Document:

<PAGE>

                                                                   EXHIBIT 10.49

                           CRITICAL THERAPEUTICS, INC.

           NON-EMPLOYEE DIRECTOR COMPENSATION AND REIMBURSEMENT POLICY

                            EFFECTIVE JANUARY 1, 2006

Each member of the Board of Directors (the "Board") of Critical Therapeutics,
Inc. (the "Corporation") who is not an employee of the Corporation (a
"Non-Employee Director") will receive the following fees:

      *     $3,000 for each meeting of the Board, up to a maximum of five in any
            calendar year, that the Non-Employee Director attends in person;

      *     $1,500 for each meeting of any committee of the Board on which the
            director serves that the Non-Employee Director attends in person;
            and

      *     $1,000 for each meeting of the Board or any committee of the Board
            on which the director serves that the Non-Employee Director attends
            by teleconference.

The chair of the Audit Committee of the Board will receive an annual fee of
$6,500, the chair of the Compensation Committee of the Board will receive an
annual fee of $6,000 and the chair of our Nomination and Corporate Governance
Committee will receive an annual fee of $5,000. The Lead Independent Director
will receive an annual fee of $7,000. All fees for committee chairs and the Lead
Independent Director shall be paid at the beginning of each calendar year
(payments for partial years shall be made on a pro rata basis). All fees for
Board and committee meetings and teleconferences shall be paid shall be on a
quarterly basis retrospectively.

Each Non-Employee Director will also receive (i) a nonstatutory option under the
Corporation's 2004 Stock Incentive Plan, as amended, or other stock incentive
plan approved by the Board and stockholders of the Corporation, to purchase up
to 25,000 shares of the Corporation's common stock ("Common Stock") upon his or
her initial election to the Board and (ii) a nonstatutory option to purchase up
to 15,000 shares of Common Stock at each year's annual meeting after which he or
she continues to serve as a director (such option to be pro-rated for partial
years at an amount equal to 1,250 shares for each full month of service from the
date of election to the Board until the date of the first annual meeting).

The per share exercise price of each Non-Employee Director option shall equal
the closing price of the Common Stock on the NASDAQ National Market (or on the
principal market on which the Common Stock is traded if other than the NASDAQ
National Market), on the date of grant (or if no such price is reported on such
date, such price as reported on the nearest preceding date). Such options shall
have a ten-year term. The shares subject to these options become exercisable in
36 equal monthly installments beginning one month from the date of grant. The
shares subject to these options shall be subject to appropriate adjustment for
stock splits, combinations, recapitalizations, and other similar events
affecting the Common Stock.

The Corporation shall reimburse each Non-Employee Director for reasonable travel
and other expenses incurred in connection with attending meetings of the Board
and its committees.

The Corporation shall pay all reasonable expenses related to continuing director
education; provided, however, that the Corporation shall pay only a pro rata
portion of such expenses if such Non-Employee Director serves on any additional
public company boards.<PAGE>

                                                                   EXHIBIT 10.50

                             DATE: DECEMBER 7, 2005

                                 MEDIMMUNE, INC.

                                       AND

                           CRITICAL THERAPEUTICS, INC.

                           AMENDMENT NO. 1 RELATING TO
                THE EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT
                               DATED JULY 30, 2003

<PAGE>

THIS AMENDMENT NO. 1 is made the 7th day of December, 2005

BETWEEN:

(1)   MEDIMMUNE, INC., a corporation organized and existing under the laws of
      Delaware ("MEDIMMUNE") and

(2)   CRITICAL THERAPEUTICS, INC., a company organised under the laws of
      Delaware ("CTI")

RECITALS:

(A)   MedImmune and CTI entered into an Exclusive License and Collaboration
      Agreement dated July 30, 2003.

(B)   The said Exclusive License and Collaboration Agreement is referred to
      herein as the "ORIGINAL AGREEMENT".

(C)   MedImmune and CTI have agreed to amend the Original Agreement by and upon
      the terms of this Amendment No. 1.

OPERATIVE PROVISIONS:

1.    INTRODUCTION, DEFINITIONS AND INTERPRETATION

1.1.  This Amendment No. 1 is supplemental to the Original Agreement.

1.2.  In this Amendment, the expression "THIS AMENDMENT NO. 1" shall mean this
      Amendment No. 1, including its recitals and schedules.

1.3.  Except where expressly provided to the contrary in this Amendment No. 1:

      1.3.1 all capitalised terms used in this Amendment No. 1 shall have the
            same meanings as are assigned thereto in the Original Agreement, as
            amended by this Amendment No. 1; and

      1.3.2 this Amendment No. 1 shall be interpreted in the same manner as the
            Original Agreement.

1.4.  Reference to clauses herein are to clauses in the Original Agreement.

<PAGE>

2.    AMENDMENTS

NOW THEREFORE, in consideration of the mutual covenants contained in the
Original Agreement and in this Amendment No. 1 and other good and valuable
consideration the receipt of which is hereby acknowledged, the parties agree
that with effect from the Amendment No. 1 Date (as defined below), the Original
Agreement is hereby amended as follows:

2.1.  Clause 1 shall be amended by the addition of the following definition[s]:

      " "1.2A AMENDMENT NO. 1 DATE" shall mean December 7, 2005."

