Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
[Rich pickings as always] for the management. Pien's "compensation" for 8 months' worth of work seems especially generous].
On January 31, 2008, the Compensation and Organization Committee (the "Compensation Committee") of the Board of Directors of Medarex, Inc. approved the following discretionary bonuses for 2007 performance to the following named executive officers: Howard H. Pien, President and Chief Executive Officer, $413,250; Christian S. Schade, Senior Vice President and Chief Financial Officer, $328,000; Nils Lonberg, Ph.D., Senior Vice President and Scientific Director, $208,000; Geoffrey M. Nichol, M.B.Ch.B., M.B.A., Senior Vice President, Product Development, $191,000; and W. Bradford Middlekauff, Senior Vice President, Strategic Planning, $96,000.
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 (the "Grant Date"): Mr. Pien, 270,000 stock options and 90,000 restricted stock units; Mr. Schade, 135,000 options and 45,000 restricted stock units; Dr. Lonberg, 129,000 stock options and 43,000 restricted stock units; Dr. Nichol, 120,000 stock options and 40,000 restricted stock units. The stock options will have a ten-year term, with 25% vesting on each anniversary of the Grant Date. The exercise price will be the average of the high and low prices of Medarex's common stock on the Grant Date. The restricted stock units will vest over four years.
The Compensation Committee also approved modest cost-of-living salary increases, to be effective January 1, 2008, for Mr. Schade and Drs. Lonberg and Nichol. |
