Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 29, 2009, the Compensation and Organization Committee (the "Compensation Committee") of the Board of Directors of Medarex, Inc. approved annual cash awards for 2008 performance to the following named executive officers: Howard H. Pien, President and Chief Executive Officer, $712,500; Christian S. Schade, Senior Vice President and Chief Financial Officer, $332,500; Nils Lonberg, Ph.D., Senior Vice President and Scientific Director, $192,100; Geoffrey M. Nichol, M.B.Ch.B., M.B.A., Senior Vice President, Product Development, $144,000; and Ursula B. Bartels, Senior Vice President, General Counsel and Secretary, $201,700. Mr. Pien and certain other named executive officers elected in December 2007 to defer all or a portion of their cash awards into Medarex restricted stock units under Medarex's deferred compensation program.
In addition, the Compensation Committee approved the following equity grants under the 2005 Equity Incentive Plan, such grants to occur on the third trading day following the filing of Medarex's Annual Report on Form 10-K with the Securities and Exchange Commission: Mr. Pien, an option to acquire 270,000 shares of Medarex common stock and 90,000 restricted stock units; Mr. Schade, an option to acquire 135,000 shares of Medarex common stock and 45,000 restricted stock units; Dr. Lonberg, an option to acquire 129,000 shares of Medarex common stock and 43,000 restricted stock units; Dr. Nichol, an option to acquire 120,000 shares of Medarex common stock and 40,000 restricted stock units and; Ms. Bartels, an option to acquire 93,600 shares of Medarex common stock and 31,200 restricted stock units. |
