Document:

EX-10.22

 Exhibit 10.22 

Employment Agreement 
 This
Employment Agreement (this “Agreement”) is entered into in Petach Tikwa on this        day of February 2017, to be effective as of the 6 day of February, 2017 (the “Effective
Date”), and is made by and between TEVA PHARMACEUTICAL INDUSTRIES LTD., an Israeli corporation located at 5 Basel Street, Petach Tikwa, Israel, Company
No. 52-001395-4 (the “Company”), and Prof. Yitzhak Peterburg, ID No. 5051067/6, of 92 Nehar Hayarden St., Tal Shahar
(“Employee”). 
 WHEREAS, the Employee is currently a member of the Board of Directors of the Company (the “Board”);
and 
 WHEREAS, the Company wishes to employ Employee as its Interim President and Chief Executive Officer (“Iterim President and
CEO”), and Employee wishes to be so employed; and 
 WHEREAS, the parties have agreed on the terms pursuant to which Employee shall serve as
Interim President and CEO, and on the Consideration (as defined below) which shall be in effect from the Effective Date and ending on the next general meeting of shareholders of the Company (the “Initial Term”) and wish to
set forth such terms in this Agreement. 
 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	1.	Term; Positions and Duties; Location 

 Employee’s employment with the Company
as the Company’s Interim President and CEO shall commence on the Effective Date and shall continue thereafter until the Date of Termination, as defined below (the “Term”). 

 

	 	1.2	Employee shall report directly to the Board. All senior officers of the Company shall report directly to Employee (unless otherwise determined by Employee, or as required by Law (as defined below) or the principles of
good corporate governance). In addition, Employee shall (a) have all of the duties, authorities and responsibilities customarily exercised by an individual serving as the president and chief executive officer of a company the size and nature of
the Company, (b) be assigned no duties that are inconsistent with, or materially impair his ability to discharge, the foregoing, and (c) have such other duties, authorities and responsibilities, consistent with the foregoing, as may
reasonably be assigned to him from time to time by the Board. 

  

	 	1.3	During the Term, Employee shall devote substantially all of his business time, energy, business judgment, knowledge and skill to the performance of his duties with the Company; provided, that the foregoing shall not
prevent Employee from (a) serving on the board of directors of Regenera Pharma Ltd.; (b) reasonably participating in charitable, civic, educational, professional, community or industry affairs, and (c) managing his own personal
investments, in each case, so long as such activities in the aggregate do not interfere or conflict with Employee’s duties hereunder or create a potential business or fiduciary conflict. 

	 	I.4	Employee shall promptly inform the Company of any issue or matter relating to, or transaction with, any member of the Company Group (defined as the Company and any entity of any type in which the Company holds, directly
or indirectly, at least 25% of the “means of control” (as such term is defined in the Securities Law, 1968)) in which Employee has a personal interest and/or which may cause Employee to be in a position of a conflict of interest with the
Company (except with respect to Employee’s private dealings in the equity of Employee’s former employers held by Employee, or Employee’s investments in any public-traded corporation as long as such investment does not represent more
than I% of the outstanding voting securities of such corporation). 

  

	 	1.5	During the Term, Employee may be required to serve as a director, officer or committee member of another company which is part of the Company Group, and the fulfillment of such position shall not constitute an
employer-employee relationship between Employee and any such company, and notwithstanding any such position, Employee shall only be considered to be an employee of the Company and shall not receive any additional compensation for serving in such
additional position other than those amounts expressly set forth herein, provided that the Company’s D&O insurance shall cover Employee and the Indemnification Agreement shall fully cover Employee in all such positions. 

 

	 	1.6	Employee’s principal place of employment during the Term shall be at the Company’s principal offices. However, Employee acknowledges and agrees that he will be required to travel abroad extensively on Company
business. 

  

	 	1.7	Employee acknowledges and agrees that no collective and/or special bargaining agreement that might apply to the Company’s employees shall apply to Employee in his capacity as an employee of the Company.

  

	 	1.8	This Agreement shall be subject to the Company’s compensation policies applicable to senior officers as shall be in effect from time to time, including without limitation, the Company’s Compensation Policy for
Executive Officers and Directors adopted by the shareholders at the 2016 annual general meeting of shareholders, held on April 18, 2016, as shall be amended from time to time (collectively, the “Compensation Policy”) and nothing
herein shall derogate in any way from the Company’s rights thereunder. 

  

	 	1.9	Any remuneration to be paid to Employee for his services as Interim President and CEO f011owing termination of the Initial Term shall be subject to the receipt of the Company’s corporate approvals required by Law,
including the approvals of the Human Resources and Compensation Committee of the Board (the “Compensation Committee”), the Board and shareholders. 

The Employee hereby waives any and all future payments and benefits he is or may be entitled to in his capacity as a member of the Board during
the Term and submits his resignation from all committees of the Board, all effective as of the Effective Date. 

	2.	Base Salary 

  

	 	2.1	During the Term, Employee’s gross Monthly base salary shall be the amount of NIS 488,520 (the “Monthly Salary”). The Monthly Salary shall be adjusted for quarterly increases in the Israeli Consumer Price
Index (“CPI”) subsequent to April 18, 2016. 

  

	 	2.2	Employee hereby acknowledges and agrees that in light of his position and areas of responsibility, which require a special degree of trust and since he is part of the Company’s senior management the provisions of
the Hours of Work and Rest Law, 1951, shall not apply to his employment. 

  

	 	2.3	It is hereby agreed that only the Monthly Salary payable to Employee pursuant to Section 2.1 shall constitute the basis for the calculation of all social benefits granted to Employee pursuant to this Agreement,
including, without limitation, contributions and deductions to the pension fund, managers’ insurance, provident fund and the Study Fund (as defined below), and for any other purpose for which deductions are calculated based on a percentage of
Employee’s salary. 

  

	 	2.4	The parties hereby confirm that the compensation terms set forth in this Agreement constitute fair consideration to the Employee, given, inter cilia, his managerial responsibilities. 

 

	3.	Bonus 

 During 2017, Employee shall be entitled to receive a pro-rata amount of an annual cash bonus (the ‘incentive Bonus”). Such pro-rata amount shall be calculated in accordance with the actual number of days during which
Employee served as Interim President & CEO out of the total number of days in the fiscal year 2017, and shall he evaluated following the completion of the fiscal year 2017 based on the results for the full calendar year and to be paid on
the date paid to other senior executives of the Company. The annual cash bonus for 2017 (assuming a full year of service) will equal to a percentage of Employee’s annual base salary (up to a maximum of 200%) based on achievement of qualitative
and quantitative performance goals and objectives and subject to certain payout terms, all to be set by the Compensation Committee and the Board subject to the Compensation Policy and the resolution of the shareholders of the Company at the 2016
annual meeting of shareholders under Item 6(b) of the agenda in connection with the former President & CEO annual cash bonus, a copy of which is attached hereto as Annex A, which bonus structure shall be no more favorable than that
provided to the former President & CEO of the Company with respect to fiscal year 2016. 80% of the performance goals shall be Company KPIs and 20% will be based on an evaluation of Employee’s overall performance based on the discretion
of the Compensation Committee and the Board and/or on quantitative and qualitative performance measures. 
  

	4.	Equity Grant 

 During 2017, Employee will be entitled to an equity grant award in
an aggregate value of $4.5 million comprised of 1/3 in options to purchase Company shares, 1/3 in restricted share units (RSUs) and 1/3 in performance share awards (PSUs) (calculated in accordance with Company practice) under the Company’s
2015 Long Term Equity 

 
Based Incentive Plan (“2015 Plan”), similar to other executive officers of the Company, and subject to terms determined by the Committee and the Board and no more favorable than the
terms approved by the shareholders at the 2016 annual meeting of shareholders under Item 6(c) of the agenda in connection with the former President & CEO annual equity awards, a copy of which is attached hereto as Annex B. 

 The options and RSUs will vest in three equal installments on the second, third and fourth anniversaries of the grant date and the PSUs
will have a cliff vesting on the third anniversary of the grant date subject to meeting the PSU performance goals and in accordance with the formula approved by the Compensation Committee and the Board. 

 

	5.	Employee Benefits 

 Employee (and, to the extent eligible, his dependents and
Beneficiaries (as defined below)) shall be entitled to participate in any and all health, medical, dental, group insurance (including, without limitation, life insurance), welfare, pension, fringe benefits, perquisites and other employee benefit
plans, programs and arrangements that are generally available from time to time to senior executives of the Company and their dependents and Beneficiaries (the “Employee Benefits”), such participation in each case to be on terms and
conditions that are commensurate with Employee’s position and responsibilities at the Company and that arc no less favorable to Employee than those that apply to other senior executives of the Company generally. 

