Document:

Exhibit 10.14

 

Executive
Officer Compensation Summary

 

The executive officers of Momenta Pharmaceuticals, Inc.
(the “Company”) are: (i) Alan L. Crane, President and Chief Executive
Officer; (ii) John Bishop, Vice President, Pharmaceutical Sciences and
Manufacturing; (iii) Steven B. Brugger, Vice President, Strategic Business
Operations; (iv) Richard P. Shea, Vice President, Chief Financial Officer;
(v) Ganesh Venkataraman, Senior Vice President, Research; and (vi) Susan
K. Whoriskey, Vice President, Licensing and Business Development.

 

The compensation structure for executive officers of
the Company consists of three components: (i) base salary, (ii) discretionary
cash bonuses and (iii) stock options or other equity-based awards.

 

Employment Agreements With Executive Officers

 

The Company has entered into employment agreements
with Alan L. Crane, Ganesh Venkataraman and Susan K. Whoriskey. The annual
salary, severance and termination provisions of such agreements are as follows:

 

Alan L. Crane

 

The Company entered into an employment agreement with Mr. Crane,
dated March 15, 2002, which was amended on June 7, 2005 in connection
with Mr. Crane’s resignation as the Chairman of the Board of Directors of
the Company. Pursuant to this agreement, Mr. Crane is to receive an annual
base salary of $370,000, subject to annual increases upon review by the
Compensation Committee of the Board of Directors (the “Committee”). In
connection with the execution of the agreement, the Company paid Mr. Crane
a bonus of $106,585 on March 15, 2002.

 

Under Mr. Crane’s agreement, either the Company
or Mr. Crane may terminate his employment at any time, subject to
continuation of salary payment and benefits for one year if the Company
terminates Mr. Crane’s employment without cause or Mr. Crane
terminates his employment for good reason. If, however, Mr. Crane
commences full-time employment or enters into a consulting arrangement during
the period of time for which the Company is providing severance benefits to Mr. Crane,
then the Company’s cash severance payments to Mr. Crane will be reduced by
the amount of any cash compensation Mr. Crane earns in his new employment
or consulting arrangement. In addition, the Company will have no obligation to
provide for benefits so long as the quality of the benefits provided by the new
employer are equivalent or superior to the benefits provided by the Company.

 

Susan K. Whoriskey

 

The Company entered into an employment agreement with Dr. Whoriskey,
dated April 10, 2002. Pursuant to this agreement, Dr. Whoriskey is to
receive an annual base salary of $180,000, subject to increases upon review at
least once every six months. Under the agreement, either the Company or Dr. Whoriskey
may terminate her employment at any time, subject to

 

 

continuation
of salary payment and benefits for three months if the Company terminates Dr. Whoriskey’s
employment without cause or Dr. Whoriskey terminates her employment for
good reason.

 

Ganesh Venkataraman

 

The Company entered into an employment agreement with Dr. Venkataraman,
dated June 13, 2001, which was amended and restated on April 10, 2002.
Pursuant to this agreement, Dr. Venkataraman is to receive an annual base
salary of $205,000, subject to increases upon review at least once every
12 months. Under the agreement, as amended, either the Company or Dr. Venkataraman
may terminate his employment at any time, subject to continuation of
salary payment and benefits for three months if the Company terminates Dr. Venkataraman’s
employment without cause or Dr. Venkataraman terminates his employment for
good reason.

 

Compensation Policy

 

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. Cash and equity
bonuses are awarded typically annually 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 and other equity-based awards. When
granting stock options and other equity awards, the Committee considers the
recommendation of the Company’s Chief Executive Officer and the relative
performance and contributions of each executive officer.

 

Executive Officer Compensation for 2006

 

The Committee approved the following compensation,
including base salary (effective January 1, 2006) to be paid to the
Company’s executive officers:

 

•                  Mr. Crane.
The Committee approved a $225,000 bonus to be paid in 2006 based on Mr. Crane’s
and Company achievements in 2005, and the grant of 200,000 shares of restricted
Company common stock (“Common Stock”). Mr. Crane’s annual base salary was
increased to $400,000 for 2006 from $370,000 in 2005.

 

•                  Mr. Bishop.
The Committee approved a $100,139.18 bonus to be paid in 2006 based on Mr. Bishop’s
and Company achievements in 2005, and the grant of an additional option to
purchase 50,000 shares of Common Stock. The Committee also approved a $25,000
bonus in September 2005 upon its assessment of corporate and individual
performances related to the preparation and filing of the Company’s abbreviated
new drug application (the “ANDA”). Mr. Bishop’s annual base salary was
increased to $230,431.23 for 2006 from $195,000 in 2005.

