Document:

Exhibit
10.32

 

Non-Employee
Director Compensation Summary

 

CollaGenex Pharmaceuticals, Inc.’s (the “Company’s”) non-employee directors currently consist of: (i) Peter R. Barnett, D.M.D.; (ii) Robert C. Black; (iii) James E. Daverman; (iv) Robert J. Easton; (v) Brian M. Gallagher, Ph.D.; (vi) W. James O’Shea; (vii) Robert A. Beardsley; and (viii) George M. Lasezkay, Pharm.D., J.D.
 
In 2005, non-employee directors of the Company received an annual retainer, which was paid quarterly.  In addition to this retainer, non-employee directors were entitled to receive a fee for each regularly scheduled board meeting attended in person, an annual fee for each committee on which the non-employee director serves and a fee for each committee the non-employee director chairs.  The table below sets forth the annual retainer, per board meeting fees, annual committee meeting fees and fees per committee chaired paid to our non-employee directors in 2005:
 

	
   

  	
   

  	
  2005 Annual

  Retainer(1)

  	
   

  	
  Fee Per Board

  Meeting

  Attended

  	
   

  	
  Annual Fee Per

  Committee

  Served

  	
   

  	
  Annual Fee Per

  Committee

  Chaired

  	
   

  
	
  Peter Barnett

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Robert Black

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  James Daverman

  	
   

  	
  $

  	
  22,500

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  Robert Easton

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  Brian Gallagher

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  James O’Shea

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  —

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Robert A.
  Beardsley

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  George M. Lasezkay(2)

  	
   

  	
  $

  	
  4,981

  	
  (3)

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  

 

(1)                      In addition, the Company provided reimbursement to directors for reasonable and necessary expenses incurred in connection with attendance at meetings of the Board of Directors and other Company business.
 
(2)                      Mr. Lasezkay was appointed to the Company’s Board of Directors on September 22, 2005.
 
(3)                      Represents the pro-rata portion of a $15,000 annual retainer commencing on September 22, 2005.

 

On May 25, 2005, the Company granted to each non-employee director, options to purchase 12,000 shares of common stock, with the exception of Mr. Daverman, the Chairman of the Board, who received options to purchase 18,000 shares of common stock, each at an exercise price per share of $4.58.  Such options vest in four equal annual installments commencing one year after the date of grant.  Upon his appointment to the Board in September 2005, Mr. Lasezkay was granted options to purchase 25,000 shares of common stock at an exercise price

 

 

per share of $9.78.  Such options vest in five equal annual installments commencing one year after the date of grant.
 
In 2006, the non-employee directors of the Company will receive an annual retainer.  In addition to this retainer, non-employee directors will receive a fee for each regularly scheduled board meeting attended in person, an annual fee for each committee on which the non-employee director serves and a fee for each committee the non-employee director chairs.  The table below sets forth the annual retainer, per board meeting fees, annual committee meeting fees and fees per committee chaired which will be paid to our non-employee directors in 2006:
 

	
   

  	
   

  	
  2006 Annual

  Retainer(1)

  	
   

  	
  Fee Per Board

  Meeting

  Attended

  	
   

  	
  Annual Fee Per

  Committee

  Served

  	
   

  	
  Annual Fee Per

  Committee

  Chaired

  	
   

  
	
  Peter Barnett

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Robert Black

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  James Daverman

  	
   

  	
  $

  	
  22,500

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  Robert Easton

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  Brian Gallagher

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  James O’Shea

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  —

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Robert A.
  Beardsley

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  
	
  George M. Lasezkay

  	
   

  	
  $

  	
  15,000

  	
   

  	
  $

  	
  2,000

  	
   

  	
  $

  	
  3,000

  	
   

  	
  —

  	
   

  

 

(1)                      In addition, the Company provided reimbursement to directors for reasonable and necessary expenses incurred in connection with attendance at meetings of the Board of Directors and other Company business.
 