 

	6.	Reimbursement for Certain Costs and Expenses 

  

	 	6.1	The Company shall pay or reimburse Employee for all out-of-pocket business expenses incurred by Employee in performing his duties under
this Agreement, promptly upon presentation of appropriate supporting documentation and in accordance with the expense reimbursement policy of the Company. 

  

	 	6.2	The Company shall provide, and pay or reimburse Employee for all expenses incurred in connection with acquiring, maintaining and using, a land-line telephone in his residence, a laptop, a cellular telephone or other
similar handheld device, and a car suitable for the chief executive officer of a company of the size and nature of the Company, promptly upon presentation of appropriate supporting documentation and in accordance with the expense reimbursement
policy of the Company. The Company shall bear the taxes associated with the use of car and cellular telephone or similar hand-held device. 

  

	7.	Vacation; Sick Leave; Recreation Pay 

  

	 	7.1	Employee shall be entitled to 26 paid vacation working days per calendar year, which shall accrue in accordance with Company policy. Employee shall be required to utilize five consecutive days every calendar year, and
may accumulate the remaining vacation days in accordance with the Company’s policy. The dates of Employee’s annual vacation shall be coordinated in advance with the Chairman of the Board. The Employee shall be entitled to redeem the
aforesaid accumulated vacation days upon termination of Employee’s employment. 

	 	7.2	Employee shall be entitled to 30 paid sick working days per calendar year, which may accumulate up to a maximum of one years’ paid sick leave. The sick pay shall include the Monthly Salary and all other amounts and
benefits to which Employee is entitled under this Agreement, as if Employee worked at the Company during the period of his illness (in respect of period for which he is entitled to receive payment as aforesaid), less any amount that Employee is
entitled to receive with respect to the aforementioned period of his illness, including from any pension fund and/or provident fund and/or managers insurance, and all provided that Employee provides the Company with medical confirmation of his
illness. The parties hereto hereby acknowledge and agree that the payments to Employee set forth in this Section 7.2 and Employee’s insurance in the pension fund and/or managers insurance are meant to also cover the Company’s
obligations under the Sick Pay Law, 1976. 

  

	 	7.3	Employee shall be entitled to 15 paid recreation days per calendar year provided Employee is entitled to recreation pay under law. The amount of recreation pay per recreation day, the payment conditions and any other
conditions governing recreation pay shall be in accordance with the Law and the Company’s policy in effect at the applicable time with respect to its employees generally. 

 

	8.	Pension Fund, Managers Insurance, Provident Fund 

  

	 	8.1	It is hereby declared and agreed that the rights of the Employee to pension allowance (kitzba), severance payment and remuneration will be insured according to Employee’s choice, as set forth herein below.

  

	 	8.2	The Employee’s Monthly Salary will be insured in a pension fund, managers’ insurance, provident fund and/or any combination of the foregoing, according to the Employee’s choice and as detailed below.

 The Employee will specify, in a notice to the Company, which portion of the Monthly Salary shall he insured in each of the
programs specified below (the “Insurance Arrangement”). To the extent the Employee does not notify the Company of his choice, the Employee’s Monthly Salary shall be insured in accordance with the Company’s policy. For the
avoidance of doubt, it is hereby clarified that the accumulated contributions according to the Insurance Arrangement shall not be made, in any event, from an amount exceeding the Monthly Salary. 

The rate of allocations to the pension fund and/or managers’ insurance and/or provident fund, subject to the Insurance Arrangement, shall
be as follows: 
 Remunerations — Out of the Monthly Salary, the following percentages shall be contributed to the remuneration
component: 
 The Company shall contribute 6.5% to the remuneration component, provided the Employee contributes 6% for this purpose. 

 It is hereby clarified that the Company’s contributions to the remuneration component to
managers’ insurance and/or provident fund, shall include a contribution of 5% for the remuneration component as well as payment for acquiring loss of ability to work insurance to insure 75% of the Monthly Salary. Notwithstanding, in the event
that in order to acquire the aforementioned loss of ability to work insurance, the Company shall be required to increase the percentage of its contributions, in such case the Company’s contributions shall be increased up to 7.5% of the Monthly
Salary. For the avoidance of any doubt, the Company’s contributions percentages to the remuneration component for managers’ insurance and/or provident fund shall not be lower than 5% of the Monthly Salary, and the total amount of the
Company’s contributions, including loss of ability to work insurance shall not he higher than 7.5% of the Monthly Salary. 

Severance Pay — The Company shall contribute each month an amount equal to 8.33% of the Monthly Salary to the component of
severance. 
 In the event of an increase in the Employee’s Monthly Salary, the Employee shall be entitled to choose (in accordance with
the provident funds’ and/or pension funds’ Articles of Association and the Law) the Insurance Arrangement which will apply to the increase in the Monthly Salary. The Employee shall notify the Company with respect to such choice in
accordance with the Company’s policies regarding this matter. The provisions of Section 8.2 above shall apply to the Insurance Arrangement, which the Employee chose for the increase in the Monthly Salary. 

 

	 	8.3	Employee may request to limit the part of his Monthly Salary from which the Company’s and the Employee’s contributions for remuneration are made to the pension fund and/or managers insurance and/or the
provident funds in accordance with section 8.2, to the maximum amount set forth in Section 3(e3) of the Income Tax Ordinance [New Version], 1961 (the “Tax Ordinance”) as shall be in effect from time to time. In such event, the
Company shall pay the Employee on a monthly basis, the difference between the contribution rates for remuneration set forth in section 8.2 above and the contribution rates of the maximum amount according to section 3(e3) of the Tax Ordinance, as a
special supplement to the salary (hereinafter “Supplement in lieu of Providence”). 

 It is hereby
acknowledged and agreed that the Supplement in lieu of Providence shall not be deemed part of the Employee’s Monthly Salary for any purpose, including without derogating from the foregoing, for the purpose of payment of severance pay and any
other entitlement calculated as a percentage of Employee’s Monthly Salary, and this Section 8.4 shall not impose on the Company any additional current or future cost or expense, directly or indirectly. 

The Employee shall submit such request only after (i) Employee has considered the above, received pension advice, and is aware of the
consequences of his request with respect to the diminution of the scope of the pension insurance coverage to which he shall be entitled to, and (ii) since the Company’s and the Employee’s contributions as aforementioned shall be done
pursuant to his request, and for his benefit, he shall not have a cause of action with respect to the scope of the pension insurance coverage to which he shall be entitled to. 

 Without derogating from the foregoing, the Employee shall explicitly waive any and all claim
and/or demand and/or lawsuit of any kind with respect to the scope of the pension insurance coverage. The Employee shall undertake to indemnify the Company for any damage and/or cost and/or expense incurred by the Company as a result of any demand
and/or lawsuit filed by him and/or on his behalf in connection with the foregoing. 
 For the avoidance of doubt it is hereby clarified that
the Company’s contributions for severance pay to the pension fund and/or managers insurance and/or the provident funds shall be made from the Employee’s full Monthly Salary. 

 

	 	8.4	By signing this Agreement, the Employee allows the Company to deduct from his Monthly Salary the aforementioned deductions from the Monthly Salary, and to transfer such amounts to any of the pension fund and/or
managers’ insurance and/or the provident funds included in the Insurance Arrangement, which he chose, all as set forth in Section 8.2 and 8.3 above. 

  

	9.	Study Fund 

 For every month that Employee is employed by the Company, the Company shall
make contributions on Employee’s behalf to an advanced study fund (Keren Hiskalmuo (the “Study Fund”), in an amount equal to 7.5% of the Monthly Salary, and shall deduct Employee’s contribution of 2.5% of the Monthly
Salary from the Monthly Salary, and transfer this sum to the Study Fund. By signing this Agreement, the Employee allows the Company to deduct from his Monthly Salary the aforementioned deductions from the Monthly Salary, and to transfer such amounts
to the Study Fund. 
  

