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.
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