Given Imaging CEO entitled to $2.2m golden parachute

Homi Shamir also holds shares and options in the company, which has been acquired by Covidien, worth $9 million.

The sale of IDB Holding Corp. Ltd. (TASE:IDBH) unit capsule endoscope developer Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) to Irish healthcare company Covidien plc (NYSE: COV) for $860 million net of cash reflects a price per share of $30 not seen for many years. In 2007, when former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) CEO Israel Makov joined Given Imaging as chairman he was allocated 581,000 options when the price per share was then $29.42.

As far as is known Makov still holds these options which would be worth a modest $334,000. He also holds 10,000 shares worth a further $300,000.

CEO Homi Shamir is worth even more. An examination by "Globes" found that he could receive more than $9 million. Shamir holds 56,000 shares worth $1.7 million, and over the years he has been allotted 594,000 options at prices between $11.6 and $29.4 that are worth $7-7.5 million. His salary agreement also entitles him to a golden parachute payment of $2.2 million.

Published by Globes [online], Israel business news - - on December 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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