	10.	Termination of Employment 

  

	 	10.I	General. Employee’s employment with the Company shall terminate upon the earliest to occur of (a) Employee’s death, (b) a termination by reason of a Disability, (e) a termination by the
Company with or without Cause, and (d) a terminatio ☐ by Employee with or without Good Reason (including, for the avoidance of doubt, due to aged retirement). The date on which employee-employer relations cease to exist between the
parties (including as a result of acceleration of such cessation due to a waiver on the part of the Company of Employee’s services during the Notice Period and payment to Employee of the entire amounts the Employee is entitled to in respect of
the Notice Period) shall be referred to in this Agreement as the “Date of Termination”. Upon any termination of Employee’s employment for any reason, (i) except as may otherwise be requested by the Company in writing and agreed
upon in writing by Employee, Employee shall be deemed to have resigned, effective immediately, from any and all directorships, committee memberships, and any other positions Employee holds with any member of the Company Group, and (ii) the
Company shall provide Employee with letters addressed to the pension fund, managers insurance, provident fund and Study Fund that will enable Employee to receive the Broad-Based Retirement Plan Benefits (or, in the event that Employee’s
employment was terminated by the Company for Cause, only (A) the retirement savings component thereof, and (B) Employee’s contributions to the Study Fund) promptly following the Date of Termination. 

	 	10.2	Termination Due to Death or Disability. Employee’s employment shall terminate automatically upon his death. The Company may terminate Employee’s employment immediately upon the occurrence of a
Disability, such termination to be effective upon Employee’s receipt of written notice of such termination. Upon Employee’s death or in the event that Employee’s employment is terminated due to his Disability, Employee or his estate
or his Beneficiaries, as the case may be, shall be entitled to: 

  

	 	10.2.1	The Accrued Obligations; and 

  

	 	10.2.2	The Severance Payment, which shall be paid in a lump sum on the next regular payroll date immediately following the seventy fifth
(75°) day after the Date of Termination (subject to Section 10.7), other than those components of the Severance Payment required by Law to be
paid earlier, which components shall be paid in accordance with the requirements of the Law (which payment shall not be subject to Section 10.7). 

Notwithstanding the foregoing provisions of this Section 10.2, the payments and benefits described in this Section 10.2 (other than
the components of the Accrued Obligations and the Severance Payment required to be paid pursuant to the Law) shall immediately terminate, and the Company shall have no further obligations to Employee with respect thereto, in the event that Employee
breaches any provision of Sections 12, 13, 14 or 15 hereof. Following Employee’s death or a termination of Employee’s employment by reason of a Disability, except as set forth in this Section 10.2, Employee shall have no further
rights to any compensation or any benefits under this Agreement. 
  

	 	10.3	Termination by the Company with Cause. 

  

	 	10.3.1	The Company may terminate Employee’s employment at any time with Cause, effective upon Employee’s receipt of written notice of such termination. In the event that the Company terminates Employee’s
employment with Cause, he shall be entitled only to those components of the Accrued Obligations required to be paid by Law, and subject to the Law. Following such termination of Employee’s employment by the Company with Cause, except as set
forth in this Section 10.3, Employee shall have no further rights to any compensation or any benefits under this Agreement. 

  

	 	10.3.2	 No termination of Employee’s employment for Cause shall he effective unless the Company shall first have
complied with the provisions of this Section 10.3.2 and the Law. Employee shall be given written notice by the Company (the “Cause Notice”) of its intention to terminate Employee’s employment for Cause. The Cause Notice shall
state in detail the particular circumstances that constitute the grounds on which the proposed termination for Cause is based and all relevant documentation and summon to a hearing before the Board. The hearing shall be held 30 days

	 	
following Employee’s receipt of the original Cause Notice. If, within 20 business days following such hearing, the Board gives written notice to Employee confirming that Cause for
terminating Employee’s employment on the basis set forth in the original Cause Notice exists, then Employee’s employment shall thereupon be terminated for Cause. A failure by Employee to attend the hearing as aforesaid shall be deemed to
be a waiver by Employee of his right to such hearing. 

  

	 	10.4	Termination by the Company without Cause. The Company may terminate Employee’s employment at any time without Cause including in the event of appointment of a permanent President and CEO, effective nine
(9) months following the date of Employee’s receipt of written notice of such termination (in this Section, the “Notice Period”). In the event that such notice is given by the Company, any intervening termination for any reason
(other than a termination of Employee’s employment by the Company for Cause) including death or Disability shall not alter the Company’s obligations under this Section 10.4. The Company may, in its sole and absolute discretion and by
written notice, waive the services of Employee during the Notice Period or in respect of any part of such period, and thus accelerate termination of employee-employer relationship (such accelerated date shall constitute the Date of Termination), all
on condition that the Company pay Employee the Monthly Salary and all additional compensation and benefits to which Employee is entitled in respect of the Notice Period without regard to any such Company waiver (which shall be paid in one lump sum
on the next regular payment date immediately following the Date of Termination (subject to Section 10.7), other than the Monthly Salary required to be paid pursuant to the Law, which shall be paid in accordance with the requirements of the Law
(which payment shall not be subject to Section 10.7)). 

 In the event that Employee’s employment is terminated by
the Company without Cause (other than due to death or Disability), Employee shall be entitled to: 
 10.4.1 The Accrued Obligations; 

 

	 	10.4.2	The Severance Payment, which shall be paid in a lump sum on the next regular payroll date immediately following the seventy fifth
(75°i) day after the Date of Termination (subject to Section 10.7), other than those components
of the Severance Payment required by Law to be paid earlier, which components shall be paid in accordance with the requirements of the Law (which payment shall not be subject to Section 10.7); 

 

	 	10.4.3	The Equity Benefits (subject to Section 10.7); and 

  

	 	10.4.4	If the Employee’s employment is terminated by the Company without Cause (or by Employee with Good Reason), one year or less following a merger of the Company with another entity pursuant to which merger the Company
is not the surviving entity, and as a result of such merger, Employee shall be entitled to the Change of Control Amount, which shall he paid in a lump sum on the next regular payroll date immediately following the seventy fifth (75th) day after the Date of Termination (subject to Section 10.7). 

 Notwithstanding the foregoing, the payments and benefits described in this Section 10.4
(other than the components of the Accrued Obligations and the Severance Payment required to be paid pursuant to the Law) shall immediately terminate, and the Company shall have no further obligations to Employee with respect thereto, in the event
that Employee breaches any provision of Sections 12, 13, 14 or 15 hereof. Following such termination of Employee’s employment by the Company without Cause, except as set forth in this Section 10.4, Employee shall have no further rights to
any compensation or any benefits under this Agreement. For the avoidance of doubt, Employee’s sole and exclusive remedy upon a termination of employment by the Company without Cause shall be receipt or the payments and benefits specified in
Sections 10.4.1 through 10.4.3, or Sections 10.4.1 through 10.4.4, as applicable. 
  

	 	10.5	Termination by Employee with Good Reason. Employee may terminate his employment with Good Reason and Employee shall be entitled to the same payments and benefits as provided in Section 10.4 for a termination
by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 10.4. Following such termination of Employee’s employment by Employee with Good Reason, except as set forth in this
Section 10.5, Employee shall have no further rights to any compensation or any benefits under this Agreement. For the avoidance of doubt, Employee’s sole and exclusive remedy upon a termination of employment with Good Reason shall be
receipt of the payments and benefits specified in this Section 10.5. 

  

	 	10.6	Termination by Employee without Good Reason or Due to Aged Retirement. Employee may terminate his employment without Good Reason or due to aged retirement, by providing the Company nine (9) months’
written notice of such termination (in this Section, the “Notice Period”). In the event that such notice is given by Employee, any intervening termination for any reason (other than a termination of Employee’s employment by the
Company for Cause) including death or Disability shall not alter the Company’s obligations under this Section 10.6. The Company may, in its sole and absolute discretion and by written notice, waive the services of Employee during the
Notice Period or in respect of any part of such period, and thus accelerate such termination of employee-employer relationship (such accelerated date shall constitute the Date of Termination), all on condition that the Company pay Employee the
Monthly Salary and all additional compensation and benefits to which Employee is entitled in respect of the Notice Period without regard to any such Company waiver (which shall be paid in one lump sum on the next regular payment date immediately
following the Date of Termination (subject to Section 10.7), other than the Monthly Salary required to be paid pursuant to the Law, which shall be paid in accordance with the requirements of the Law (which payment shall not be subject to
Section 10.7)). 

