EXECUTIVE EMPLOYMENT AGREEMENT

Exhibit 10.8

Execution Copy

EXECUTIVE EMPLOYMENT AGREEMENT

     This EXECUTIVE EMPLOYMENT AGREEMENT (the “ Agreement ”) is effective as of June 16, 2008 (the “ Effective Date ”), between Clinical Data, Inc. a Delaware corporation (the “ Company ”), and C. Evan Ballantyne (the “ Executive ”).

W I T N E S S E T H:

     WHEREAS, the Executive is currently employed as the Senior Vice President and Chief Financial Officer of the Company;

     WHEREAS, the Company has offered to continue employing the Executive on the terms set forth below; and

     WHEREAS, the Executive has agreed to continued employment with the Company on the terms as set forth below;

     NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

      1.  EMPLOYMENT TERM . The Executive’s term of employment under this Agreement shall be for an initial term commencing on the Effective Date and shall end on June 30, 2009. The term of this Agreement shall be automatically extended thereafter for successive one (1) year periods unless, at least ninety (90) days prior to the end of the initial term of this Agreement or the then current succeeding one-year extended term of this Agreement, the Company or Executive has notified the other that the term hereunder shall terminate upon its expiration date. The initial term of this Agreement, as it may be extended from year to year thereafter, is herein referred to as the “ Employment Term .” In all events hereunder, Executive’s employment is subject to earlier termination pursuant to Section 7 hereof, and upon such earlier termination the Employment Term shall be deemed to have ended.

      2.  POSITION & DUTIES .

     (a) Except as provided in Section 2(b) below, the Executive shall serve as the Company’s Senior Vice President and Chief Financial Officer during the Employment Term. As such, the Executive shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies and such other duties and responsibilities as the Company’s Board of Directors (the “ Board ”) shall designate that are consistent with the Executive’s position.

     (b) During the Employment Term, the Executive shall use his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to the Executive hereunder and devote all of the Executive’s business time (excluding periods of vacation and other approved leaves of absence) to the performance of the Executive’s duties with the Company, provided the foregoing shall not prevent the Executive from participating in charitable, civic, educational, professional, community or industry affairs or, with prior written approval of the Board, serving on the board of directors or advisory boards of other companies. The Executive shall not

manage the Executive’s and the Executive’s family’s personal investments in a manner that creates a potential business conflict or the appearance thereof. If at any time service on any board of directors or advisory board would, in the good faith judgment of the Board, conflict with the Executive’s fiduciary duty to the Company or create any appearance thereof, the Executive shall promptly resign from such other board of directors or advisory board after written notice of the conflict is received from the Board.

     (c) The Executive further agrees to serve without additional compensation as a director of the Company and/or an officer and director of any of the Company’s subsidiaries and agrees that any amounts received from any such corporation may be offset against the amounts due hereunder. In addition, it is agreed that the Company may assign the Executive to one of its subsidiaries for payroll purposes, but such assignment shall not relieve the Company of its obligations hereunder.

      3.  BASE SALARY . The Company agrees to pay the Executive a base salary (the “ Base Salary ”) at an annual rate of $281,215, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive’s Base Salary shall be subject to review by the Board (or a committee thereof) and may be increased, but not decreased, from time to time by the Board. The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.

      4.  BONUSES . The Executive shall be eligible to participate in the Company’s bonus and other incentive compensation plans and programs for the Company’s senior executives at a level commensurate with his position for the fiscal year during the Employment Term. The Executive shall have the opportunity to earn an annual target bonus measured against performance criteria to be determined by the Board (or a committee thereof) of 100% of Base Salary.

