X0202 4 2006-08-08 0 0001145404 CRITICAL THERAPEUTICS INC CRTX 0001291763 Phillips Trevor C/O CRITICAL THERAPEUTICS, INC. 60 WESTVIEW STREET LEXINGTON MA 02421 0 1 0 0 COO and SVP of Operations Common Stock 3200 I By Children Common Stock 2006-08-08 4 S 0 900 4.14 D 4933 D Common Stock 2006-08-08 4 S 0 900 4.10 D 4033 D Common Stock 2006-08-08 4 S 0 100 4.07 D 3933 D Common Stock 2006-08-08 4 S 0 500 4.06 D 3433 D Common Stock 2006-08-08 4 S 0 900 4.05 D 2533 D Common Stock 2006-08-08 4 S 0 700 3.96 D 1833 D Common Stock 2006-08-09 4 M 0 10500 1.05 A 12333 D Common Stock 2006-08-09 4 S 0 2000 3.95 D 10333 D Common Stock 2006-08-09 4 S 0 4500 4.00 D 5833 D Common Stock 2006-08-09 4 S 0 4000 4.01 D 1833 D Option to Purchase Common Stock (Right to Buy) 1.05 2006-08-09 4 M 0 10500 D 2013-12-19 Common Stock 10500 158926 D Represents shares held by the children of the reporting person who share the reporting person's household. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. This report should not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose. Of the option to purchase 176,926 shares of Common Stock of Critical Therapeutics, Inc. originally granted on December 19, 2003, 44,232 of the underlying shares vested on December 19, 2003, 19,904 of the underlying shares vested on December 31, 2004, 18,797 of the underlying shares vested on December 31, 2005 and 5,530 vest on December 31, 2008. 44,230 of the underlying shares vest in two equal annual installments on each of December 31, 2006 and 2007 based on the satisfaction of certain performance objectives as determined by the Company, provided that any of such shares that remain unvested shall vest on December 31, 2008. The remaining 25% of the underlying shares vest under a schedule providing for one-quarter to become exercisable on December 19, 2004 and the remaining three-quarters to become exercisable in 36 equal monthly installments beginning one month thereafter. Not applicable. /s/ Trevor Phillips 2006-08-10