 In the event of a termination of employment by Employee under this Section 10.6, Employee
shall be entitled to: 
  

	 	10.6.1	The Accrued Obligations; 

  

	 	10.6.2	The Severance Payment, which shall be paid in a lump sum on the next regular payroll date immediately following the seventy fifth (75th) day after the Date of
Termination (subject to Section 10.7), other than those components of the Severance Payment required by Law to he paid earlier, which components shall be paid in accordance with the requirements of the Law (which payment shall not be subject to
Section 10.7); and 

  

	 	10.6.3	The Equity Benefits (subject to Section 10.7); 

 Notwithstanding the foregoing, the
payments and benefits described in this Section 10.6 (other than the components of the Accrued Obligations and the Severance Payment required to be paid pursuant to the Law) shall immediately terminate, and the Company shall have no further
obligations to Employee with respect thereto, in the event that Employee breaches any provision of Sections 12, 13, 14 or 15. Following such termination of Employee’s employment by Employee without Good Reason, except as set forth in this
Section 10.6, Employee shall have no further rights to any compensation or any benefits under this Agreement. 
  

	 	10.7	Release. Notwithstanding any provision in this Agreement to the contrary, the payment of any amount or provision of any benefit pursuant to subsections 10.2 through 10.6 (other than the components of the Accrued
Obligations and those components of the Severance Payment required to he paid pursuant to the Law) (collectively, the “Severance Benefits”) shall be conditioned upon Employee’s execution, delivery to the Company, and non-revocation of the Release of Claims within sixty (60) days following the Date of Termination. If Employee fails to execute the Release of Claims in such a timely manner or revokes the Release of Claims,
Employee shall not be entitled to any of the Severance Benefits. For the avoidance of doubt, in the event of a termination due to Employee’s death or Disability, Employee’s obligations herein to execute and not revoke the Release of Claims
may be satisfied on his behalf by his estate or a person having legal power of attorney over his affairs. 

  

	 	10.8	Definitions. For purposes of this Agreement, the following terms have the following meanings: 

  

	 	10.8.1	“Accrued Obligations” means (a) any unpaid Monthly Salary earned through the Date of Termination, any earned and unpaid Incentive Bonus (subject to Section 10.7), and any unused vacation days and
recreation days accrued through the Date of Termination, which amounts (other than the Incentive Bonus) shall be paid on the next regular payroll date immediately following the Date of Termination, and (b) any other payment to which Employee is
entitled under the applicable terms of any applicable plan, program, agreement, corporate governance document or arrangement of the Company or its affiliates, including without limitation, Company reimbursement of any unreimbursed business expenses,
and rights to any Company indemnification and Company-provided officers’ liability insurance as set forth in Section 11. 

	 	10.8.2	“Applicable Percentage” means (a) following termination of Employee’s employment by Employee without Good Reason or due to aged retirement, one hundred and fifty percent (150%), or
(b) following any other termination of Employee’s employment (other than by the Company for Cause), two hundred percent (200%). 

  

	 	10.8.3	“Beneficiaries” means, subject to Law, those beneficiaries whom Employee identifies in writing to the pension fund, managers’ insurance and provident fund or, if such identification was not made,
the executors of Employee’s estate or Employee’s legal heirs. 

  

	 	10.8.4	“Broad-Based Retirement Plan Benefits” means the amounts and benefits that Employee is entitled to receive from the pension fund, managers’ insurance, provident fund and Study Fund, following any
termination of Employee’s employment, other than by the Company for Cause (including all retirement savings and severance amounts accumulated in such funds). 

 

	 	10.8.5	“Cause” means (a) the willful and continued failure by Employee to substantially perform his duties with the Company (other than any such failure resulting from Employee’s incapacity due to
physical or mental illness or any such actual or anticipated failure after the issuance of a notice of termination for Good Reason by Employee) for a period of at least 30 consecutive days after a written demand for substantial performance is
delivered to Employee by the Board, which demand specifically identifies the manner in which the Board believes that Employee has not substantially performed his duties, (b) Employee’s breach of trust or other material breach of this
Agreement by the Employee, (c) Employee is convicted of, or has entered a plea of nolo contendere to, a felony, or (d) a breach by Employee of the provisions of Sections 12, 13, 14 or 15 hereof. For purposes of clauses (a) and
(b) of this definition, no act, or failure to act, on Employee’s part shall be deemed “willful” unless done, or omitted to be done, by Employee not in good faith and without reasonable belief that his act, or failure to act, was in
the best interest of the Company. 

 Notwithstanding the foregoing, in the event that the Board reasonably believes that
Employee may have engaged in conduct that constitutes Cause, the Board may, subject to a due hearing process, suspend Employee from performing his duties hereunder for a period of up to sixty (60) days, and in no event shall any such suspension
constitute an event pursuant to which Employee may terminate employment with Good Reason; provided, that no such suspension shall alter the Company’s obligations under this Agreement (including, without limitation, its obligations to provide
Employee compensation and benefits) during such period of suspension, unless it is later discovered that Employee’s conduct indeed constituted Cause. 

	 	10.8.6	“Change of Control Amount” means an amount equal to twelve (12) times the Monthly Salary in effect immediately prior to the Date of Termination (without taking into account any reduction in Monthly
Salary that gives rise to, or could have given rise to, a claim for Good Reason). 

  

	 	10.8.7	“Consideration” means the Employees entitlements according to sections 2, 3, 4, 5, 6, 7, 8, 9 and 10 to this Agreement. 

 

	 	10.8.8	“Disability” means that Employee, due to a physical or mental disability, has been substantially unable to perform his duties under this Agreement for a continuous period of 90 days or longer.

  

	 	10.8.9	“Equity Benefits” means (a) the right to continue to vest in any and all outstanding options and restricted share units, during the period commencing on the Date of Termination and ending on the
Outside Date, subject to Employee’s continued compliance with Sections 12, 13, 14 and 15 through the applicable vesting dates, and (B) an extension of the period during which Employee may exercise his vested and outstanding options until
the Final Date, subject to Employee’s continued compliance with Sections 12, 13, 14 and 15 through the applicable exercise dates. 

  

	 	10.8.10	“Final Date” means (a) if the termination of Employee’s employment is effected by the Company without Cause or by Employee for Good Reason, the day that is 90 days following the Outside Date;
(b) if the termination of Employee’s employment is effected by the Employee without Good Reason or by the Employee due to his retirement, the day that is 60 days following the Outside Date. 

 

	 	10.8.11	“Good Reason” means a termination by Employee if (a) any of the following events occurs without Employee’s express prior written consent, (b) Employee notifies the Company in writing that
such event has occurred, describing such event in reasonable detail and demanding cure, within 90 days after Employee learns of the occurrence of such event, (c) such event is not substantially cured within 30 days after Employee so notifies
the Company, and (d) the Date of Termination occurs within 90 days after the failure of the Company to so cure: (i) any failure to continue Employee as the Interim President and CEO after the Effective Date (other than by reason of a
termination of Employee’s employment by the Company with or without Cause, or Disability, or retirement of Employee); (ii) a material diminution in Employee’s duties, responsibilities or authorities; (iii) any diminution of
Employee’s Monthly Salary, or compensation according to the Agreement or other material diminution of Employee’s compensation terms as a direct result of a change in the Compensation Policy; (iv) any change in the reporting structure
so that Employee is required to report to anyone other than the Board; or (v) any material breach by the Company or any of its affiliates of any obligation under this Agreement, including, without limitation, by failing to provide Employee with
indemnification protections at least as favorable as the indemnification protections as may be approved by the Company’s shareholders from time to time. 

	 	10.8.12	“Law” means any applicable Israeli law, rule or regulation, and the regulations of any securities exchange on which the Company’s securities are listed, or any applicable judgment, order, writ, decree,
permit or license of any governmental authority. 

  

	 	10.8.13	“Outside Date” means (a) if the termination of Employee’s employment is effected by the Company without Cause or by Employee for Good Reason, the day that is 12 months following the Date of
Termination; (b) if the termination of Employee’s employment is effected by the Employee without Good Reason or by the Employee due to his retirement, the day that is 9 months following the Date of Termination. 

 

	 	10.8.14	“Release of Claims” means the release of claims in favor of the Company and its affiliates substantially in the form attached hereto as Annex C. 

 

	 	10.8.15	“Severance Payment” means an amount equal to the positive difference, if any, between (a) the product of (x) the Applicable Percentage, (y) the Monthly Salary in effect immediately prior
to the Date of Termination (without taking into account any reduction in Monthly Salary that gives rise to, or could have given rise to, a claim for Good Reason), and (z) the Term of employment in years (treating a partial year as a fraction
whose numerator is the number of months in the partial year in which Employee worked, and whose denominator is 12), and (b) the severance components of the Broad-Based Retirement Plan Benefits, provided that such amount shall be no more than 12
Monthly Salaries. 

