Purdue Pharma, the bankrupt maker of the OxyContin painkiller, on Monday obtained court approval to pay up to $7.1 million in incentive payments for five top executives if they meet certain goals, despite opposition from U.S. government lawyers.
The judge said repeatedly during Monday’s hearing that he does not consider the incentive payments “bonuses” because even if they are paid out in full, the executives would still only fall in the middle of the total compensation range for executives at major pharmaceutical companies. The incentive payments, he said, are essentially part of the executives’ salaries, he added.“No doubt my ruling will be construed by some as authorizing large bonuses to executives.
The total potential payouts for the five executives for 2021 is $4 million to $5.4 million, depending on their ability to meet their goals. They could also collect up to an additional $1.7 million in the form of long-term incentives. To receive their bonuses, the executives would have to meet a variety of targets, including meeting deadlines with respect to testing and development of non-opioid products, as well as operating profits, net sales and operating losses, according to court papers.
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