Andrx Corporation Executive Compensation Summary (April 2005)
This document outlines the annual bonuses and salary adjustments approved by the Compensation Committee for Andrx Corporation's top executives as of April 2005. Bonuses were awarded based on individual and company performance, and salary changes were made retroactive to March 1, 2005. Additionally, the temporary living expense policy for CEO Thomas P. Rice was extended until the end of 2005 or until his family relocates to South Florida, whichever comes first.
Exhibit 10.97
Summary of Compensatory Matters
April 1, 2005 – April 4, 2005
Bonuses and Salary Adjustments to Named Executive Officers
On April 1, 2005, the Compensation Committee authorized the payment of annual bonuses and established salaries for the executives who will be Named Executive Officers in Andrx’s 2005 proxy statement. Bonuses were based on the executive’s performance in relation to his individual objectives and Andrx’s financial performance. Salaries adjustments, if any, were made retroactive to March 1, 2005.
| Named Executive Officer | Previous Salary | Current Salary | Bonus | |||||||||
Thomas P. Rice | ||||||||||||
Andrx Corporation CEO | $ | 550,000 | $ | 550,000 | $ | 450,000 | ||||||
Angelo C. Malahias | ||||||||||||
Andrx Corporation President | $ | 440,000 | $ | 460,000 | $ | 220,100 | ||||||
Scott Lodin | ||||||||||||
Andrx Corporation EVP and General Counsel | $ | 420,000 | $ | 435,000 | $ | 180,600 | ||||||
Lawrence Rosenthal, | ||||||||||||
Andrx Pharmaceuticals President | $ | 375,000 | $ | 385,000 | $ | 150,000 | ||||||
Daniel Movens, | ||||||||||||
Anda, Inc. President | $ | 275,000 | $ | 300,000 | $ | 145,000 | ||||||
Thomas P. Rice Temporary Living Expenses
On April 4, 2005, the Compensation Committee extended the application of the Andrx relocation and temporary living expense policy (“Relocation Policy”), as applied to Mr. Rice, to the earlier of December 31, 2005 or the date his family relocates to South Florida.
See, Exhibit 10.92 to the Andrx Corporation Annual Report on Form 10-K for the year ended December 31, 2004, and incorporated by reference, for a description of Andrx’s Relocation Policy as applied to Mr. Rice.