  

	11.	Indemnification 

  

	 	11.1	In accordance with and subject to the provisions of the Law and the applicable provisions of the Company’s Articles of Association and the Compensation Policy then in effect, Employee shall be indemnified and
released by the Company in accordance with the provisions of the Indemnification and Release Agreement attached hereto as Annex D, the terms of which shall be incorporated by reference herein. The Company hereby represents that (i) the
grant of the above indemnification and release has been approved by its shareholders with the adoption of the Compensation Policy for Executive Officers and Directors at the 2013 annual general meeting of shareholders, held on August 27, 2013,
(ii) Notwithstanding Sec. 1.9 above, the grant of the above indemnitication and release shall apply and cover the Employee in full in his capacity as the Company’s Interim CEO and President as of the Effective Date, and (iii) it is aware
that the Employee is willing to assume his responsibilities as of the Effective Date based on the representations set forth in this Section 11.1. 

  

	 	11.2	An officers’ liability insurance policy (or policies) shall be kept in place, during the Term and thereafter until the seventh anniversary of the Date of Termination, providing coverage to Employee that is no less
favorable to Employee in any respect than the coverage then being provided to any other present or former senior executive of the Company. 

	12.	Confidentiality and Disclosure of Information 

 Employee hereby undertakes to
execute the Confidentiality, Disclosure of Information and Assignment of Inventions undertaking attached hereto as Annex E concurrently with the execution of this Agreement. 

For avoidance of any doubt, Employees’ undertakings under Annex E shall not derogate from any similar undertaking provided by the Employee
prior to the Effective. 
  

	13.	Non-Competition 

 Employee hereby agrees
that, during the Term and for a period of 12 months following the Date of Termination for any reason, not to engage, directly or indirectly, anywhere in the world, in any activity, business or any other engagement which competes with the business of
any member of the Company Group, including as a consultant, except with the Company’s prior written approval. Notwithstanding anything to the contrary contained in this Section 13, the foregoing shall not prevent Employee from acquiring
for his own personal investment not more than I% of the outstanding voting securities of any publicly-traded corporation. 
 It is hereby
agreed and clarified that, when determining the above non-competition undertaking, the parties took into account the payment to which Employee is entitled pursuant to Section 16, which is being made in
consideration, inter alga, for such undertaking. 
  

	14.	Non-Solicitation. 

 Employee hereby agrees
that, during the Term and for a period of 12 months following the Date of Termination for any reason, not to entice, solicit or encourage any employee, consultant, customer, vendor, supplier or prospective employee, consultant, customer, vendor or
supplier of Company Group and/or its affiliates to cease doing business with the Company Group and/or its affiliates, reduce its relationship with the Company Group and/or its affiliates or refrain from establishing or expanding a relationship with
the Company Group and/or its affiliates or in any other way interfere with the Company Group’s and/or its affiliates’ relationships with its employees, consultants, customers, vendors or suppliers. Employee further agrees and undertakes
that during the Term and for a period of 12 months following the Date of Termination for any reason, Employee will not, directly or indirectly, including personally or in any business in which he is an officer, director or shareholder, for any
purpose or in any place, hire or engage with any key-employee employed by the Company Group and/or its affiliates on the date of such termination or during the preceding twelve months. 

It is hereby agreed and clarified that, when determining the above non-solicitation undertaking, the
parties took into account the payment to which Employee is entitled pursuant to Section 16, which is being made in consideration, inter alio, for such undertaking. 

	15.	No Disparagement. 

 Neither the Company Group nor the Employee shall make disparaging or
otherwise detrimental comments to any person or entity concerning the other, or the circumstances surrounding Employee’s engagement and/or separation of engagement from the Company, unless such party can demonstrate that the comments were made
in private circumstances and that it or he intended the comments will not be published. In addition, the Employee shall not make disparaging or otherwise detrimental comments to any person or entity concerning the Company Group’s officers,
directors or employees; the products, services or programs provided or to be provided by the Company Group; the business affairs, operation, management or the financial condition of the Company Group, unless the Employee can demonstrate that the
comments were made in private circumstances and that he intended the comments will not be published. The obligations set forth in this Section 15 shall apply both during and 10 years after the Term. 

It is hereby agreed and clarified that, when determining the above non-disparagement undertaking, the
parties took into account the payment to which Employee is entitled pursuant to Section 16, which is being made in consideration, inter alia, for such undertaking. 

 

	16.	Non-Competition/Non-Solicitation/Non-Disparagement Payment 

The entire compensation paid to the Employee pursuant to this Agreement constitute as consideration for the Employee’s undertaking set
forth in Sections 12, 13, 14 and 15 and any other non-compete obligations undertaken by the Employee.Notwithstanding the foregoing, in the event that the Employee materially breaches any provision of Sections
12, 13, 14 or 15 hereof, the Severance Benefits shall immediately cease, and the Company shall be entitled to reclaim any such benefits already paid in accordance herewith, and the Company shall have no further obligations to the Employee with
respect to the Severance Benefits, without derogating from any other rights or remedies available to the Company pursuant to the Agreement or Law in respect of such breach. 
  

	17.	Return of Car, Equipment and Documents 

 Upon termination of Employee’s
employment, Employee shall promptly return to the Company the car, cell phone (or other hand-held device), laptop, credit card(s) and any other company equipment, if any, provided to Employee, and any other confidential or proprietary information of
the Company that remains in Employee’s possession; provided, however, that nothing in this Agreement or elsewhere shall prevent Employee from retaining and utilizing documents relating to his personal benefits, entitlements and
obligations; documents relating to his personal tax obligations; his desk calendar, personal contact list, and the like; and such other records and documents as may reasonably be approved by the Board (such approval not to be unreasonably withheld
or delayed). Employee shall confirm such return in writing to the Company promptly upon Company’s written request, together with confirmation that the Employee no longer has any Company property or confidential or proprietary information of the
Company in his possession or control. 

	18.	No Other Post-Employment Restrictions 

 There shall be no contractual, or similar,
restrictions on Employee’s right to terminate his employment with the Company, or on his post-employment activities, other than as expressly set forth in this Agreement. 
  

	19.	Assignability; Binding Nature 

 This Agreement shall inure to the benefit of, and
be binding on, the parties and each of their respective successors, heirs (in Employee’s case) and assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights and
obligations may be assigned or transferred pursuant to a merger or consolidation, or the sale or liquidation of all or substantially all of the business and assets of the Company, provided that the assignee or transferee is the successor to all or
substantially all of the business and assets of the Company and such assignee or transferee contractually assumes the liabilities, obligations and duties of the Company, as contained in this Agreement. 

 

	20.	Tax Payments; Clawback 

  

	 	20.1	Tax Payments. Employee hereby acknowledges and agrees that the payments and benefits granted to him under this Agreement shall be subject to income tax deductions and other mandatory tax deductions which the
Company is required to deduct by Law, and further represents that, except as specifically set forth in this Agreement, nothing in this Agreement shall be construed as imposing on the Company the obligation to pay taxes or any other obligatory
payment imposed on Employee due to any payment or benefit, other than the Company’s undertaking to pay for the taxes related to the use of a car and phone as set forth in Section 6.2 above. 

 

	 	20.2	Clawback. Notwithstanding anything to the contrary herein, in the event of a restatement of the Company’s financial statements as a result of erroneous statements, the Employee will reimburse payments that
have already been paid to him on the basis of such erroneous financial results that were followed by a restatement, all in accordance with the Compensation Policy and subject to Law. By signing this Employment Agreement, Employee grants the Company
a power of attorney to deduct from the Monthly Salary and/or any payments due to the Employee by the Company, any amounts owed by him under this section, in accordance with Law. 

Notwithstanding anything to the contrary herein, in the event that it is discovered that the Employee engaged in conduct that resulted in a
material inaccuracy in the Company’s financial statements or caused severe financial or reputational damage to the Company, or in the event that it is discovered that the Employee breached his confidentiality and/or non-compete obligations to the Company, the Company may, without limitation and in its sole discretion, (i) terminate Employee’s employment and/or (ii) request that the Employee reimburse any
performance-based or incentive compensation paid or awarded to the Employee and Employee hereby undertakes to reimburse the Company promptly upon its request. 

