Exhibit
          10.48

         

        SPECIALIZED
          HEALTH PRODUCTS INTERNATIONAL, INC.

        2008
          EXECUTIVE BONUS PLAN PROPOSAL

        


        SHPI
          executives will be eligible to receive an annual bonus based upon the
          achievement the Company’s 2008 revenue, net income and cash flow goals.
          Executives eligible for bonus payments under the 2008 plan and target base
          bonus
          payouts for achievement of 100% of goal are shown below:

         

        
          	
                  Officers

                	 	
                  Target
                    Bonus Payout

                
	
                  Jeff
                    Soinski, President & CEO

                	 	
                  40%
                    of annual salary

                
	
                  Don
                    Solomon, Ph.D., COO & CTO

                	 	
                  30%
                    of annual salary

                
	
                  Paul
                    Evans, VP, Bus. Dev. & General Counsel

                	 	
                  30%
                    of annual salary

                
	
                  David
                    Green, CFO

                	 	
                  30%
                    of annual salary

                
	
                  Rebecca
                    Whitney, VP, Sales & Marketing

                	 	
                  30%
                    of annual salary

                
	 	 	 
	
                  Management
                    Directors

                	 	 
	
                  Jeff
                    Jones, Sr. Director of Manufacturing & Operations

                	 	
                  25%
                    of annual salary

                
	
                  Mark
                    Ferguson, Sr. Director of Product Development &

                	 	
                  25%
                    of annual salary

                
	
                  Engineering

                	 	 
	
                  Mark
                    Nelson, Sr. Director of QA and RA

                	 	
                  25%
                    of annual salary

                
	
                  Riley
                    Astill, Controller

                	 	
                  20%
                    of annual salary

                
	
                  Dave
                    Thorne, Director of Concept Development and

                	 	
                  20%
                    of annual salary

                
	
                  Customer
                    Complaints

                	 	 


        

         

        The
          following formula related to achievement of the Company’s 2008 revenue, net
          income and cash flow goals (which shall not include capital raised through
          the
          issuance of stock or debt) as defined in the final 2008 Budget approved
          by the
          Board of Directors, will be used to calculate base bonus payout amounts
          at
          year-end 2008.

        


        
          	
                  Revenue:

                	 	 	 	 
	 	 	
                  Achieve:

                	 	
                  Base
                    Bonus Payout:

                
	 	 	
                  <80%
                    of Goal

                	 	
                  No
                    Payout

                
	 	 	
                  80%
                    of Goal

                	 	
                  40%
                    of Target Bonus Payout

                
	 	 	
                  100%
                    of Goal

                	 	
                  50%
                    of Target Bonus Payout

                
	 	 	
                  120%
                    of Goal

                	 	
                  60%
                    of Target Bonus Payout

                
	 	 	 	 	 
	
                  Net
                    Income:

                	 	 	 	 
	 	 	
                  Achieve:

                	 	
                  Base
                    Bonus Payout:

                
	 	 	
                  <80%
                    of Goal

                	 	
                  No
                    Payout

                
	 	 	
                  80%
                    of Goal

                	 	
                  20%
                    of Target Bonus Payout

                
	 	 	
                  100%
                    of Goal

                	 	
                  25%
                    of Target Bonus Payout

                
	 	 	
                  120%
                    of Goal

                	 	
                  30%
                    of Target Bonus Payout

                
	 	 	 	 	 
	
                  Cash
                    Balance at December 31:

                	 	 	 	 
	 	 	
                  Achieve:

                	 	
                  Base
                    Bonus Payout:

                
	 	 	
                  <80%
                    of Goal

                	 	
                  No
                    Payout

                
	 	 	
                  80%
                    of Goal

                	 	
                  20%
                    of Target Bonus Payout

                
	 	 	
                  100%
                    of Goal

                	 	
                  25%
                    of Target Bonus Payout

                
	 	 	
                  120%
                    of Goal

                	 	
                  30%
                    of Target Bonus Payout

                


        

        


        Base
          bonus payout amounts will be calculated on a pro rata basis for performance
          between 80-120% of goal. For example, achievement of 90% of revenue goal
          would
          relate to a potential base bonus payout of 45% of Target Bonus
          Payment.

         

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

         

        Calculation
          of Bonus Payout Adjusted for Achievement of Individual
          Objectives

        


        Actual
          bonus payouts for each employee participating in the Executive Bonus Plan
          will
          be adjusted based upon achievement of pre-determined objectives for 2008.
          Performance against individual objectives will be ranked by the employee’s
          supervisor and reviewed by the Executive Committee according to the scale
          shown
          below. 

        


        0
           Did
          not meet objective

         

        1
           Partially
          meets objective 

         

        2
           Meets
          objective

         

        3
           Exceeds
          objective

         

        4
           Significantly
          exceeds objective

        


        An
          overall score will be determined for each employee at year-end. Relative
          importance of each individual objective related to achievement of the Company’s
          overall strategic objectives will be taken into account when determining
          an
          employee’s overall score. This score will be applied to the potential base bonus
          payment (calculated based upon achievement of the Company’s financial
          objectives), according to the scale shown below. 

        


        
          	 	 	
                  %
                    of Potential

                
	 	 	
                  Base
                    Bonus

                
	
                  Overall
                    Score

                	 	
                  Payout

                
	
                  0

                	 	
                  0%

                
	
                  1

                	 	
                  80%

                
	
                  2

                	 	
                  100%

                
	
                  3

                	 	
                  110%

                
	
                  4

                	 	
                  120%

                


        

        


        Scores
          will be determined and expressed to one decimal point, and adjusted bonus
          payouts will be calculated on a pro rata basis. For example, if the potential
          base bonus payment for all plan participants is 90% (based upon achievement
          of
          financial objectives) and an employee receives a score of 2.5 based upon
          achievement of their individual objectives they would receive a bonus payout
          of
          94.5% (90% x 105%).

        


        Potential
          for Incremental Bonus Payments

        


        In
          addition to calculated bonus payouts, plan participants will be eligible
          to
          receive incremental bonus payments for achievement of strategic initiatives
          beyond those contemplated in the plan. The amount of such incremental payments,
          if any, will be based upon the recommendation of the Compensation Committee
          and
          submitted to the Board of Directors for approval prior to payment. 

        


        Total
          salaries for executives eligible for bonus under this plan are $1,720,320
          (estimate: to be adjusted after final salary increases are established
          for
          2008). Base bonus potential equals $503,680 (estimate) for 100% achievement
          of
          goal. This amount will be accrued at a rate of $41,973 (estimate) per month
          throughout the year.

        


        Executive
          bonus payments will be determined when full-year 2008 financial statements
          are
          available. Bonuses will be payable after review and formal approval by
          the
          Compensation Committee but in any event shall be paid on or before March
          15,
          2009.

         

        
          
            
            

          

          
            2