Form 8-K for MEDAREX INC
19-Dec-2007
[I don't understand this. What are they trying to do? Increasing the bonus by having the receipients wait a little bit before receiving it?. Maybe this is a compensation for not being able to time the options any more]
Change in Directors or Principal Officers, Financial Statements and Exhibits
Item 5.02. Departures of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 17, 2007, the Board of Directors of Medarex, Inc. ("Medarex"), by unanimous written consent, approved the adoption of a new deferred compensation program, effective December 12, 2007, the Medarex, Inc. 2008 Deferred Compensation Program (the "2008 Program"). The 2008 Program provides certain designated employees with the ability to defer the receipt of a portion of their bonus compensation payable for services rendered to Medarex in the form of cash or restricted stock units ("RSUs") based on the value of Medarex's common stock. The 2008 Program also provides for matching awards with respect to amounts that are deferred in the form of RSUs, at the discretion of the Compensation and Organization Committee of Medarex's Board of Directors, which awards vest ratably over a three-year period.
All references to the 2008 Program do not purport to be complete and are qualified in their entirety by the 2008 Program itself, which is filed as Exhibit 10.1 to this Current Report on Form 8-K. |
