8-KLeadership ChangesExhibits & Filings

AMGEN INC 8-K Report, Executive Changes (Oct 3, 2007)

Filed October 3, 2007For Securities:AMGN

Summary

Amgen Inc. (AMGN) filed a Form 8-K on October 2, 2007, reporting the appointment of Vance D. Coffman as a new director to its Board, effective immediately. Dr. Coffman, formerly CEO and Chairman of Lockheed Martin, brings significant experience in the high-technology sector. His appointment is a strategic move to enhance the board's expertise, particularly within the Audit and Governance and Nominating Committees. Dr. Coffman's compensation as a director includes a prorated annual retainer, per-meeting fees for board and committee attendance, and reimbursement for expenses. Furthermore, he will receive an initial grant of 20,000 stock options and is eligible for subsequent annual equity awards under Amgen's director compensation plans, including restricted stock units and additional stock options. This appointment, along with the equity grants, signals Amgen's commitment to aligning director incentives with shareholder value.

Key Highlights

  • 1Amgen Inc. appointed Vance D. Coffman as a new director to its Board of Directors, effective October 2, 2007.
  • 2Dr. Coffman is the former Chief Executive Officer and Chairman of Lockheed Martin Corporation, bringing extensive high-technology industry experience.
  • 3He will serve as a member of the Audit and Governance and Nominating Committees.
  • 4Dr. Coffman is entitled to a prorated annual retainer and per-meeting fees for Board and committee attendance.
  • 5He will receive an inaugural grant of 20,000 stock options.
  • 6Dr. Coffman is also eligible for annual grants of restricted stock units and stock options as per Amgen's director equity incentive programs.

Frequently Asked Questions

Vance D. Coffman is the former Chief Executive Officer and Chairman of Lockheed Martin Corporation. He was appointed as a director to Amgen's Board of Directors to leverage his extensive experience in the high-technology aerospace and defense industry. His expertise is expected to benefit the company, and he will serve on the Audit and Governance and Nominating Committees.

Dr. Coffman will receive a prorated portion of the annual retainer for non-employee directors, along with fees for attending Board and committee meetings. He will also be reimbursed for expenses related to these activities. Additionally, he will receive an initial grant of 20,000 stock options and future annual equity awards under Amgen's director compensation plans.

According to the filing, there are no disclosed transactions between Dr. Coffman or his immediate family and Amgen, nor are there any arrangements or understandings with other parties regarding his appointment. This suggests no apparent conflicts of interest at the time of his appointment.

The stock options and restricted stock units are part of Amgen's incentive programs designed to align the interests of directors with those of shareholders. These grants provide Dr. Coffman with an ownership stake and incentivize long-term performance and value creation for the company. The vesting schedules are designed to encourage continued service.