Merck

Executive Summary

Chairman Roy Vagelos receives $1 mil. in salary in 1993, 10% less than 1992 per his April 1 recommendation to board, Merck proxy statement says. Vagelos received an annual bonus of $1.2 mil., 14% less than in 1992. Merck's long term incentive program, however, paid Vagelos $1.3 mil. The LTIP pays out every other year based on performance for the preceding five years. Vagelos received no stock options during 1993; in 1992 he received a "special one-time grant" of 500,000 shares in lieu of future grants and base salary increases. The award was made in recognition that "he would reach the company's mandatory retirement age in 1994"