Jim Edwards: Allergan CEO Has 16 million Reasons To Merge


	Jim Edwards: Allergan CEO Has 16 million Reasons To Merge

Matthew Herper

3-26-2009 3:05 PM

953 views

Matthew Herper says:

If the Glaxo-Allergan rumors or true, and Allergan chief David Pyott agrees to the buyout, he gets $15.7 million, according to BNET blogger Jim Edwards/

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/b260e9a3-c02f-4d34-9ea8-44b408d41033/AA4F1BE2-6964-4498-A8E8-AB6F5F664FC9/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://industry.bnet.com/pharma/10001488/allergan-ceo-gets-157-million-bonus-if-he-says-yes-to-gsk/" href="http://industry.bnet.com/pharma/10001488/allergan-ceo-gets-157-million-bonus-if-he-says-yes-to-gsk/" style="font-size: 11px;">industry.bnet.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://industry.bnet.com/pharma/10001488/allergan-ceo-gets-157-million-bonus-if-he-says-yes-to-gsk/"><H1>Allergan CEO Gets $15.7 Million Bonus if He Says Yes to GSK</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://industry.bnet.com/pharma/10001488/allergan-ceo-gets-157-million-bonus-if-he-says-yes-to-gsk/"><P><STRONG>Allergan </STRONG>CEO <STRONG>David Pyott </STRONG>could get a $15.7 million change-of-control bonus if he says yes to <STRONG>GlaxoSmithKline</STRONG>’s <A href="http://industry.bnet.com/pharma/10001469/the-glaxosmithkline-allergan-deal-worst-case-scenario/">alleged interest in buying his company.</A></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://industry.bnet.com/pharma/10001488/allergan-ceo-gets-157-million-bonus-if-he-says-yes-to-gsk/"><P><A href="http://i.bnet.com/blogs/allergan.jpg"><IMG width="348" height="237" alt="" src="http://i.bnet.com/blogs/allergan.jpg" title="allergan" class="alignright size-full wp-image-1489" /></A>The potential windfall is detailed in Allergan’s proxy statement filed with the SEC. Pyott gets $2.3 million if the company has a change in control (i.e. GSK buys all its shares). But he gets $15.7 million if his job is terminated after a change in control. (The proxy covers 2008; the deal in 2009 may have changed, but this is the most recent information available.)</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/AA4F1BE2-6964-4498-A8E8-AB6F5F664FC9/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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