Andrx Corporation 2005 Executive Bonus Awards Authorization
Andrx Corporation's Compensation Committee approved annual bonus payments for its top executives based on the company's 2005 financial results and each executive's individual performance. The bonuses, awarded to the CEO, President/CFO, President of Andrx Pharmaceuticals, and two Senior Vice Presidents, were determined at a committee meeting on April 19, 2006. No salary increases were granted at this time. The bonuses reflect both company-wide and personal achievements for the year ended December 31, 2005.
Exhibit 10.114
Bonus Awards to Named Executive Officers
On April 19, 2006, the Compensation Committee authorized the payment of annual bonuses for the executives who will be Named Executive Officers in Andrx’s Form 10-K/A for the year ended December 31, 2005, which will be filed on or before May 1, 2006. Bonuses were based on Andrx’s financial performance and the executive’s performance in relation to his individual objectives and other contributions towards Andrx’s 2005 initiatives. The Compensation Committee did not award any salary increases to the Named Executive Officers at the April 19, 2006 Compensation Committee meeting.
| Named Executive Officer | Current Salary | Bonus | ||||||
Thomas P. Rice, | $ | 550,000 | $ | 700,000 | ||||
Andrx Corporation CEO | ||||||||
Angelo C. Malahias, | $ | 460,000 | $ | 400,000 | ||||
Andrx Corporation President and Chief Financial Officer | ||||||||
Lawrence Rosenthal, | $ | 385,000 | $ | 156,000 | ||||
Andrx Pharmaceuticals President | ||||||||
Robert I. Goldfarb, | $ | 337,000 | $ | 185,000 | ||||
Andrx Corporation Senior Vice President, General Counsel and Secretary | ||||||||
Ian J. Watkins, | $ | 315,000 | $ | 100,000 | ||||
Andrx Corporation Senior Vice President, Human Resources | ||||||||
