Fired for code of conduct violations, Ian Smith still grabbed a multimillion-dollar stock package at Vertex — but the cash bonus was axed
Getting fired for violating the code of conduct at Vertex doesn’t mean losing your most recent round of stock awards and options in the fallout. But you can kiss your annual bonus goodbye.
Former COO Ian Smith made headlines in January when Vertex showed him the door following some unacceptable — and unexplained — “personal behavior.” But he still qualified for a compensation package that amounted to $4.6 million for 2018, driven largely by the stock package in his compensation.
Where Smith took a hit, though, was on the non-equity bonus he stood to gain for 2018. It was zero, compared to $1.3 million for 2017. Smith had earned a package that came to $5.7 million for 2017.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 87,800+ biopharma pros reading Endpoints daily — and it's free.