Millipore CEO Gets 33 Percent Boost In Pay Package

NEW YORK (AP) — The chairman, president and chief executive of life-sciences equipment and product maker Millipore Corp. received a 33.5 percent boost in compensation to just over $5.2 million in 2008, according to an Associated Press calculation of figures disclosed in a regulatory filing Friday.

The Billerica, Mass.-based company paid Martin D. Madaus $850,962 in base salary, marking a 14.6 percent boost, while increasing his performance bonus 34.4 percent to $655,666, according to a Securities and Exchange Commission filing. He received $77,561 in all other compensation, which included matching contributions on deferred compensation.

The bulk of Madaus' compensation came from stock and option awards valued at just under $3.7 million on the day they were granted. But the shares are now "underwater," or worth less than the $69.41 stock price in February, when they were granted. Shares fell 23 cents to close at $58.19 Friday.

The Associated Press compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.