Allergan CEO Pyott received compensation valued at $11.1M in 2009, a decline of 18 percent

Allergan CEO got $11.1M in compensation in 2009

NEW YORK — The CEO of Botox maker Allergan Inc. received compensation valued at $11.1 million in 2009, according to an Associated Press calculation of figures filed with regulators. That was a drop of 18 percent from 2008.

Chairman and CEO David Pyott’s salary dipped to $1.3 million from $1.35 million, but the value of his stock options and restricted stock fell by 25 percent, to $8.2 million from $10.9 million.

Compensation for Pyott, 56, was disclosed in a filing with the Securities and Exchange Commission on Feb. 26.

Pyott’s performance-based cash bonus grew to $1.6 million from $1.2 million. The value of his other compensation, which included a perk allowance and financial planning, fell to around $47,000 from $51,000. That compensation included a $20,000 perk allowance and tax and financial planning worth $20,000.

Pyott’s stock and options were worth almost $8.2 million on the date they were granted, Feb. 2, 2009. The options have an exercise price of $40.16.

In 2009, Allergan’s profit nearly tripled, and its shares climbed 56 percent, closing the year at $63.01. They finished at $62.10 on Friday.

The Associated Press 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.

Allergan will hold its annual shareholder meeting April 29 in its hometown of Irvine, Calif.