	21.	Representations 

 Each party represents and warrants (a) that such party is not
subject to any contract, arrangement, agreement, policy or understanding, or to any statute, governmental rule or regulation, that in any way limits such party’s ability to enter into and fully perform such party’s obligations under this
Agreement; provided that the Employee acknowledges and confirms that he is aware that the terms hereof require certain corporate approvals pursuant to Law and understands the consequences of the failure to secure such approvals; (b) that such
party is not otherwise unable to enter into and fully perform such party’s obligations under this Agreement; and (c) that, upon the execution and delivery of this Agreement by both parties, this Agreement shall be such party’s valid
and binding obligation, enforceable against such party in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. The Company represents and warrants that it is fully authorized to enter into this Agreement (including, without limitation, the agreements attached hereto as Annexes) and to perform its obligations under it. 

 

	22.	Dispute Resolution 

 Subject to the Law, any Claim arising out of or relating to this
Agreement, any other agreement between the Company and Employee, or any termination thereof shall be resolved by binding confidential arbitration, to be held in Israel. The arbitration shall be conducted before a mutually appointed arbitrator and,
if necessary, an appeal-arbitrator, and if the parties in dispute shall fail to agree upon the identity of the arbitrator(s) within 15 days of written demand, the identity of the arbitrator(s) shall he determined by the chairman of the Bar
Association. The arbitrator’s ruling shall be subject to an appeal to an appeal-arbitrator, in accordance with Section 2 l A to the Arbitration Law, 1968. The arbitrator and the appeal-arbitrator shall not be bound by the rules of
procedure, but shall be bound by rules of the applicable substantive law and be required to give written grounds for his decision. This Agreement shall be deemed to be a valid Arbitration Agreement for the purpose of the Arbitration Law, 1968.
Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof 
  

	23.	Notices 

 Any notice or other communication required or permitted to be delivered under
this Agreement shall be (a) in writing; (b) delivered personally, by facsimile, by courier service or by certified or registered mail, first class postage prepaid and return receipt requested; (c) deemed to have been received on the
date of delivery or, if so mailed, on the third business day after the mailing thereof; and (d) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 

If to the Company: to the Company’s headquarters, Attn: Chairman of the Board; 

 With a copy (which shall not constitute notice) to: 

Tulchinsky, Stern, Marciano, Cohen, Levitski & Co. Law Offices 

4 Berkowitz Street 
 Tel Aviv
64238 
 Facsimile: +972 (3) 6075050 

Attn: Menachem Tulchinsky, Adv. 

If to Employee: to the last address on file with the Company. 
  

	24.	Miscellaneous 

  

	 	24.1	Entire Agreement. As of the Effective Date, this Agreement shall constitute the entire agreement between the parties with respect to the subject matter hereof, and this Agreement (including, without limitation,
the agreements attached hereto as Annexes) shall supersede all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between the parties with respect to the subject matter hereof

  

	 	24.2	Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that expressly refers to the provision of this Agreement that is being amended and that is signed
by Employee and by an authorized officer of the Company. No waiver by either party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or
any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving party and must specifically refer to the condition(s) or provision(s) of this Agreement being waived. 

 

	 	24.3	Inconsistencies. Subject to the Law and Section 1.8, In the event of any inconsistency between any provision of this Agreement and any provision of any applicable plan, program, agreement, corporate
governance document or arrangement of the Company or its affiliates, the provisions of this Agreement shall control unless Employee and the Company otherwise agree in a writing that expressly refers to the provision of this Agreement whose control
they are waiving. 

  

	 	24.4	Headings. The headings of the sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement. 

  

	 	24.5	Survivorship. The provisions of this Agreement that are intended to survive the termination of this Agreement shall survive such termination in accordance with their applicable terms. 

 

	 	24.6	 Governing Law; Severability. This Agreement will he governed by the laws of the State of Israel, without
regard to its conflict of laws rules. Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective and valid under Law but the invalidity or unenforceability of any provision
or portion of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of 

	 	
this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should a
court or arbitrator determine that any provision or portion of any provision of this Agreement, is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties agree that such provision should be interpreted and
enforced to the maximum extent which such court or arbitrator deems reasonable or valid. 

  

	 	24.7	No Mitigation/No Offset. Employee shall be under no obligation to seek other employment or to otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts
or benefits due to Employee under this Agreement or otherwise on account of any claim (other than any preexisting debts then due in accordance with their terms) the Company or its affiliates may have against him or any remuneration or other benefit
earned or received by Employee after such termination. 

  

	 	24.8	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. Signatures
delivered by facsimile shall be effective for all purposes. 

  

	 	24.9	Board Approvals. Any reference made in this Agreement to an approval required of the Board or a committee of the Board shall also include any approval of the Board or any committee of the Board as may be required
by Law, the Compensation Policy or the Company’s corporate documents. 

 — Signature page follows — 

 IN WITNESS WHEREOF, the parties have executed this Agreement in one or more counterparts
as of the Effective Date. 
  

			
	TEVA PHARMACEUTICAL INDUSTRIES LTD
		
		 	/s/ Dr. Sol J. Barer
		
	By:	 	Dr. Sol J. Barer
		
	Title:	 	Chairman of the Board
		
		 	/s/ Jean-Michel Halfon
		
	By:	 	Jean-Michel Halfon
		
	Title:	 	Chairman of the Compensation Committee

  

			
	EMPLOYEE
	
	/s/ Prof. Yitzhak Peterburg
	
	Name: Prof. Yitzhak PeterburgEX-10.23

 Exhibit 10.23 

Translation from the Hebrew 

Personal Employment Agreement 

This personal employment agreement (this “Agreement”), entered into in Petach Tikwa, on this 7 day of August, 2008 

by and among 
 TEVA PHARMACEUTICAL INDUSTRIES
LTD, an Israeli corporation at 5 Basel St., Petach Tikwa, Israel (the “Company”/“Teva”) 
 and 

Eyal Desheh, holder of I.D. no. 051220309 of 49 Zamir Street, Mevasseret Zion (the “Employee”). 

 

	WHEREAS,	the Employee has been employed by the Company since April 28, 2008 (hereinafter the “Effective Date”) in the capacity of Chief Financial Officer; and 

 

	WHEREAS,	the parties wish to set forth the Employee’s terms of employment by Teva in this Personal Employment Agreement, which contains all of the mutual rights and obligations of the parties, towards each other, during the
term of this Agreement, all as set forth herein; 

 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	1.	General 

  

	 	1.1	This Agreement exclusively sets forth the terms and conditions which apply with respect to the employment of the Employee by Teva, as they are on the date on which this Agreement is signed; in the event that the parties
agree, following the execution of this Agreement, to amend the Employee’s employment terms, the terms of this Agreement shall be subject to such agreed amendments; the parties hereby confirm that the compensation terms set forth in this
Agreement constitute fair consideration to the Employee given, (inter alia), his managerial responsibilities. 

  

	 	1.2	It is hereby declared and agreed that no collective and/or branch and/or special bargaining agreements, which apply to the employees engaged by Teva, shall apply to the Employee’s employment with Teva.

  

	2.	Position and Term of Agreement 

  

	 	2.1	 The Employee shall be employed as the Chief Financial Officer (CFO) of the Company, reporting to the Chief
Executive Officer of the Company. Teva shall be entitled, at its sole discretion, to delegate to the Employee an additional position or additional duties, or following consultation and coordination with the Employee, employ him in a different
position in Teva or in one of the companies in the Teva Group (for the purposes of this Agreement, the “Teva Group” shall be defined as Teva and any corporation of any type in which Teva holds, directly or indirectly, at least 25% of the
“means of control” (as such term is defined in the Securities Law, 5728-1968)). It is hereby declared and agreed that if the Employee does not agree to have another position delegated to him as aforesaid, then the Employee shall be
entitled to resign from his employment at Teva by providing Teva 

 Translation from the Hebrew 

 

	 	
with prior notice as specified in Section 14.1.1 below, and in such case the Employee’s resignation shall be deemed as termination of employment by the Company and the provisions of
Section 16 below shall apply. In the event that the Employee agrees to be employed in a different position, then the provisions of this Agreement shall continue to apply, and the Employee shall be entitled to all of his rights under this
Agreement, unchanged (subject to the aforesaid change in his position). 

  

	 	2.2	The appointment of the Employee to the position aforementioned in subsection 2.1, is effective as of the Effective Date and until the Agreement is terminated in accordance with Section 14 below (the
“Term”). 

