Board of Directors Compensation Schedule.
On January 17, 2006, the Board of Directors of MGI PHARMA, INC. (the "Company") met and ratified the Compensation Committee's approval of the following compensation schedule for the non-employee members of the Board of Directors:
Board of Directors Annual Retainer: $25,000, payable quarterly, and 15,000 shares of common stock of the Company
Chairman of the Board of Directors Annual Retainer: $25,000, payable quarterly, and 15,000 shares of common stock of the Company
Board of Directors Meeting Fee in Person: $3,000
Board of Directors Meeting Fee by Phone: $1,000
Chairman of the Board of Directors Meeting Fee: an additional $1,000
Committee Meeting Fee for Committee Meeting Attendance: $1,000
Committee Meeting Fee Attendance for Chairman of the Audit Committee: an additional $1,000
The non-employee members are also able to elect prior to July 1 of each year to receive shares of Common Stock in lieu of their annual retainer. If a director makes this election, shares would be issued on the last business day of each quarter pursuant to awards under the Company's 1997 Stock Incentive Plan and would be valued as of the close of business on the date of issuance.
2005 Bonus Payments for Named Executive Officers
On January 17, 2006, the Board of Directors of the Company met and ratified the Compensation Committee's approval of the 2005 bonus payments for the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K and as set forth below) in the amounts indicated:
Leon O. Moulder, Jr. $ 168,000
Martin J. Duvall $ 78,466
James C. Hawley $ 69,468
Mary Lynne Hedley $ 97,650
Eric P. Loukas $ 84,263
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