**EXHIBIT 10.23**
**ANIMAS CORPORATION**
**SUMMARY OF DIRECTOR AND EXECUTIVE COMPENSATION**
     ***Director Compensation.***As compensation for their service as directors, each of ournon-employee directors receives an option to purchase 10,000 shares of our common stock uponelection to our board of directors at one of our annual stockholder meetings. If a non-employeedirector is initially elected to our board of directors at any time other than at an annualstockholder meeting, the number of shares of his or her initial option award will be reducedpro-rata to reflect his or her service during the period between the date that he or she is firstelected to our board of directors and the date of our next annual stockholder meeting. Inaddition, non-employee directors receive an additional option to purchase 10,000 shares of ourcommon stock on the earlier of the date of our annual stockholder meeting or July 1st of each yearfor each successive year that such non-employee director serves on our board of directors.
     As compensation for service on our audit committee, at each annual stockholder meeting, eachmember of the audit committee receives an option to purchase 1,250 shares of our common stock, andthe chairman of our audit committee receives an additional option to purchase 625 shares of ourcommon stock. Also at each annual stockholder meeting, each member of our compensation and ourgovernance and nominating committees receives an option to purchase 750 shares of our common stockand the chairman of each of these committees each receives an additional option to purchase 375shares of our common stock. If a non-employee director joins a committee or becomes chairman of acommittee at any time other than within the forty-five day period following the date of one of ourannual stockholder meetings, his or her option award for committee service will be pro-rated forthe period between the date that he or she is elected and the date of our next annual stockholdermeeting.
     All stock options to non-employee directors will have an exercise price equal to the fairmarket value of our common stock on the date of grant. Non-employee director options will vestquarterly over the one-year period following the date of grant and will automatically become fullyvested and exercisable on the date of a change of control.
     Directors who are also our employees do not receive compensation for service as a member ofour board of directors or any of our committees of our board of directors, however all directorsare reimbursed for out-of-pocket expenses incurred in connection with attendance at meetings of ourboard of directors and our committees of our board of directors.
     ***Executive Compensation.***The following table sets forth current base salaries of our CEO andeach of the executive officers who are expected to be named in the Summary Compensation Table inour Annual Report on Form 10-K for the year ending December 31, 2005 (the “Named ExecutiveOfficers”).
 

 
     ***Name*** ***Base Salary*** Katherine D. Crothall $330,000 Richard Baron $235,000 Audrey Finkelstein $235,000 James McGee $215,000 John Holly $185,000 
     Our compensation committee has approved a bonus plan, which is not set forth in a writtenagreement, for certain management-level employees, including the Named Executive Officers. Underthis plan, if Animas achieves certain EBITDA targets approved by the compensation committee, wewill establish a fixed bonus pool to be paid out to eligible participants. Each eligibleparticipant’s bonus will be funded from this fixed pool and will be based upon a percentage of thatparticipant’s base salary.
     The Named Executive Officers are also eligible to participate in the 2004 Equity IncentivePlan, the 2004 Employee Stock Purchase Plan, as well as our broad-based benefit programs generallyavailable to salaried employees, including health, disability and life insurance programs, andqualified 401(k) plan. Each Named Executive Officer is also a party to the Animas Form of Changeof Control Agreement.