Despite being a recipient of these Phantom Stock Unit grants in prior years, I just noticed that Dr. Thomas Koestler, head of SPRI, was not included in the list of end of February 2009 SEC Forms 4 discussed here.
Perhaps the 250,000 shares he'd been awarded, and the 16 percent pay bump, and 70 percent bonus opportunity (all increased figures) as of September 15, 2008, were deemed adequate largesse -- by the Compensation Committee -- for the year 2008, so he was skipped over, in this February 2009 grant.
Well, I guess that does make a modicum of sense -- but it has set me to wondering why the Compensation Committee didn't skip Mr. Sabatino, as well -- the other interim-period retention bonus baby. Nope -- he got his full phantom stock unit award -- about another $1 million, on top of everything else -- for 2009. Odd.
Wednesday, March 4, 2009
Note That Dr. Koestler Got NO Phantom Stock This Time Around. . . .
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Did you see this over on FiercePharma?
Glaxo board mulls bonus 'clawbacks'
March 5, 2009 — 11:37am ET | By Tracy Staton
GlaxoSmithKline is showing its claws. The drugmaker is planning to add "clawback" provisions to its bonus structure, which would allow the company to get the money back if its fortunes worsen--or if, as in the banking industry, the gains driving those bonuses prove to be a mirage.
Gee, I wonder if S/P would put something like this in place?
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