Endo gives new finance chief sign-on bonus

Endo Pharmaceuticals Inc. said Friday it granted new Chief Financial Officer Alan Levin a sign-on award for more than 143,000 shares of restricted and common stock.

The bonus gives Levin, 43,500 restricted stock units and an option to buy 80,000 shares of Endo's common stock. The grants are being made outside of the company's 2007 stock incentive plan, but are still subject to the terms and conditions of the plan with a 10-year term and four-year vesting.

The option exercise price will be equal to the closing price of Endo's common stock on June 1, 2009, when Levin takes the new position. He is filling the position left open when Charles Rowland resigned to pursue other interests in September.

Endo shares fell 14 cents to close at $15.93.