Thermadyne Industries Chief Executive Paul Melnuk earned $1.05 million in total compensation last year, according to the tally sheet in Thermadyne’s  proxy statement.  If stock and options awards made during 2007 were included, his pay figure would rise to $1.28 million.

Melnuk made $589,077 in salary, which has been raised to $620,000 for 2008. He also got a bonus of $320,000 and a car allowance of $6,000. The tally sheet credits him with $177,779 worth of stock and options, but that is an accounting figure. The stock and options grants he got last year had a fair value of $402,053.

Melnuk is entitled to $1.38 million if he leaves the company after a change in control. That includes $1.2 million in salary, a $175,000 bonus and two years’ worth of his auto allowance.

Thermadyne’s earnings per share, before extraordinary items, more than tripled last year, and its stock price rose 16 percent. The company makes welding products.