  

	3.	Undertakings of Employee 

 The Employee hereby undertakes as follows: 

 

	 	3.1	To carry out his duties and responsibilities in the framework of his employment with Teva responsibly, dedicatedly and faithfully as required from his position in Teva, all subject to Teva’s policy, and to dedicate
and devote his full time, effort and attention, for the performance of the aforesaid duties and responsibilities, in order to perform them in an efficient, skillful and responsible manner and pursuant to the terms of this Agreement;

  

	 	3.2	Not to engage, during his employment with Teva, whether or not for consideration, in any business, position, employment or engagement of any kind, which is not part of his employment with Teva, without the prior written
consent of the CEO of Teva (it is hereby clarified that in the event that a determination or decision pursuant to this Agreement is referred to the CEO of Teva, such determination or decision can be made by any person authorized by the CEO of Teva
for such purpose, subject to the provisions of applicable law). Teva shall not withhold its consent for the Employee to hold a public position or other position unless the CEO of Teva believes that such position shall adversely affect the
Employee’s ability to carry out his duties at Teva, or that such other position will create a conflict of interest between the Employee’s position at Teva and his public position or other position; 

 

	 	3.3	To inform Teva immediately regarding any issue or subject relating to Teva or the Teva Group in which the Employee has a personal interest and/or which may cause the Employee to be in a position of a conflict of
interests with Teva. 

  

	4.	Salary  

  

	 	4.1	The Employee’s (gross) monthly salary is NIS 110,000, as of the date of this Agreement, which amount includes all of the tosefet yoker amounts [costs of living allowance increases and salary increases
paid to employees in Israel until and inclusive of the Effective Date (hereinafter the “Monthly Salary”). 

  

	 	4.2	The Monthly Salary shall be adjusted: 

  

	 	(a)	according to the [tosefet yoker] living allowance rates which shall apply, from time to time, after the Effective Date to all (economy) employees pursuant to expansion orders. The aforesaid shall apply to the Monthly
Salary as it shall be at the time of the adjustment, and 

 Translation from the Hebrew 

 

	 	(b)	according to the periodical wage increases, which shall be paid, from time to time, to all employees after the Effective Date pursuant to expansion orders. The aforesaid shall apply to the Monthly Salary as it shall be
at the time of the adjustment. 

  

	 	(c)	At the end of each year, the CEO of Teva shall review the evolvement of the Employee’s salary and the Employee’s achievements during such year and shall, determine in the CEO’s discretion, if the
Employee’s salary should be updated. If the CEO decides that the Employee is so entitled, the Monthly Salary will be updated at the date and rate determined by the CEO, in the CEO’s discretion, all subject to approvals required by law.

  

	 	4.3	The Employee hereby represents that he acknowledges and agrees that in light of his position and duties, he shall not be deemed part of those employees with respect to which the Hours of Work and Rest Law 5711-1951
applies, and accordingly, the provisions of such law shall not apply to his employment. 

  

	 	4.4	It is hereby clarified that the Employee shall not be entitled to receive any other payment or compensation of any kind beyond the Monthly Salary and the other payments and benefits specified in this Agreement, other
than options or other incentive based shares, including restricted stock units, unless otherwise agreed between Teva and the Employee in writing. 

  

	 	4.5	The Monthly Salary payable to the Employee pursuant to Section 4.1, as adjusted pursuant to Section 4.2, alone shall constitute the basis for the calculation of all deductions and contributions for various
social benefits, including, without limitation, contributions and deductions to the Pension Fund, Managers Insurance, Provident Fund for Remuneration, Provident Fund for Allowance and Personal Provident Fund for Severance (as such terms are defined
in Section 13 below), Advanced Study Fund (as defined in Section 8.1 below) and any other purpose for which the deductions are calculated based on a percentage of the salary. 

 

	 	4.6	It is hereby clarified that any grants, participation amounts, reimbursement of expenses and other benefits granted to the Employee by virtue of this Agreement or derived therefrom, shall not constitute a component of
the Monthly Salary and shall not be taken into consideration with respect to the calculation of any contributions or other benefits granted to the Employee by virtue of this Agreement or derived therefrom and calculated based on the percentage from
the salary. 

  

	5.	One Time Grant (Bonus) 

 At the beginning of each year, Teva’s CEO shall
determine quantitative and/or qualitative objectives for the Employee, based on the work plan for such year of the unit or units of the Teva Group that are under the Employee’s responsibility. Teva’s CEO shall examine, in the first quarter
following the end of the work year, the profitability of the Teva Group and of the aforementioned unit or units in the previous year, and shall also examine if over such year some or all of the aforementioned objectives were achieved, and shall
decide based on the results and in the CEO’s discretion, if the Employee should be granted a one-time grant (bonus). In the event that the CEO shall decide to grant to the Employee a bonus as aforesaid,
then the 

 Translation from the Hebrew 

 

 
CEO shall, in his discretion, determine the date and rate of such bonus, all subject to receipt of all approvals necessary according to any law. In any event, the entitlement to such bonus and
its rate shall be determined at the CEO’s discretion. 
  

	5A.	Options 

 The Employee shall be entitled, from time to time, to receive options to
purchase shares of the Company and/or restricted shares and/or other reward mechanism which shall be determined in the framework of option plans which shall be adopted by the Company (to the extent adopted). The entitlement of the Employee to
receive options and participate in the option plan, the number of options granted to the Employee and their terms shall be subject to the discretion of the CEO and the receipt of the approvals for the grant, as required by law. 

 

	6.	Car 

 According to the requirements of the Employee’s position, Teva shall
provide the Employee with a car owned or leased by Teva, and which the Employee shall use during the term of his employment with Teva. Subject to the provisions of any law, the Company shall bear all costs relating to the use and maintenance of the
car; The Employee undertakes to use the car in a reasonable and proper manner as an owner takes care of its property. 
  

	7.	Phone and Cellular Phone 

  

	 	7.1	Teva shall reimburse the Employee for all expenses relating to the maintenance of a telephone at his residence and the use of such phone, provided, that the Employee uses the phone in a reasonable manner. Teva shall
reimburse the foregoing amounts according to the service provider invoices provided to Teva by the Employee. 

  

	 	7.2	Teva shall provide the Employee with a cellular phone and shall bear all expenses with respect to the maintenance and use of such cellular phone, provided, that the Employee uses such cellular phone in a reasonable
manner. 

  

	8.	Advanced Study Fund, Vocational Study and Membership in Vocational Unions 

  

	 	8.1	For every month in which the Employee is employed, Teva shall make contributions on the Employee’s behalf to an advanced study fund [Keren Hishtalmut] (the “Study Fund”), in an amount
equal to 7.5% (seven and one half percent) of the Monthly Salary in such month, and shall deduct 2.5% (two and one half percent) from the Monthly Salary, and transfer this amount to the Study Fund. By signing this Agreement, the Employee hereby
irrevocably grants Teva power-of attorney to exercise the aforementioned deduction from the Employee’s Monthly Salary. 

 

	 	8.2	Subject to approval by Teva and Teva’s policies, the Employee shall be entitled to receive from Teva full or partial participation with respect to vocational studies and/or membership in vocational unions.

  

	9.	Group Life Insurance 

 For as long as Teva insures its senior employees, at its
expense, with a group policy life insurance (risks only), Teva shall also insure the Employee in said policy, in an amount to be determined from time to time (if at all) by Teva, at its discretion. In the event of the Employee’s passing (God
forbid) during the term of his employment with 

 Translation from the Hebrew 

 

 
Teva, Teva shall pay the insurance amount it receives from the insurance company to the beneficiaries that the Employee has specified in a notice to Teva (and if the Employee did not specify
beneficiaries, or if the beneficiaries passed away (God forbid) prior to the Employee, to the Employee’s legal successors pursuant to law- subject to the terms of the policy), provided that the
aforementioned beneficiaries (or legal successors, as applicable) provided Teva with a signed written confirmation, in the form to be determined by Teva, pursuant to which they waive any claims and demands against Teva. 

 

	10.	Vacation 

  

	 	10.1	The Employee shall be entitled to annual vacation of 26 workdays for each year of employment. The dates of the Employee’s annual vacation shall be coordinated with Teva’s CEO. The Employee may utilize only 7
vacation days per year, and accumulate the remaining vacation days only up to 52 vacation days, unless Teva’s CEO approves in writing the accumulation of a higher number of vacation days. Upon the termination of Employee’s employment, the
Employee shall be entitled to redeem the aforesaid accumulated vacation days. 

