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Elan chief could bag €4.25m windfall Ken Griffin Elan chief Kelly Martin could receive 'career transition assistance' of up to €4.25m if the drug company is sold ELAN chief executive Kelly Martin could be in line for a severance pay-off of up to €4.25m if the Irish drug company, which is at the centre of intense takeover speculation, is sold to a competitor. In the past week, unconfirmed reports have claimed that both Pfizer and Bristol Myers Squibb are interested in acquiring a stake in the company with a view to taking overall control at a later date. Martin's severance package includes a "career transition assistance" programme under which Elan is obliged to provide its former chief executive with a free office and secretary for up to three years. The company must also provide Martin with free health cover until he finds a new job or offer him a lump sum equivalent. Martin has a special "change of control" severance package written into his contract. The package specifies that Martin will immediately receive three years' worth of annual salary and bonuses from the company. Martin waived his bonus last year but was paid a total of €1.95m in 2007. Martin's contract indicates that this enhanced severance deal applies if he is ousted within two years of the company being taken over. It also applies if he is removed from office and Elan subsequently gets taken over within the following six months. An Elan spokeswoman said that Martin's contract was modelled on a standard US-style chief executive's contract. "The termination clauses including those arising on termination following a change-of-control reflect US practice for a chief executive position," she said. http://www.tribune.ie/business/news/article/2009/jun/07/elan…" target="_blank" rel="nofollow ugc noopener">http://www.tribune.ie/business/news/article/2009/jun/07/elan… |
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| aus der Diskussion: | Pfizer May Bid for Elan |
| Autor (Datum des Eintrages): | Huges (07.06.09 21:05:59) |
| Beitrag: | 6 von 6 (ID:37339740) |
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