        Form 10-K for the fiscal year ended December 31, 1991). |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.7                                     |   | Collaborative                        Research Agreement and License and Royalty Agreement between                        the Company                        and Pfizer Inc, dated as of July 1, 1994 (CONFIDENTIAL TREATMENT                        REQUESTED) (incorporated by reference of Exhibit 10.1 to                        the Company's                        Form 10-Q for the quarterly period ended June 30,                        1994).    |

| 10.8   |   | Stock                        Purchase Agreement between the Company and Pfizer dated as                        of July 1, 1994                        (incorporated by reference to Exhibit 10.2 to the Company's                        Form 10-Q for                        the quarterly period ended June 30, 1994).                                                                |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                    |
| 10.9   |   | Collaboration                        and License Agreement and Screening Agreement between the                        Company and                        Schering-Plough Corporation (CONFIDENTIAL TREATMENT REQUESTED)                        (incorporated by reference to Exhibit 10.1 to the Company's                        Form 8-K dated                        July 28, 1995). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                    |
| 10.10  |   | Collaborative                        Research Agreement between the Company and Pfizer dated as                        of November 1,                        1995 (CONFIDENTIAL TREATMENT REQUESTED) (incorporated by                        reference to                        Exhibit 10.1 of the Company's Form 8-K dated November 1,                        1995).                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                    |
| 10.11  |   | Development                        and Commercialization Agreement between the Company and Pfizer                        dated as of                        November 1, 1995 (incorporated by reference to Exhibit 10.2                        of the                        Company's Form 8-K dated November 1, 1995).                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                    |

| 10.12  |   | Stock                          Purchase Agreement between the Company and Pfizer dated                          as of November 1,                          1995 (incorporated by reference to Exhibit 10.3 of the                          Company's Form 8-K                          dated November 1, 1995).                                                                                                                                                                                                                                |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.13  |   | Stock                          Purchase Agreement dated as of November 25, 1996 between                          American Home                          Products Corporation, acting through its Wyeth-Ayerst Laboratories                          Division, and Neurogen Corporation (CONFIDENTIAL TREATMENT                          REQUESTED)                          (incorporated by reference to Exhibit 10.1 of the Company's                          Form 8-K dated                          March 31, 1997).                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.14  |   | Technology                          agreement between the Company and Pfizer Inc, dated as                          of June 15, 1999                          (CONFIDENTIAL TREATMENT REQUEST) (Incorporated by reference                          to Exhibit                          10.27 to the Company's Form 10-Q for the quarterly period                          ended June 30,                          1999).                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.15  |   | Employment                          Contract between the Company and Alan J. Hutchison, dated                          as of December                          1, 1997 (incorporated by reference to Exhibit 10.28 to                          the Company's Form                          10-K for the fiscal year ended December 31, 1999).                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.16  |   | Employment                          Contract between the Company and Stephen R. Davis, dated                          as of December 1,                          1997 (incorporated by reference to Exhibit 10.29 to the                          Company's Form                          10-K for the fiscal year ended December 31, 1999).                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.17  |   | Neurogen                          Corporation 2000 Non-Employee Directors Stock Option Program                          (incorporated                          by reference to Exhibit 10.31 to the Company's Form 10-Q                          for the quarterly                          period ended June 30, 2000).                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.18  |   | Form                          of the Non-Qualified Stock Option Agreement currently used                          in connection                          with the grant of options under the Neurogen Corporation                          2000 Non-Employee                          Directors Stock Option Program (incorporated by reference                          to Exhibit 10.32                          to the Company's Form 10-Q for the quarterly period ended                          June 30,                          2000). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.19  |   | Registration                          Rights Agreement dated as of June 26, 2000 between the                          Company and the                          Purchasers listed on Exhibit A thereto (incorporated by                          reference to                          Exhibit 10.33 to the Company's Form 10-Q for the quarterly                          period ended                          June 30, 2000).                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.20  |   | Amended                          and Restated Neurogen Corporation 2001 Stock Option Plan,                          as amended and                          restated effective September 4, 2001 (incorporated by reference                          to Exhibit                          10.29 to the Company's Form 10-Q for the quarterly period                          ended September                          30, 2001).                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.21  |   | Form                          of Incentive Stock Option Agreement currently used in connection                          with the                          grant of options under the Amended and Restated Neurogen                          Corporation 2001                          Stock Option Plan (incorporated by reference to Exhibit                          10.30 to the                          Company's Form 10-Q for the quarterly period ended September                          30,                          2001).         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.22  |   | Form                          of the Non-Qualified Stock Option Agreement currently used                          in connection                          with the grant of options under the Amended and Restated                          Neurogen                          Corporation 2001 Stock Option Plan (incorporated by reference                          to Exhibit                          10.31 to the Company's Form 10-Q for the quarterly period                          ended September                          30, 2001). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.23  |   | Form                          of Neurogen Special Committee Stock Option Plan (incorporated                          by reference                          to Exhibit 10.32 to the Company's Form 10-Q for the quarterly                          period ended                          September 30, 2001).                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.24  |   | Employment                          Agreement between the Company and William H. Koster, dated                          as of September                          4, 2001 (incorporated by reference to Exhibit 10.33 to                          the Company's Form                          10-Q for the quarterly period ended September 30,                          2001).                