      5.  EQUITY AWARDS . The Executive shall be subject to, and shall comply with, the stock ownership guidelines of the Company as may be in effect from time to time. If there is a Change in Control (as defined in the attached Appendix C) or if the Executive’s employment is terminated by the Company without Cause (as defined in Section 7(c)), or by the Executive for Good Reason (as defined in Section 7(e)), then all outstanding unvested equity awards granted to the Executive listed on Appendix D hereto shall become fully vested and the time period that Executive may have to exercise such option grants shall be extended for a period equal to the shorter of (i) three (3) years, or (ii) the remaining term of the options (the “ Extended Exercise Period ”). The parties agree that the attached Appendix D may be modified and updated upon a vote of the Board of Directors, only in order for the Board to add to Appendix D certain future awards that the Board agrees shall also qualify for acceleration and the Extended Exercise Period. Upon such a vote of the Board, the parties shall attach a revised Appendix D to this Agreement, which shall include the additional option grant(s) that the Board has expressly agreed shall qualify for acceleration and the Extended Exercise Period, and this Agreement shall not be deemed amended or modified in any other manner as a result.

      6.  EMPLOYEE BENEFITS .

     (a)  BENEFIT PLANS . The Executive shall be entitled to participate in all employee benefit plans of the Company including, but not limited to, 401(k), profit sharing, medical coverage, education, or other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives at a level commensurate with the Executive’s positions, subject to satisfying the applicable eligibility requirements.

     (b)  VACATION . The Executive shall be entitled to four (4) weeks of paid vacation per year, plus any amounts (up to a maximum of three (3) weeks) rolled over from previous years. Vacation may be taken at such times as the Executive elects with due regard to the needs of the Company.

     (c)  BUSINESS AND ENTERTAINMENT EXPENSES . Upon presentation of appropriate documentation, the Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable and necessary business and entertainment expenses incurred in connection with the performance of the Executive’s duties hereunder.

     (d) [RESERVED]

     (e)  INDEMNIFICATION . The Company shall indemnify the Executive to the same extent that its officers, directors and employees are entitled to indemnification pursuant to any agreements with the Company relating thereto, the Company’s Certificate of Incorporation and Bylaws for any acts or omissions by reason of being a director, officer or employee of the Company as of the Effective Date. The parties acknowledge that the Executive is also afforded contractual indemnification pursuant to that certain Indemnification Agreement between the Executive and the Company, dated as of August 7, 2006 (the “ Indemnification Agreement ”), which shall remain in full force and effect.

     (f)  CERTAIN AMENDMENTS . Nothing herein shall be construed to prevent the Company from amending, altering, eliminating or reducing any plans, benefits or programs so long as the Executive continues to receive compensation and benefits consistent with Sections 3 through 6.

      7.  TERMINATION . The Executive’s employment and the Employment Term shall terminate on the first of the following to occur:

     (a)  DISABILITY . Upon written notice by the Company to the Executive of termination due to Disability, while the Executive remains Disabled. For purposes of this Agreement, “ Disability ” shall be deemed the reason for the termination by the Company of the Executive’s employment, if, as a result of the Executive incapacity due to physical or mental illness, the Executive shall have been absent from fully performing his duties with the Company for a cumulative period of six (6) months, the Company shall have provided a notice of termination under this Section 7(a), and, within thirty days after such notice being given, the Executive shall not have returned to the full performance of his duties hereunder.

     (b)  DEATH . Automatically on the date of death of the Executive.

     (c)  CAUSE . Immediately upon written notice by the Company to the Executive of a termination for Cause. “ Cause ” shall mean (i) the willful failure of the Executive to render services to the Company in accordance with his assigned duties consistent with this Agreement, and such failure continues for a period of more than 30 days after written notice has been provided to the Executive by the Board which itemizes the reasons for such failure of performance; (ii) reckless misconduct, bad faith or gross negligence of the Executive in connection with the performance of his assigned duties or breach of the material terms of this Agreement which results in material loss, damage or injury to the Company or materially and adversely affects the business activities, reputation, goodwill or image of the Company; (iii) the conviction of the Executive of any felony or a crime of moral turpitude, either in connection with the performance of his obligations to the Company or which adversely affects the Executive’s ability to perform such obligations, or which adversely affects the business activities, reputation, goodwill or image of the Company; (iv) dishonesty or breach of fiduciary duty, which results in material loss, damage or injury to the Company or materially and adversely affects the business activities, reputation, goodwill or image of the Company; (v) the commission by the Executive of an act of fraud, embezzlement or deliberate disregard of the rules or policies of the Company which results in material loss, damage or injury to the Company or materially and adversely affects the business activities, reputation, goodwill or image of the Company; or (vi) the unauthorized and intentional disclosure by the Executive of any trade secret or confidential information of the Company or any of its clients or customers, which results in material damage or injury to the Company, or materially and adversely affects the business activities, reputation, goodwill or image of the Company or its clients or customers.

