The full picture of Merck's 2012 earned, vested, accrued and as-yet-unvested executive compensation levels (in cash, equity, perks and future pension benefits) will be revealed in an as-yet-unfiled SEC proxy statement. However, we just got an "early peek" at part of the haul -- as overnight, SEC Forms 4 were filed by all 14 of the Section 16 reporting executive officers of Merck -- including Chairman and CEO Frazier (his SEC Form 4 is here). Don't misunderstand: they certainly earned it, but it is right, well and good -- that it be widely-disclosed.
Sunshine is the best antiseptic, as ever -- it will prevent any excesses that might otherwise creep into the process, or the outcome (think legacy Schering-Plough, here)
And so, it would seem that the board's compensation committee has determined that the executives have over-acheived the targets laid out in that March 2010 installment of the the Executive Performance Share Units program.
Now we need to wait -- to read the full-narrative, in the proxy -- but here is the footnote to the Forms 4:
. . . .Distribution of net after tax shares of common stock on satisfaction of performance criteria for performance share units granted on 3/31/2010. Performance shares were paid out at 107 percent of target awards. . . .
More to come in mid-March, when the Form 10-K and Proxy, proper, are filed.
Nothing written, appearing, or linked to, on this site is intended to be individual legal, or investment, advice. Consult a financial or legal adviser before making any trade, or any other decision, based anything you read, or see, on this website. This website treats all U.S. viewers' vistor-paths -- and visits -- as public data. If you are from Europe, understand that this site can see -- but will not disclose to the public -- your visitor-path, in compliance with applicable E.U. directives. All material on this website is derived from public documents, and/or edited, modified, and derived from public domain sources, or in some cases, originally-created by the author(s) of this site. Any use of any proprietary image, document or other data is genuinely-intended by the author(s) to fall under the common-law "fair use" doctrine, as criticism of, and commentary on, matters of substantial public concern -- among them, the for-profit health care system in the Americas. If any person wishes to dispute this assertion of "fair use", please leave a comment in any of the comment-boxes, specifically-identifying the challenged material, and the basis for the challenge, on this site. The Site Administrator(s) will promptly consider the claim. In the same comment-box, the Site Administrator(s) will indicate the site's position on any such claim. This site is not-for-profit. Share, and share-a-like, licenses granted in, and to, all content. Copy-left 2008 though 2016.