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|  10.25 |   | Collaboration                            and License Agreement dated as of December 11, 2001 between                            the Company                            and Aventis Pharmaceuticals Inc. (CONFIDENTIAL TREATMENT                            REQUESTED)                            (incorporated by reference to Exhibit 10.35 to the Company's                            Form 10-K/A2                            for the period ended December 31, 2001).                                                                                                                                                                                                                 |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.26       |   | Modification                            Agreement dated as of December 1, 2000 between Neurogen                            Properties LLC and                            Connecticut Innovations, Incorporated (incorporated by                            reference to                            Exhibit 10.36 to the Company's Form 10-KA/3 for the period                            ended December                            31, 2001).                                                                                                                                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.27       |   | Construction                            Loan Agreement dated as of October 22, 1999 between Neurogen                            Properties                            LLC and Connecticut Innovations, Incorporated (incorporated                            by reference                            to Exhibit 10.37 to the Company's Form 10-KA/3 for the                            period ended                            December 31, 2001).                                                                                                                                                                                                                                        |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.28       |   | Commercial                            Term Note dated as of December 21, 2001 held by the Company                            and payable to                            Webster Bank (incorporated by reference to Exhibit 10.38                            to the Company's                            Form 10-KA/3 for the period ended December 31, 2001).                                                                                                                                                                                                                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.29       |   | Commercial                            Loan Agreement dated as of December 21, 2001 between                            Webster Bank and the                            Company (incorporated by reference to Exhibit 10.39 to                            the Company's Form                            10-KA/3 for the period ended December 31, 2001).                                                                                                                                                                                                                                                                                                                                    |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.30       |   | Form                            of Proprietary Information and Inventions Agreement (incorporated                            by                            reference to Exhibit 10.2 to the Company's Form 10-Q                            for the quarterly                            period ended June 30, 2002).                                                                                                                                                                                                                                                                                                                                                                      |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.31       |   | Amendments                            to the Neurogen Corporation Non-Employee Directors Stock                            Option Program                            (incorporated by reference to Exhibit 10.1 to the Company's                            Form 10-Q for                            the quarterly period ended September 30, 2002).                                                                                                                                                                                                                                                                                                                                       |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.32       |   | Collaboration                            and License Agreement dated as of November 24, 2003 between                            the Company                            and Merck Sharp & Dohme Limited (CONFIDENTIAL TREATMENT REQUESTED)                            (incorporated by reference to Exhibit 10.43 to the Company's                            Form 10-K for                            the period ended December 31, 2003).                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.33       |   | Stock                            Purchase Agreement dated as of November 24, 2003 between                            the Company and                            Merck Sharp & Dohme Limited (CONFIDENTIAL TREATMENT REQUESTED)                            (incorporated by reference to Exhibit 10.43 to the Company's                            Form 10-K for                            the period ended December 31, 2003).                                                                                                                                                                                                                                                       |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.34       |   | Securities                            Purchase Agreement by and between Neurogen Corporation,                            Warburg Pincus                            Private Equity VIII, L.P., entities affiliated with Baker                            Brothers                            Investments and entities affiliated with the Tisch family                            (incorporated by                            reference to Exhibit 99.1 of the Company's Form 8-K dated                            March 26,                            2004).                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.35       |   | Letter                            Agreement dated as of March 26, 2004, amending the securities                            purchase                            dated March 19, 2004, by and between Neurogen Corporation,                            Warburg Pincus                            Private Equity VIII, L.P., entities affiliated with Baker                            Brothers                            Investments and entities affiliated with the Tisch family                            (incorporated by                            reference to Exhibit 99.1 of the Company's Form 8-K dated                            March 26,                            2004). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.36       |   | Neurogen                            Corporation Code of Business Conduct and Ethics, April                            27, 2004                            (incorporated by reference to Exhibit 14.1 of the Company's                            Form 10-K/A                            dated April 29, 2004).                                                                                                                                                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.37       |   | Neurogen                            Corporation 2000 Non-Employee Directors Stock Option                            Program, as amended                            (incorporated by reference to Appendix B of the Registrant's                            Definitive                            Proxy Statement on Schedule 14A (File No. 000-18311)                            filed on July 12,                            2004).                                                                                                                                                                                                                                                      |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| 10.38  |   | Amended                            and Restated Neurogen Corporation 2001 Stock Option Plan,                            as amended                            (incorporated by reference to Appendix D of the Registrant's                            Definitive                            Proxy Statement on Schedule 14A (File No. 000-18311)                            filed on July 12,                            2004). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                            |