     (d)  WITHOUT CAUSE . Upon written notice by the Company to the Executive of an involuntary termination without Cause and other than due to death or Disability.

     (e)  GOOD REASON . Upon written notice by the Executive to the Company of a termination for Good Reason, unless the reasons for any proposed termination for Good Reason are remedied in all material respects by the Company within 30 days following written notification by the Executive to the Company, that the Executive intends to terminate the Executive’s employment hereunder for one of the reasons set forth below. “ Good Reason ” shall mean, without the Executive’s express written consent, the occurrence of any of the following events:

          (1) During the Employment Term,

               (A) an adverse change in the Executive’s position as Executive Vice President and Chief Legal Officer as a result of a material diminution in the Executive’s duties or responsibilities or the assignment to the Executive of any duties or responsibilities that are inconsistent in any material respect with the Executive’s position, authority, duties or responsibilities as contemplated by this Agreement; provided, however, that “Good Reason” shall not exist under this Section 7(e)(1) solely because (i) the Company’s stock is no longer publicly traded on an established securities exchange or (ii) the Company has restructured, sold or spun-off any of its businesses, products or services;

               (B) any material breach of this Agreement by the Company that is adverse to the Executive;

               (C) the Executive being required to relocate to a principal place of employment more than fifty (50) miles from Newton, Massachusetts, the Executive’s current principal place of employment with the Company as of the Effective Date;

               (D) the failure of the Company to obtain an agreement from any successor to all or substantially all of the assets or business of the Company to assume and agree to perform this Agreement within fifteen (15) days after a merger, consolidation, sale or similar transaction; or

               (E) the Executive’s termination of employment at any time during the thirty-day period beginning on the last day of the Employment Term, as determined solely for this purpose under Section 1, following the Company’s notice of nonrenewal.

          (2) Notwithstanding the foregoing, (i) a suspension of the Executive’s title and authority while on administrative leave due to a reasonable belief that the Executive has engaged in misconduct, whether or not the suspected misconduct constitutes Cause for employment termination, shall not be considered “Good Reason”, (ii) an event shall not be considered Good Reason if the Executive fails to deliver notice of termination for Good Reason specifying such event in detail within 90 days of his actual knowledge of such event, and (iii) changes to compensation and benefit plans not specifically targeted to the Executive shall not be considered Good Reason.

     (f)  WITHOUT GOOD REASON . The Executive shall provide 60 days’ prior written notice to the Company of the Executive’s intended termination of employment without Good Reason (the “ Transition Period ”). During the Transition Period, the Executive shall assist and advise the Company in any transition of business, customers, prospects, projects and strategic planning, and the Company shall pay the pro rata portion of the Executive’s annual salary and benefits through the end of the Transition Period. The Company may, in its sole discretion, upon five (5) days prior written notice to the Executive, make such termination of employment effective earlier than the Transition Period, but it shall pay the pro rata portion of the Executive’s salary and benefits through the earlier of: the balance of the Transition Period, or such time during the Transition Period as the Executive accepts employment or a consulting engagement from a third party.

      8.  CONSEQUENCES OF TERMINATION . Any termination payments made and benefits provided under this Agreement to the Executive shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs of the Company or its affiliates as may be in effect from time to time. Except to the extent otherwise provided in this Agreement, all benefits, including, without limitation, stock options, stock appreciation rights, restricted stock units and other awards under the Company’s long-term incentive programs, shall be subject to the terms and conditions of the plan or arrangement under which such benefits accrue, are granted or are awarded. Subject to Section 9, the following amounts and benefits shall be due to the Executive.

