Bentley execs receive salary increases, stock options

Bentley Pharmaceutical executives have increased their salaries for this year by 4.5 percent and received incentive stock options and restricted stock options, according to Tuesday’s filing with the Securities and Exchange Commission.

The Exeter-based generic drug company set aside an extra 750,000 shares to distribute as options.

The base salary of CEO and board chairman James Murphy would increase by some $28,000, bringing it just under $650,000. He would get 137,000 stock options. Based on last year’s filings, those options should be roughly worth about the same as his base salary. In addition he will get 9,200 shares of restricted stock over three years. Based on the current price, those awards are worth more than $100,000, bringing the entire package to $1.4 million, not counting a bonus and other compensation.

President James Sedor will see his base salary increase by some $20,000 to roughly $470,000. Sedor will be granted 50,000 options in addition to the 150,000 promised him last year when he was hired, and some 9,200 restricted stock awards, bringing his total package (based on the same method as Murphy’s) to roughly $1.5 million, excluding a bonus and other compensation.

In addition, board members awarded themselves 8,000 shares of restricted stock over the next two years as long as they continued serving on the board. Those awards – at today’s prices – are worth $94,000 for each board member. The board also increased Michael McGovern’s retainer by $5,000 to $30,000 for his service as vice chairman.

Bentley’s stock price jumped a little following Tuesday’s trading, rising briefly to $12, based on a positive analyst report. The stock has actually fallen 30 percent from the beginning of the year from a high of $22.90. Its net revenues for the first quarter had declined from $2.2 million to $1.2 million, or 5 cents per diluted share. That was 4 cents lower than analysts’ expectations. —BOB SANDERS

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