Elan boss Kelly Martin was over €17m wealthier because of his work at the listed drug company last year, fuelled by massive paper gains on options as well as cashing in options he'd held since joining the company 10 years ago.
Martin has transformed Elan over the past year, selling its key interest in Tysabri for a whopping €3.4bn and spinning off its Prothena drug arm.
The Elan boss has over 3m stock options dating back to 2003. At current share prices, Martin is sitting on a €9.4m paper profit if he cashes them in. Martin also made a €5.3m profit last year by exercising and selling nearly one million options. Nearly €1.2m worth of restricted shares were vested during the year. His basic pay and bonus totalled €1.6m.
Last April Elan "amended and restated" Martin's employment contract as the firm faced a major strategic review. Under the new deal, restricted shares awarded to him were vested early. He also profited when the exercise price of options awarded was reduced at the year end.
Calculations of Martin's earnings last year don't include a €7.02m stock option awarded to him in February and April last year as these options are well under water following a fall in the share price.
Martin's earnings increased last week as the board granted him a €8.2m block of options and restricted stock units. He is already sitting on a paper profit of €590,000 on those awards.