     (a)  DISABILITY . Upon employment termination due to Disability, the Company shall pay or provide the Executive (i) any unpaid Base Salary through the date of termination and any accrued vacation (up to a maximum of seven (7) weeks); (ii) any unpaid bonus earned with

respect to any fiscal year ending on or preceding the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through the date of termination; (iv) all other payments and benefits to which the Executive may be entitled under the terms of any applicable compensation arrangement or benefit, equity or perquisite plan or program or grant or this Agreement, including but not limited to any applicable insurance benefits (collectively, “ Accrued Amounts ”). Executive will also be paid a pro-rata portion of the Executive’s annual bonus for the performance year in which the Executive’s termination occurs (the “ Pro Rata Bonus ”), payable in accordance with the last sentence of Section 8(e) (determined by multiplying the amount the Executive would have received based upon actual performance had employment continued through the end of the performance year by a fraction, the numerator of which is the number of days during the performance year of termination that the Executive is employed by the Company and the denominator of which is 365). Upon such termination, all stock options, stock appreciation rights and restricted stock awards will fully vest and become non-forfeitable. Notwithstanding anything contained herein to the contrary, the Pro Rata Bonus shall not be paid in the event the Executive voluntarily resigns from employment with the Company or otherwise voluntarily terminates employment without Good Reason.

     (b)  DEATH . In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate (or to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled to any Accrued Amounts, including but not limited to proceeds from any Company sponsored life insurance programs. Executive’s estate (or beneficiary) will also be paid a pro-rata portion of the Pro Rata Bonus. Upon the Executive’s death, all stock options, stock appreciation rights and restricted stock awards will fully vest and become non-forfeitable.

     (c)  TERMINATION FOR CAUSE OR WITHOUT GOOD REASON . If the Executive’s employment should be terminated (i) by the Company for Cause, or (ii) by the Executive without Good Reason, the Company shall pay to the Executive any Accrued Amounts only, and shall not be obligated to make any additional payments to Executive.

     (d)  TERMINATION WITHOUT CAUSE OR FOR GOOD REASON . If the Executive’s employment by the Company is terminated by the Company other than for Cause (and not due to Disability or death) or by the Executive for Good Reason, then the Company shall pay or provide the Executive with:

          (1) Accrued Amounts;

          (2) the Pro Rata Bonus;

          (3) subject to compliance with Section 11(a)-(g) inclusive, continued payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment Term for a period of 12 months after the last day of employment;

          (4) continued participation at the Company’s expense in all medical, dental and vision plans which cover the Executive (and eligible dependents) upon the same terms and conditions (except for the requirements of the Executive’s continued employment) in effect for active employees of the Company, for a period of 12 months following the last day of the

Employment Term. In the event the Executive obtains other employment that offers substantially similar or improved benefits, as to any particular medical, dental or vision plan, such continuation of coverage by the Company for such similar or improved benefit under such plan under this subsection shall immediately cease. The continuation of health benefits under this subsection shall reduce the Executive’s rights and the Company’s payment obligations under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“ COBRA ”).

     (e) The parties acknowledge and agree that all calculations of bonuses by the Company are based on targets, goals and objectives established by the Board of Directors for each fiscal year, and that any bonus plans, as well as the Executive’s rights to receive bonus payments, are conditioned on an assessment by the Board of Directors (or a committee thereof) of the satisfaction of performance targets for the applicable fiscal year in which the bonus is to be paid. The parties acknowledge that calculations of applicable bonuses have historically been made within 90 days following the conclusion of a fiscal year for which the bonus may be due or accrued, and payment of the applicable bonus has been historically made within 10 business days following the Board of Directors’ determination. Accordingly, the parties recognize and agree that the right to receive any payment to which the Executive may be entitled under the terms of any applicable bonus arrangement or benefit, including any bonus-related portion of the Accrued Amount, or the Pro Rata Bonus, can only be established after the review and calculations of the applicable fiscal year bonus entitlements are made by the Board of Directors (including any committee thereof). Once such calculations are made by the Board of Directors (including any committee thereof), the Executive’s right to receive the Pro Rata Bonus (or any applicable bonus-related portion of the Accrued Amount) shall be accrued and paid as promptly as practicable following a determination of the bonus by the Board of Directors (or any committee thereof) in the event the Executive is entitled to be paid such bonus under the preceding provisions of Section 8(a)-(d) above. Notwithstanding the foregoing, if the Executive is terminated by the Company without Cause, or by the Executive for Good Reason, the Board of Directors (including any committee thereof) shall use its best efforts to meet as promptly as practicable within 30 days following any notice of such termination by the Company without Cause, or by the Executive for Good Reason, in order to make a good faith determination of the Pro Rata Bonus, and to pay such Pro Rata Bonus (if earned) within 30 days of such determination by the Board of Directors (including any committee thereof).

