Dick Clark’s pay included $1.2 million in salary and more than $210,000 in miscellaneous items, including nearly $31,000 to use the corporate plane and $373 for a security alarm system, according to an analysis by the Associated Press.

Most of his compensation came from stock and option awards, including three that were awarded last March and, at the time, were worth $4.85 million, Merck reported in its preliminary proxy. Clark, 60, became ceo in May 2005, when his salary was about $918,000, and was also awarded a bonus of $1.3 million.

But there’s more.

For 2006, Clark may also get a $1.4 million bonus, if the board approves. That seems likely, given his success in convincing Wall Street that Merck is making progress with new products - three vaccines and a diabetes pill have debuted - and Vioxx litigation is somehow manageable. Moreover, the stock has recovered ground lost since Vioxx was withdrawn in fall 2004.

It’s all relative, of course. Compared to the embarassing foibles at Bristol-Myers Squibb and Pfizer, and the halting efforts at Wyeth and Schering-Plough to manage a turnaround, Clark is practically a superstar.

Then again, lose a few Vioxx lawsuits and maybe he’ll have to pay for his own alarm system.

[tags]Dick Clark, Executive Pay, Merck[/tags]