Dr. Jeremy Levin could be eligible for up to 24 monthly salaries, for a total of $3 million, upon his departure from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), as part of his non-competition agreement, according to Teva's compensation policy, which was approved at the general shareholders meeting two months ago.
The compensation policy states that an executive who leaves his position is also eligible, in certain circumstances, to up to 200% of his or her last monthly salary at the company.
Levin's employment contract states that his annual salary is $1.5 million. He joined Teva in January 2012, five months before officially assuming the job of president and CEO. He was paid a bonus of $1.2 million for 2012, for meeting 94% of the targets set for him by the board of directors for that year. His total compensation (salary and bonus) was therefore $2.7 million. In addition, his salary for ten months work in 2013 totaled $1.3 million. He was due to receive a bonus of up $3 million for 2013, subject to meeting targets.
Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2013
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