2.2.  Section 3.7(c) shall be amended by the deletion of the sentence:

      "Notwithstanding anything to the contrary under the Research Plan,
      MedImmune agrees to fund no less than twelve (12) FTEs for CTI during the
      first three Calendar Years following the Effective Date, and CTI shall
      have the right at its sole discretion, to allocate such FTEs among the
      first, second and third Calendar Years following the Effective Date
      provided that no more than six(6) FTEs are allocated in any Calendar
      Year."

      and the substitution therefor of the sentence:

      "Notwithstanding anything to the contrary under the Research Plan,
      MedImmune agrees to fund sixteen (16) FTEs for CTI during the first three
      Calendar Years following the Effective Date, and CTI shall have the right
      at its sole discretion, to allocate such FTEs among the first, second and
      third Calendar Years following the Effective Date provided that no more
      than six (6) FTEs are allocated in each of the first and second Calendar
      Year and no more than four (4) FTEs are allocated in the third Calendar
      Year and provided further that the four (4) FTEs allocate in the third
      Calendar Year shall be utilized on a reasonably equal basis over the
      twelve-month period in such Calendar Year."

3.    NO OTHER AMENDMENT; CONFIRMATION

Save as amended by this Amendment No. 1, the parties hereto confirm that the
Original Agreement shall continue in full force and effect in all respects.

4.    COUNTERPARTS

This Amendment No. 1 may be signed in any number of counterparts with the same
effect as if the signatures to each counterpart were upon a single instrument,
and all such counterparts together shall be deemed an original of this Amendment
No. 1.

                                        2
<PAGE>

5.    GOVERNING LAW AND JURISDICTION

This Amendment No. 1 shall be governed by the laws of the State of Delaware
without reference to any rules of conflict of laws or renvoi. Any dispute
arising in relation to it shall be resolved in the same manner as a dispute
under the Original Agreement.

                            [Signature page follows]

                                        3
<PAGE>

IN WITNESS whereof the parties have executed and delivered this Amendment No. 1
the date first above written.

SIGNED

/s/Peter A. Kiener
               12/02/2005
for and on behalf of
MEDIMMUNE, INC.

SIGNED

/s/ Frank E. Thomas

for and on behalf of
CRITICAL THERAPEUTICS, INC.

                                        4<PAGE>

                                                                   EXHIBIT 10.51

                           CRITICAL THERAPEUTICS, INC.

                               2006 COMPANY GOALS

      On November 30, 2005, based on the recommendation of the Compensation
Committee of the Board of Directors of Critical Therapeutics, Inc., our Board of
Directors approved company goals for 2006. These company goals will be
considered in determining bonus amounts for our executive officers in respect of
our 2006 fiscal year. The company goals for 2006 include:

      -     enhancing the commercial value of zileuton by meeting ZYFLO(R) sales
            targets, making specified regulatory filings and achieving specified
            business development goals;

      -     progressing our research and development pipeline by making
            specified regulatory filings and achieving specified pre-clinical
            and clinical development milestones and business development goals
            for our other product candidates;

      -     maintaining our financial position by managing our cash balance and
            raising capital, as necessary, to support our operating plan and
            communicating effectively with investors; and

      -     recruiting and retaining key employees to create an effective
            organization.<PAGE>

                                                                   EXHIBIT 10.52

                           CRITICAL THERAPEUTICS, INC.

                    2005 CASH BONUSES FOR EXECUTIVE OFFICERS

      Under the employment agreements dated December 21, 2004 that Critical
Therapeutics, Inc. entered into with its executive officers, each executive
officer is eligible for an annual cash bonus in an amount determined by the
Compensation Committee of the Board of Directors. On November 30, 2005, after
reviewing the level of attainment for our company goals for 2005 and the
contributions made by our executive officers and based on the recommendation of
the Compensation Committee, our independent directors of the Board approved
discretionary cash bonuses for our executive officers in respect of our 2005
fiscal year in the following amounts:

<TABLE>
<CAPTION>
Executive Officer                  Title                                                                 Cash Bonus
-----------------                  -----                                                                 ----------
<S>                                <C>                                                                   <C>
Paul D. Rubin, M.D.                President and Chief Executive Officer                                 $  110,000

Frederick Finnegan                 Senior Vice President of Sales and Marketing                          $   53,000

Walter Newman, Ph.D.               Chief Scientific Officer and Senior Vice President of                 $   54,000
                                   Research and Development

Trevor Phillips, Ph.D.             Chief Operating Officer and Senior Vice President of                  $   49,000
                                   Operations

Frank E. Thomas                    Chief Financial Officer, Senior Vice President of Finance and         $   47,000
                                   Treasurer

Scott B. Townsend, Esq.            Vice President of Legal Affairs and Secretary                         $   43,000
</TABLE>

      The cash bonuses were paid in January 2006 and were included in accrued
expenses as of December 31, 2005.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]