Upon re-election at the Company’s annual meetings of stockholders, each non-employee director shall automatically be granted an option to purchase 12,000 shares of the Company’s common stock, with the exception of Mr. Daverman who shall be granted an option to purchase 18,000 shares of the Company’s Common Stock, at an exercise price per share equal to the then current fair market value per share.  All such options shall become exercisable in four equal annual installments commencing one year after the date of grant, provided that the optionee then remains a director.
 
Each new non-employee director is automatically granted an option to purchase 25,000 shares of common stock, at an exercise price per share equal to the then current fair market value per share.  All such options shall become exercisable in five equal annual installments commencing one year after the date of grant, provided that the optionee then remains a director.  The right to exercise annual installments of options under the Plan will be reduced proportionately based on the optionee’s actual attendance at meetings of the Board of Directors if the optionee fails to attend at least 75% of the meetings of the Board of Directors held in any calendar year.Exhibit 10.33

 

Executive
Officer Compensation Summary

 

CollaGenex Pharmaceuticals, Inc.’s (the “Company’s”)
executive officers consist of: (i) Colin W.
Stewart, President and Chief Executive Officer; (ii) Nancy C. Broadbent,
Senior Vice President and Chief Financial Officer; (iii) David F.
Pfeiffer, Senior Vice President of Sales and Marketing; (iv) Klaus Theobald, Senior Vice President and Chief Medical Officer;
and (v) Andrew Powell, Vice President, General Counsel and Secretary.

 

The compensation structure
for executive officers of the Company consists of three components: base
salary, discretionary cash bonuses (typically paid annually) and stock options.
The Company does not have employment agreements with any of its executive
officers, but has executed indemnification agreements with each of its
executive officers.  In addition, the
Company has entered into change of control agreements with each of
Mr. Stewart, Ms. Broadbent, Mr. Pfeiffer, Mr. Powell and
Dr. Theobald.

 

The Compensation Committee
of the Board of Directors (the “Committee”) seeks to establish base salaries
for each position and level of responsibility that are competitive with those
of executive officers at other emerging pharmaceutical companies. Annual cash
bonuses are awarded to executive officers based on their achievements against a
stated list of objectives developed at the beginning of each year by senior
management and the Committee. All executive officers are awarded option grants
upon joining the Company that are competitive with those at comparable emerging
pharmaceutical companies. In addition, the Committee may award additional stock
option grants annually. When granting stock options, the Committee considers
the recommendation of the Company’s Chief Executive Officer and the relative
performance and contributions of each executive officer.

 

Compensation decisions
affecting the Company’s executive officers are made on an annual basis by the
Committee. On December 12, 2005, the Committee approved the terms of
compensation (exclusive of option grants) to be paid to the Company’s executive
officers, including the base salary for 2006, as follows:

 

•                                          Mr. Stewart. The Committee approved a 3.6% increase in
Mr. Stewart’s base salary for 2006, as well as a $238,420 bonus. As a
result of the increase, Mr. Stewart’s base salary is now $377,000.

 

•                                          Ms. Broadbent. The Committee approved a 7.0% increase in
Ms. Broadbent’s base salary for 2006, as well as a $133,952 bonus. As a
result of the increase, Ms. Broadbent’s base salary is now $256,000.

 

•                                          Mr. Pfeiffer. The Committee approved a 3.5% increase in
Mr. Pfeiffer’s base salary for 2006, as well as a
$113,575 bonus. As a result of the increase, Mr. Pfeiffer’s base salary is
now $264,750.

 

 

•                                          Mr. Theobald.
The Committee approved a 3.5% increase in Mr. Theobald’s
base salary for 2006, as well as a $130,000 bonus. As a result of the increase,
Mr. Theobald’s base salary is now $269,100.

 

•                                          Mr. Powell. The Committee approved a 3.5% increase in
Mr. Powell’s base salary for 2006, as well as a $97,060 bonus. As a result of
the increase, Mr. Powell’s base salary is now $238,050.

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