Gilead CEO Martin's Total 2009 Compensation Valued At $14.7 Million

Gilead Sciences Inc.'s (GILD) Chairman and Chief Executive John Martin received total compensation valued at about $14.7 million in 2009, up 17% from $12.6 million a year earlier, due to a rise in stock awards and other incentive plan compensation.

Martin's base salary rose about 8.3% to $1.24 million last year from $1.14 million in 2008.

Gilead, which is known for its HIV drugs, saw its net income rise 33% to $2.6 billion on revenue growth of 31% to $7 billion. The company's stock dropped 17% in the period.

Chief Operating Officer John Milligan earned compensation valued at $6.9 million, up 22% to $5.7 million.

Gilead also paid total compensation valued at $11.9 million to Louis Lange, the former chief executive of CV Therapeutics, a company that Gilead acquired last year for $1.4 billion.

After the deal, Gilead cancelled Dr. Lang's employment agreement with CV Therapeutics and signed a new agreement with him. Under the new terms, Gilead assumed CV Therapeutics' obligations under the cancelled agreement.

Part of that compensation included creating two trusts with a total value exceeding $7 million that represented Dr. Lange's cash severence that he would have received from CV Therapeutics, and cash proceeds from the liquidation and cancellation of his restricted stock units in connection with the acquisition.

-By Thomas Gryta, Dow Jones Newswires; 212-416-2169; thomas.gryta@dowjones.com

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