**Exhibit 10.62****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 2008 salaries and 2007 cash bonuses for OSI’s principalexecutive officer, principal accounting officer and other named executive officers (as that term isdefined in Item 402 of Regulation S-K) as set forth in OSI’s proxy statement dated May 4, 2007 (the“2007 Proxy”), excluding Paul Chaney, who was no longer an executive officer as of January 1, 2007,and David R. Guyer, M.D., who resigned from the Company in May 2006. The following table setsforth the annual base salary level of such officers for 2008 and the 2007 cash bonuses for eachsuch officer:         **Name and Position** **2008 Base Salary** **2007 Bonus**Colin Goddard, Ph.D. $640,000  $900,000 Chief Executive Officer                 Michael G. Atieh $435,000  $260,000 Executive Vice President, Chief Financial Officer and Treasurer                 Gabriel Leung $438,300  $235,000 Executive Vice President and President, (OSI) Oncology                 Anker Lundemose, M.D., Ph.D., D.Sc. *£*224,400  *£*121,000 Executive Vice President and President, (OSI) Prosidion         *Cash Bonuses*     The 2007 bonus awards were computed in accordance with the Committee’s policy awarding annualbonuses for executive officers, as disclosed in the Compensation Discussion and Analysis section ofthe 2007 Proxy, and are consistent with past practices. OSI has established a discretionary annualcash 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 theirrespective grade levels. The amount of bonus actually paid to its employees, including theexecutive officers (other than OSI’s CEO), is a function of the corporate and individualperformance measures. The CEO’s bonus is based entirely on corporate performance measures.Consistent with its compensation objectives, a larger portion of the bonuses for OSI’s executiveofficers is tied to corporate performance as compared to individual performance. In addition, theperformance of their respective department(s) or function group(s) is the largest component inmeasuring the individual performance for executive officers (other than the CEO).     The actual amount of the bonuses paid to its executive officers, including the CEO, variesdepending upon the Company’s performance (which is 80% of thetotal bonus) and, for executive officers other than the CEO, suchexecutive officers’ individual performance (which is 20% of thetotal bonus). The corporate component has rangedbetween 80% and 150% of the corporate component target and the individual performance componenthas ranged between approximately 80% and 130% of the individual performance component target dependingupon an executive’s individual performance rating. In 2007, the Committee set the corporatecomponent at 150% for the CEO and 120% for all other executive officers. The individual componentof the annual cash bonus is based on the executive officer’s individual performance rating,determined in the manner discussed above. For 2007, the individual performance component of theannual cash bonus was set between approximately 80% and 130% for executive officers who receivedone of the top three performance ratings.
 

 
     The bonus targets for the named executive officers are either set in accordance with theiremployment agreements or are based upon their respective grade levels. The 2008 bonus targets(which represents a percentage of base salary) for the named executive officers are as follows:     **Name** **Target**Colin Goddard, Ph.D.  100%Michael G. Atieh  50%Gabriel Leung  50%Anker Lundemose, M.D., Ph.D., D.Sc.  50%*Equity Awards*         OSI grants equity awards of stock options, restricted stock, restricted stock units anddeferred stock units to its employees under its Amended and Restated Stock Incentive Plan. Most ofits employees, including its executive officers, receive an annual equity grant in December. Thetotal amount of equity to be granted is initially determined by the CEO in consultation with theSenior Vice President of Human Resources, and then recommended to the Committee for approval. Theexercise price for all stock options is set at the closing price of OSI’s common stock on the datethat the Committee approves the annual grant, with such approval date serving as the date of grant.Equity grants to the named executive officers are designed to provide a level of equitycompensation that is at the approximate 50th percentile of that awarded by OSI’s peer group ofcompanies. OSI determines the value of the grants provided to each executive officer. For 2007,the named executive officers received grants within 20% of their target guidelines.*Perquisites*