Teva (Nasdaq: TEVA; TASE:TEVA) chairman and former CEO Eli Hurvitz received options worth $94 million (NIS 400 million) during the past six years, according Teva’s latest 20-F form submitted to the Securities and Exchange Commission (SEC).
Hurvitz, 70, received 1 million options in 1997 at a strike price of $9.88 (a benefit of $45 million). In 1998, he received 200,000 options at a strike price of $9.22 (a benefit of $9 million. In 2001, he received 150,00 options at a strike price of $35.11 (a benefit of $3 million), and in February 2003, after becoming Teva chairman, he received 1.4 million options at a strike price of $27.81 (a benefit of $38 million).
All the strike prices were adjusted to Teva’s share price at the time the options were allocated. Teva’s current share price on Nasdaq is $54.60, reflecting a market cap of $14.5 billion, making it the world’s largest generic drug maker.
Teva’s latest options plan included new president and CEO Israel Makov, who received 600,000 options at a strike price of $30.21, reflecting a current benefit of $14.6 million. Makov replaced Hurvitz in April 2002.
Former Teva chairman Meir Heth and Teva chairman of the executive board Dov Shafir each received $1.6 million worth of options.
Published by Globes [online] - www.globes.co.il - on June 25, 2003