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Merck succession

Executive Summary

"In the event that Jerry Jackson elects to relinquish his duties as exec VP of the company between Jan. 1, 1995 and May 31, 1996, the company has committed to pay Mr. Jackson a lump sum equal to one-half his base pay then in effect and retain him as an employee until June 1, 1996," proxy statement says. Jackson would also receive an increase in his retirement income "by an amount that is the actuarial equivalent of .6 times his base pay." Jackson earned $531,876 in base salary in 1993
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PS024310

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