 

•                  Mr. Brugger.
The Committee approved a $100,716 bonus to be paid in 2006 based on Mr. Brugger’s
and Company achievements in 2005, and the grant of 200,000

 

 

shares
of restricted Common Stock. The Committee also approved a $25,000 bonus in September 2005
upon its assessment of corporate and individual performances related to the
preparation and filing of the ANDA. Mr. Brugger’s annual base salary was
increased to $279,912 for 2006 from $261,600 in 2005.

 

•                  Mr. Shea.
The Committee approved an aggregate $52,000 bonus to be paid in 2006 based on Mr. Shea’s
and Company achievements in 2005, and the grant of an additional option to
purchase 18,750 shares of Common Stock. Mr. Shea’s annual base salary was
increased to $230,000 for 2006 from $208,000 in 2005.

 

•                  Dr. Venkataraman.
The Committee approved an aggregate $100,200 bonus to be paid in 2006 based on Dr. Venkataraman’s
and Company achievements in 2005, and the grant of 200,000 shares of restricted
Common Stock. The Committee also approved a $25,000 bonus in September 2005
upon its assessment of corporate and individual performances related to the
preparation and filing of the ANDA. Dr. Venkataraman’s annual base salary
was increased to $278,400 for 2006 from 240,000 in 2005.

 

•                  Dr. Whoriskey.
The Committee approved an aggregate $33,696 bonus to be paid in 2006 based on Dr. Whoriskey’s
and Company achievements in 2005, and the grant of an additional option to
purchase 18,750 shares of the Common Stock. The Committee also approved a
$2,000 bonus in September 2005 upon its assessment of corporate and
individual performances related to the preparation and filing of the ANDA. Dr. Whoriskey’s
annual base salary was increased to $194,688 for 2006 from $187,200 in 2005.

 

* * * * *Exhibit 10.15

 

Non-Employee
Director Compensation Summary

 

Momenta Pharmaceuticals, Inc.’s (the “Company’s”)
non-employee directors are currently:  (i) Peter
Barrett; (ii) Peter Barton Hutt; (iii) Christoph H. Westphal; (iv) Bennett
M. Shapiro; (v) John K. Clarke; (vi) Robert S. Langer, Jr.; (vii) Stephen
T. Reeders; (viii) Ram Sasisekharan; and (ix) Marsha H. Fanucci. On March 7,
2006, the Company’s Board of Directors (the “Board”) approved a revised
compensation structure for the Company’s non-employee directors as follows:

 

Grant of Options Upon Appointment

 

Each non-employee director appointed after the 2006
annual meeting of stockholders will automatically receive an option to purchase
up to 30,000 shares of the Company’s common stock upon appointment to the Board.
These options will vest quarterly over the three years following the grant
date, subject to such director’s continued service on the Board.

 

Grant of Additional Stock Options

 

In connection with the Nominating and Corporate
Governance Committee’s annual evaluation, non-employee directors who served on
the Board during fiscal year 2005 and who will continue to serve on the Board
during fiscal year 2006 will be granted an option to purchase up to 19,200
shares of the Company’s common stock at the 2006 annual meeting of stockholders.
These options will vest quarterly over the year following the grant date,
subject to the non-employee director’s continued service on the Board.

 

Payment of Retainer Fee;
Reimbursement of Travel and Other Expenses

 

In addition to an option grant, each non-employee
director is entitled to receive an annual retainer of $25,000 for his or her
service on the Board during 2006. Additional amounts will be paid as follows:

 

	
  Position

  	
   

  	
  Additional

  Fees

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Non-Employee
  Chairman of the Board

  	
   

  	
  $

  	
  25,000

  	
   

  
	
  Audit
  Committee Chair

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Audit
  Committee Members (other than the Chair)

  	
   

  	
  $

  	
  7,500

  	
   

  
	
  Compensation Committee, Nominating and Corporate
  Governance Committee Chairs and Members (no additional fees shall be paid to
  members serving on both the Compensation and the Nominating and Corporate
  Governance Committees)

  	
   

  	
  $

  	
  5,000

  	
   

  

 

All retainer amounts shall be paid quarterly during
fiscal year 2006. Non-employee directors also receive reimbursement for
reasonable travel and other expenses in connection with attending Board
meetings during 2006.

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