Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 9, 2007, the Compensation and Organization Committee of the Board of Directors (“Compensation Committee”) of Medarex, Inc. (“Medarex”) approved the following grants of stock options under Medarex’s 2005 Equity Incentive Plan, such grants to occur on August 31, 2007: Christian S. Schade, Chief Financial Officer and Senior Vice President, Finance and Administration, 160,000 options and W. Bradford Middlekauff, General Counsel, Senior Vice President and Secretary, 110,000 options. The stock options will have a ten-year term, and 25% of the shares subject to each option grant will vest on the anniversary date of each grant. The exercise price will be the average of the high and low prices of Medarex’s common stock on August 31, 2007.
In addition, the Compensation Committee approved a retention award to Mr. Schade of 65,000 shares of restricted Medarex common stock, such award to be made on August 31, 2007. The restrictions on such stock will lapse in full on August 31, 2010, unless, prior to such date, Mr. Schade is terminated without cause or his employment agreement is not renewed, in which case such restrictions will be deemed to have lapsed on a monthly basis over a three-year period from the award date. |
