KV Pharmaceutical paid Chief Executive Marc Hermelin a total of $5.3 million last year, according to a proxy statement filed with the SEC. That included a salary of $1.28 million, incentive pay of $2.55 million and retirement accrual of $877,000. The company also paid $508,794 for a split-dollar life-insurance policy and provided Hermelin with a $2,072 car allowance,  $59,592 to pay taxes on his disability and life-insurance benefits, and $10,000 worth of financial planning services.

If Hermelin loses his job following a takeover of KV, he’s entitled to collect more than $33 million. That includes $9.0 million in severance and bonus,  $21.4 million in retirement compensation and $2.7 million in tax gross-ups.

KV’s net income more than tripled in the fiscal year that ended March 31, 2007. The price of its Class A shares has fallen 3 percent in the past year.