Teva's leadership shuffling in the last few years was evident again Monday evening, when the Israel-based drugmaker filed with the Securities and Exchange Commission form 20-F, which is the annual report for a foreign-based company.
The link is here. If you were to go to page 89, you would see the heading "Individual Covered Executive Compensation," which has a table and summary of the five most-highly compensated office holders, for the year ending Dec. 31, 1024.
Chief Executive Officer Erez Vigodman was the first one listed, but he didn't have the highest compensation for 2014, though only partially because he got that title on Feb. 11, 2014.
The leader on this chart for total compensation was Allan Oberman with $7,337,661.
But, of course, Oberman no longer works for Teva.
Technically, Oberman's time at Teva ended on Dec. 31, but it essentially ended in a couple earlier stages.
Oberman had joined Teva in 2000 after running a Canadian food business. After running Teva's operations in Eastern Europe, he replaced Bill Marth as head of generics in 2012 and moved to the Americas headquarters in North Wales, Montgomery County. (That area has some swell neighborhoods and homes. According to the SEC filing, Teva helped Oberman pay for his housing with $75,344 in 2014.)
Bloomberg reported last March that in October of 2013 Oberman told the Teva board of directors that the leadership team at the time supported then-CEO Jeremy Levin and that the board should, basically, butt out of day-to-day operations. Levin was soon fired. Since Vigodman was - and remains - a board member, it was probably inevitable that he would find a new leader of the generics division upon adding the CEO title. He did so in June, hiring Sigurdu Olafsson, who had been at Actavis. (Vigodman declined the cash he would get as a board member, figuring he could get by on the CEO total compensation of $4,485,859.)
The biggest chunk of Oberman's compensation was $4,464,171, which fell under the column heading "Other." Yes, Other.
Further down, was an explanation of "Other," as it applied to Oberman. Teva is helping him move back to Canada. The kicker - at least for the Teva workers in Sellersville, Bucks County, who lost their jobs recently - will be the nugget at the bottom:
Mr. Oberman served in various positions in Teva, most recently as President and Chief Executive Officer of Teva Americas Generics. Mr. Oberman’s employment with the Company ceased on December 31, 2014.
Pursuant to his employment terms, Mr. Oberman was entitled, during the term of his employment in 2014, to an annual base salary of $850,000.
In February and December 2010, Mr. Oberman was granted options to purchase 22,550 Company shares (with an exercise price of $59.92 per share) and options to purchase 50,000 Company shares (with an exercise price of $49.11 per share) under the 2010 Plan, all of which have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $50,224. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2011, Mr. Oberman was granted options to purchase 33,001 Company shares (with an exercise price of $41.72 per share) and 5,238 restricted share units under the 2010 Plan, of which approximately 67% have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014 in accordance with U.S. GAAP is $170,351. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2012, Mr. Oberman was granted options to purchase 17,879 Company shares (with an exercise price of $44.59 per share) and 3,525 restricted share units under the 2010 Plan, of which approximately 33% have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $97,632. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2013, Mr. Oberman was granted options to purchase 100,002 Company shares (with an exercise price of $37.26 per share) and 20,161 restricted share units under the 2010 Plan, none of which have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $228,014. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
Pursuant to Mr. Oberman’s employment terms, in connection with his termination of employment on December 31, 2014, Mr. Oberman became entitled to receive certain accrued obligations, cash severance equal to his annual base salary, an amount equal to the average of his annual bonuses paid with respect to fiscal years 2012, 2013 and 2014, a payment representing the value of certain benefits he was entitled to, payments associated with his repatriation to Canada, medical and certain customary benefits. Pursuant to his employment terms, Mr. Oberman’s equity-based awards will continue to vest in accordance with their original schedule, and his options shall remain exercisable in accordance with their original schedule.
The amounts in the table above represent termination payments recognized in our financial statements for the year ended December 31, 2014, and do not include amounts recognized in previous years with respect to such termination payments.
Mr. Oberman is also entitled to receive an amount equal to his annual base salary in consideration for his release and waiver of claims as well as in consideration of, and conditioned upon, his non-compete obligations (which apply for a period of twelve months following his termination date).
