Summary of PAIN THERAPEUTICS INC

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 31, 2009, the Compensation Committee of the Board of Directors of Pain Therapeutics, Inc. (the "Company") approved bonus payments and updated base salaries for the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission) with respect to the officers' and the Company's performance for the 12 month period year ended May 31, 2009.

The bonus payments for the named executive officers effective July 31, 2009 were:

Remi Barbier                     President, Chief Executive Officer and
                                 Chairman of the Board of Directors                 $ 250,000
Nadav Friedmann, Ph.D., M.D.     Chief Medical and Operating Officer                $ 225,000
Peter S. Roddy                   Vice President and Chief Financial Officer         $  10,000
Grant L. Schoenhard, Ph.D.       Chief Scientific Officer                           $  40,000

The base salaries for the named executive officers effective July 31, 2009 were:

Remi Barbier                     President, Chief Executive Officer and
                                 Chairman of the Board of Directors                 $ 600,000
Nadav Friedmann, Ph.D., M.D.     Chief Medical and Operating Officer                $ 450,000
Peter S. Roddy                   Vice President and Chief Financial Officer         $ 300,000
Grant L. Schoenhard, Ph.D.       Chief Scientific Officer                           $ 335,000