Compensatory Arrangements for
Executive Officers
The Compensation
Committee (the “Committee”) of the Board of Directors
of OSI Pharmaceuticals, Inc. (“OSI” or the
“Company”) approved the 2009 salaries and 2008 cash
bonuses for OSI’s named executive officers (as that term is
defined in Item 402 of Regulation S-K) as set forth in
OSI’s proxy statement dated May 2, 2008 (the “2008
Proxy”). The following table sets forth the annual base
salary level of such named executive officers for 2009 and the 2008
cash bonuses for each such officer as well as the 2009 annual base
salary of the Company’s current chief financial
officer:
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Name and
Position
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2009 Base Salary
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2008 Bonus
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$
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640,000
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$
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705,000
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$
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—
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$
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233,000
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Former
Executive Vice President, Chief Financial Officer and
Treasurer
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$
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455,000
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$
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235,000
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Executive Vice
President and President, (OSI) Oncology
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$
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450,000
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$
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—
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Executive Vice
President, Chief Financial Officer and Treasurer
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Anker
Lundemose, M.D., Ph.D., D.Sc.
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£
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236,000
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£
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130,000
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Executive Vice
President and President, (OSI) Prosidion
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$
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415,000
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$
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223,000
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Executive Vice
President, Pharmaceutical Development and Manufacturing
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(1)
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Mr. Atieh
retired from his position as the Company’s Chief Financial
Officer and Treasurer effective December 29, 2008 and its
Executive Vice President effective January 5, 2009, and
received a 2008 bonus in accordance with the terms of his
employment agreement.
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(2)
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Mr. Legault’s employment as Executive
Vice President, Chief Financial Officer and Treasurer commenced on
December 29, 2008. As such, he was not entitled to a bonus for
2008.
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The 2008 bonus
awards were computed in accordance with the Committee’s
policy of awarding annual bonuses for executive officers, as
disclosed in the Compensation Discussion and Analysis section of
the 2008 Proxy. The bonus awards were paid out in
February 2009 based on individual and corporate performance
measurers considered in December 2008 and February 2009,
respectively. OSI has established a discretionary annual cash bonus
program for all of its employees, including its executive officers.
The bonus targets, which are a percentage of base salary, for all
of its executive officers are based upon their respective grade
levels. The
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