Read more at http://ift.tt/16Mlmbd
The link is here. If you were to go to page 89, you would see the heading "Individual Covered Executive Compensation," which has a table and summary of the five most-highly compensated office holders, for the year ending Dec. 31, 1024.
Chief Executive Officer Erez Vigodman was the first one listed, but he didn't have the highest compensation for 2014, though only partially because he got that title on Feb. 11, 2014.
The leader on this chart for total compensation was Allan Oberman with $7,337,661.
But, of course, Oberman no longer works for Teva.
Technically, Oberman's time at Teva ended on Dec. 31, but it essentially ended in a couple earlier stages.
Oberman had joined Teva in 2000 after running a Canadian food business. After running Teva's operations in Eastern Europe, he replaced Bill Marth as head of generics in 2012 and moved to the Americas headquarters in North Wales, Montgomery County. (That area has some swell neighborhoods and homes. According to the SEC filing, Teva helped Oberman pay for his housing with $75,344 in 2014.)
Bloomberg reported last March that in October of 2013 Oberman told the Teva board of directors that the leadership team at the time supported then-CEO Jeremy Levin and that the board should, basically, butt out of day-to-day operations. Levin was soon fired. Since Vigodman was - and remains - a board member, it was probably inevitable that he would find a new leader of the generics division upon adding the CEO title. He did so in June, hiring Sigurdu Olafsson, who had been at Actavis. (Vigodman declined the cash he would get as a board member, figuring he could get by on the CEO total compensation of $4,485,859.)
The biggest chunk of Oberman's compensation was $4,464,171, which fell under the column heading "Other." Yes, Other.
Further down, was an explanation of "Other," as it applied to Oberman. Teva is helping him move back to Canada. The kicker - at least for the Teva workers in Sellersville, Bucks County, who lost their jobs recently - will be the nugget at the bottom:
Mr. Oberman served in various positions in Teva, most recently as President and Chief Executive Officer of Teva Americas Generics. Mr. Oberman’s employment with the Company ceased on December 31, 2014.
Pursuant to his employment terms, Mr. Oberman was entitled, during the term of his employment in 2014, to an annual base salary of $850,000.
In February and December 2010, Mr. Oberman was granted options to purchase 22,550 Company shares (with an exercise price of $59.92 per share) and options to purchase 50,000 Company shares (with an exercise price of $49.11 per share) under the 2010 Plan, all of which have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $50,224. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2011, Mr. Oberman was granted options to purchase 33,001 Company shares (with an exercise price of $41.72 per share) and 5,238 restricted share units under the 2010 Plan, of which approximately 67% have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014 in accordance with U.S. GAAP is $170,351. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2012, Mr. Oberman was granted options to purchase 17,879 Company shares (with an exercise price of $44.59 per share) and 3,525 restricted share units under the 2010 Plan, of which approximately 33% have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $97,632. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
In 2013, Mr. Oberman was granted options to purchase 100,002 Company shares (with an exercise price of $37.26 per share) and 20,161 restricted share units under the 2010 Plan, none of which have vested as of the date of this report. The fair value of such equity-based compensation recorded in our financial statements for the year ended December 31, 2014, in accordance with U.S. GAAP is $228,014. For additional information with respect to the 2010 Plan, see “Equity-Based Plans” below.
Pursuant to Mr. Oberman’s employment terms, in connection with his termination of employment on December 31, 2014, Mr. Oberman became entitled to receive certain accrued obligations, cash severance equal to his annual base salary, an amount equal to the average of his annual bonuses paid with respect to fiscal years 2012, 2013 and 2014, a payment representing the value of certain benefits he was entitled to, payments associated with his repatriation to Canada, medical and certain customary benefits. Pursuant to his employment terms, Mr. Oberman’s equity-based awards will continue to vest in accordance with their original schedule, and his options shall remain exercisable in accordance with their original schedule.
The amounts in the table above represent termination payments recognized in our financial statements for the year ended December 31, 2014, and do not include amounts recognized in previous years with respect to such termination payments.
Mr. Oberman is also entitled to receive an amount equal to his annual base salary in consideration for his release and waiver of claims as well as in consideration of, and conditioned upon, his non-compete obligations (which apply for a period of twelve months following his termination date).
Read more at http://ift.tt/16Mlmbd
What the What?
Aucun commentaire:
Enregistrer un commentaire