      9.  CONDITIONS . Any payments or benefits made or provided pursuant to Section 8 (other than Accrued Amounts) are subject to the Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s, or in the event of the Executive’s Disability, the guardian’s):

     (a) compliance with the provisions of Section 11 hereof;

     (b) delivery to the Company of the executed Agreement and General Release (the “ General Release ”), which shall be in the form attached hereto as Appendix A (with such changes therein or additions thereto as needed under then applicable law to give effect to its intent and purpose) within 21 days of presentation thereof by the Company to the Executive; and

     (c) delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans.

     Notwithstanding the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Amounts) shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive having revoked such General Release, and any such amounts shall be paid or commence being paid to the Executive within five (5) days of the expiration of such revocation period without the occurrence of a revocation by the Executive (or such later date as may be required under Section 409A of the Code). Nevertheless (and regardless of whether the General Release has been executed by the Executive), upon any termination of Executive’s employment, Executive shall be entitled to receive any Accrued Amounts, payable after the date of termination in accordance with the Company’s applicable plan, program, policy or payroll procedures.

      10.  SECTION 4999 EXCISE TAX .

     (a) If any payments, rights or benefits (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement of Executive with the Company or any person affiliated with the Company) (the “Payments”) received or to be received by Executive will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), then, except as set forth in Section 10(b) below, the Company shall pay to Executive an amount in addition to the Payments (the “Gross-Up Payment”) as calculated below. The Gross Up Payment shall be in an amount such that, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment tax and Excise Tax on the Gross Up Payment, but before deduction for any federal, state or local income and employment tax on the Payments, the net amount retained by the Executive shall be equal to the Payments.

     (b) Notwithstanding anything in this Agreement to the contrary, if the amount of Payments that will be subject to the Excise Tax does not exceed four times the “Base Amount” (as defined in Section 280G(d)(2) of the Code), then Executive’s taxable cash-based benefits under this Agreement will first be reduced in the order selected by Executive, and then, if necessary, Executive’s equity-based compensation (based on the value of such equity-based compensation as a “parachute payment” as defined in Treasury Regulations promulgated under Section 280G of the Code and IRS revenue rulings, revenue procedures and other official guidance) shall be reduced in the order selected by Executive, and then any other Payments shall be reduced as reasonably determined by the Company, to the extent necessary to avoid imposition of the Excise Tax. If Executive does not select the amount to be reduced within the time prescribed by the Company, the reductions specified herein shall be made by the Company in its sole discretion from such compensation as it shall determine. Any amount so reduced shall be irrevocably forfeited and Executive shall have no further rights to receive it.

     (c) The process for calculating the Excise Tax, determining the amount of any Gross-Up Payment and other procedures relating to this Section 10 are set forth in Appendix B attached hereto. For purposes of making the determinations and calculations required herein, the Accounting Firm (as defined in Appendix B) may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code, provided that the Accounting Firm shall make such determinations and calculations on the basis of “substantial authority”

(within the meaning of Section 6662 of the Code) and shall provide opinions to that effect to both the Company and Executive.

      11.  POST-EMPLOYMENT OBLIGATIONS

     (a)  CONFIDENTIALITY . The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s employment and for the benefit of the Company, either during the period of the Executive’s employment or at any time thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses (i) and (ii) of the preceding sentence, the Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain.

     (b)  NON-SOLICITATION . During the Executive’s employment with the Company and for the twelve (12) month period thereafter, whether at the end