Teva Group Letter Agreement Granting Continued Equity Vesting to Eric Drape
This letter agreement from Teva Group, signed by its President and CEO, grants Eric Drape continued vesting of equity awards if he is terminated without cause or retires on or after December 31, 2024. Under these conditions, all equity awards granted to him will continue to vest fully, and any vested options will remain exercisable according to their original terms. All other terms of his existing employment agreement remain unchanged.
Exhibit 10.1
February 8, 2023
To: Eric Drape
Dear Eric,
I am pleased to inform you that in recognition of your importance and criticality to the success of the Teva Group, the Board of Directors and its Compensation Committee approved granting you with the following additional terms.
| ◾ | Certain continued vesting benefits: In the event you are terminated by the Company without cause (as defined in Section 7.4 of your employment agreement with the Company), or if you retire from the Company on or after December 31, 2024, you will receive full continued vesting of equity awards that were and/or will be granted to you by the end of your employee-employer relationship, and all vested options shall continue to be exercisable in accordance with their original terms, including expiration terms. |
All other terms of your Employment Agreement will remain without change.
We are confident that you will continue to make a significant contribution to our future growth.
Sincerely,
/s/ Richard Francis
Richard Francis
President and Chief Executive Officer
