More $$$ for Pat

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Pharmion CEO Mahaffy gets bigger bonus
Thursday February 14, 4:41 pm ET


Patrick Mahaffy's incentive bonus as president and CEO of the biotech company Pharmion Corp. was $303,000 richer last year.
A filing Thursday with the Securities and Exchange Commission said Mahaffy's incentive bonus for 2007 was $570,000, up from $267,000 a year earlier.

The compensation committee of the Boulder company meets at the beginning of each year and evaluates the performance of executives during the prior year against annual bonus targets, the filing said.

Mahaffy's base salary was raised to $595,000 this year from $570,000 in 2007.

Mahaffy also will receive a bonus for staying on the job during his company's acquisition by Celgene Corp. of Summit, N.J. The deal was announced in mid-November. Mahaffy will be paid a $142,500 bonus for staying if the closing happens prior to June 1. He'll be paid $285,000 if the closing takes place after June 1.

Published February 14, 2008 by The Denver Business Journal