| 10.39  |   | Neurogen                          Corporation Audit Committee Charter (May 19, 2004) (incorporated                          by                          reference to Appendix E of the Company's Form DEF 14A dated                          July 12,                          2004).                                                                                                                                          |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.40  |   | Form                          of Non-Qualified Stock Option Agreement for the Neurogen                          Corporation 2000                          Non-Employee Directors Stock Option Program (incorporated                          by reference to                          Exhibit 10.1 of the Company's Form 8-K dated December 20,                          2004).                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.41  |   | Form                          of Incentive Stock Option Agreement for the Amended and                          Restated Neurogen                          Corporation 2001 Stock Option Plan (incorporated by reference                          to Exhibit                          10.2 of the Company's Form 8-K dated December 20,                          2004).                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.42  |   | Form                          of Non-Qualified Stock Option Agreement for the Amended                          and Restated                          Neurogen Corporation 2001 Stock Option Plan (incorporated                          by reference to                          Exhibit 10.3 of the Company's Form 8-K dated December 20,                          2004).                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.43  |   | Form                          of Restricted Share Award Agreement for the Amended and                          Restated Neurogen                          Corporation 2001 Stock Option Plan (incorporated by reference                          to Exhibit                          10.4 of the Company's Form 8-K dated December 20,                          2004).                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.44  |   | Amended                          and Restated Neurogen Corporation 2001 Stock Option Plan                          (as amended and                          restated) (incorporated by reference to Appendix B of the                          Registrant's                          Definitive Proxy Statement on Schedule 14A (File No. 000-18311)                          filed on                          May 19, 2005). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.45  |   | Neurogen                          Corporation Audit Committee Charter (As Amended on July                          20, 2004)                          (incorporated by reference to Appendix C of the Company's                          Form DEF 14A                          dated May 19, 2005).                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.46  |   | Employment                          Agreement between Neurogen Corporation and Stephen Uden                          dated as of June                          27, 2005 (incorporated by reference to Exhibit 10.1 of                          the Company's Form                          8-K dated June 30, 2005).                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.47  |   | License                          Agreement between Neurogen Corporation and Wyeth Pharmaceuticals                          dated as                          of November 22, 2006 (CONFIDENTIAL TREATMENT                          REQUESTED).                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.48  |   | Separation                          Agreement and General Release between Neurogen Corporation                          and Charlie                          Ritrovato dated as of December 29, 2006.                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.49  |   | Neurogen                          Corporation 2000 Non-Employee Directors Stock Option Program,                          as amended                          (incorporated by reference to Appendix B of the Registrant's                          Definitive                          Proxy Statement on Schedule 14A (File No. 000-18311) filed                          on May 1,                          2006).           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.50  |   | Amended                          and Restated Neurogen Corporation 2001 Stock Option Plan,                          as amended                          (incorporated by reference to Appendix D of the Registrant's                          Definitive                          Proxy Statement on Schedule A14A (File No. 000-18311) filed                          on May 26,                          2006).              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 21.1   |   | Subsidiary                          of the registrant (incorporated by reference to Exhibit                          21.1 to the                          Company's Form 10-K for the fiscal year ended December                          31,                          1999).                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 23.1   |   | Consent                          of PricewaterhouseCoopers LLP, Independent Registered Public                          Accounting                          Firm.                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                           |

| 24.1                                                                                                                                                               |   | Powers                          of Attorney of Felix J. Baker, Julian C. Baker, Eran Broshy,                          Stewart Hen,                          Jonathan S. Leff, Craig Saxton, and John Simon. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
|  31.1*                                                                                                                                                        |   | Certification                          Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                           |
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
| 31.2*                                                                                                                                                              |   | Certification                          Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                           |
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
| 32.1*                                                                                                                                                              |   | Certification                          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                           |
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
| 32.2*                                                                                                                                                              |   | Certification                          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                           |
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
| *Filed                          herewith                                                                                                                           |   |                                                                                                                                                                                                        |
|                                                                                                                                                               |   |                                                                                                                                                                                                        |
| Unless                          otherwise noted, exhibits were filed with the Form 10-K                          filed on March 15,                          2007. |