  

	 	10.2	Sick days, which occur during the annual vacation, shall not be counted as vacation days but as sick days. 

  

	11.	Sick Leave 

  

	 	11.1	The Employee shall be entitled to paid sick days for a period, which shall not exceed an aggregate of up to one month per year of employment, which shall accumulate during the Term, up to a maximum of 12 months’
sick leave. The sick pay shall include the Employee’s Monthly Salary and the rest of the amounts and benefits to which the Employee would have been entitled under this Agreement if the Employee would have worked in Teva during his illness for
which he is entitled to receive payment as aforesaid, less any amount that the Employee is entitled to receive with respect to the aforementioned illness period from the Pension Fund and/or Managers Insurance (as defined in Section 13 below),
and all provided that the Employee provides Teva with medical confirmation as to his illness. 

  

	 	11.2	In the framework of the Employee’s forgoing entitlement to sick leave and subject to such terms, the Employee shall be entitled to be absent from work in order to care for an illness of a family member in
accordance with the law, without the right to accumulate. This absence shall be deemed as sick days of the Employee. 

  

	 	11.3	It is hereby declared and agreed that the payments to the Employee set forth in Section 11.1 above and his insurance in the Pension Fund and Managers Insurance as set forth in Section 13 below, are meant to
also cover Teva’s obligations according to the Sick Pay Law, 5736-1976. 

  

	11A	Reserve Duty 

 In the event the Employee is summoned for reserve duty, Teva shall
pay the Employee the Monthly Salary and the other amounts and benefits that would have been paid to the Employee under this Agreement if he would have worked during said reserve duty, provided that the Employee reimburse Teva for any amounts he
receives in consideration for said reserve duty from the National Security Institute or any other official authority. 

 Translation from the Hebrew 

 

	12.	Recreation Pay 

 Employee shall be entitled, after every year of employment, for
payment of 12 recreation days (subject to the increase of the aforementioned number of days by Teva (if at all), at Teva’s sole discretion). The daily rate of the recreation pay, the payment conditions and other conditions with respect to
recreation pay shall be in accordance with Teva’s practice at such time and as it shall be from time to time with respect to the rest of its employees. 
  

	12A.	Clothing Allowance 

 The Employee shall be entitled to a clothing allowance in
accordance with the Company’s common practice in this regard, as shall be from time to time. 
  

	13.	Employee’s rights to Pension, Severance and Remuneration 

  

	 	13.1	For the purpose of this Agreement, the following terms shall have the meanings set forth besides them: 

“Statutory Arrangements” – Income Tax Regulations (Terms for Approving and Managing Provident Funds), 5725-1964 (the
“Income Tax Regulations”), Supervision of Insurance Affaires Law, 5741-1981 (the “Supervision Law (Insurance)”), Supervision of Financial Services (Provident Funds) Law, 5765-2005 (the “Supervision Law
(Provident Funds)”) as shall be in effect from time to time and any law, regulation, decree or any statutory provisions that shall replace them and/or supplement them. 

“Pension Fund” – Old Deficit Pension Fund, Old Non-Deficit Pension Fund, New
Pension Fund and New General Fund, as defined in the Statutory Arrangements. 
 “Comprehensive Pension Plan”
– pension plan that includes old-age allowance, disability allowance and dependents’ allowance. 

“Provident Fund” – fund or insurance plan that were authorized to be a provident fund in accordance with the Supervision
Law (Provident Funds). 
 “Personal Provident Fund for Severance” – Provident Fund designated for
severance managed in personal accounts in the name of the employees. 
 “Provident Fund for Remuneration” –
Provident Fund designated for payment of remuneration, not as part of a Pension Fund or a Managers Insurance. 

“Provident Fund for Allowance” – Provident Fund designated for payment of allowance not as part of a Pension Fund
or a Managers Insurance. 
 “Managers Insurance” – insurance policy that includes a program for remuneration
insurance, severance and/or allowance for hired employees which is an insurance fund, as defined in the Income Tax Regulations and in accordance with the Supervision Law (Provident Funds). 

“Insured Salary” – the Monthly Salary. 

 Translation from the Hebrew 

 

 “Disability Insurance” – insurance for that portion of the Insured
Salary which is not insured under the Comprehensive Pension Plan and not insured under the new general fund (basic plan), which guarantees the Employee a monthly compensation from the insurance company in the event the Employee’s total or
partial, permanent or temporary, loss of ability to work in the profession or business in which the Employee worked prior to the loss of ability to work. 

“Aggregate Severance Payment Amounts in Funds” – the aggregate amounts accumulated, in favor of the Employee in the
Pension Fund, Managers Insurance, Provident Fund and Personal Provident Fund for Severance from the Company’s contributions to severance pay together with linkage differentials and earnings of these amounts. 

“Index” – consumer price index. 
  

	 	13.2	It is hereby declared and agreed that the rights of the Employee to, allowance, severance payment and remuneration will be insured according to the Employee’s choice, as set forth in this Section.

  

	 	13.3	The Employee’s salary will be insured in one or more of the following: a Pension Fund, Managers Insurance, Provident Fund for Remuneration, Provident Fund for Allowance, Personal Provident Fund for Severance,
and/or any combination of the foregoing, according to the Employee’s choice. The Employee will specify, in a notice to Teva, which part of the salary shall be insured in each of the programs specified below (the “Insurance
Arrangement”). 

 For the avoidance of doubt, it is hereby clarified that the accumulated contributions according to
the Insurance Arrangement shall not be made, in any event, in an amount exceeding the Insured Salary. 
 The rate of compensation in each of
the Provident Funds, subject to the Insurance Arrangement, shall be as follows: 
  

	 	13.3.1	Should the Employee elect the contributions be made to a Pension Fund, the following percentages shall be contributed: 

The Company shall contribute towards the Pension Fund an amount equal to 17.5% of the part of the salary according to the Insurance
Arrangement, out of which 12% shall constitute payment by the Company (of which: 6% shall constitute payment for remuneration and 6% shall constitute the payment for severance payment) and 5.5% shall constitute the payment by the Employee. 

If the Employee is a member of an Old Deficit Pension Fund, and he elects to continue to contribute to such fund, then the Company shall
contribute to the Old Deficit Pension Fund an amount equal to 20.5% of the part of the salary according to the Insurance Arrangement, out of which 13.5% shall constitute payment by the Company (of which 7.5% shall constitute payment for remuneration
and 6% shall constitute the payment for severance payment) and 7% shall constitute the payment by the Employee. 
 In addition, the Company
shall contribute to a Personal Provident Fund for Severance an amount equal to 2.33% of the part of the 

 Translation from the Hebrew 

 

 
salary according to the Insurance Arrangement. This amount constitutes a completion of the Company’s severance payment obligation. 

 

	 	13.3.2	Should the Employee elect contributions to a Managers Insurance, the following percentages shall be contributed: 

The Company shall contribute an amount equal to 20.83% of the part of the salary according to the Insurance Arrangement, out of which 15.83%
shall constitute the payment by the Company (of which 7.5% shall constitute payment for remuneration and 8.33% shall constitute the payment for severance payment), and 5% shall constitute the payment by the Employee. 

In the event that according to the terms of the Managers Insurance, the Disability Insurance component is not allocated from the remuneration,
then the Company shall contribute 5% for remuneration and up to 2.5% for Disability Insurance. 
  

	 	13.3.3	Should the Employee elect contributions to a Provident Fund for Remuneration and/or Provident Fund for Allowance and/or Personal Provident Fund for Severance, the following percentages shall be contributed:

 The Company shall contribute to the Provident Funds an amount equal to 20.83% of the part of the salary according to the
Insurance Arrangement, out of which 15.83% shall constitute payment by the Company (of which: 7.5% shall constitute the payment for remuneration and 8.33% shall constitute payment for severance payment) and 5% shall constitute the payment by the
Employee. 
  

	 	13.4	In the event of an increase in the Employee’s Insured Salary, the Employee shall be entitled to choose (in accordance with the Pension Fund Articles of Association and the Statutory Arrangements) the Insurance
Arrangement, which will apply to the increase in the Insured Salary. The Employee shall notify the Company with respect to such choice in accordance with the Company’s policies regarding this matter. The provisions of Section 13.3 above
shall apply to the Insurance Arrangement, which the Employee chose for the increase in the Insured Salary. 

 It is agreed and
declared that in case of an increase in the Monthly Salary of the Employee, the Company shall not be obligated towards the Employee to contribute to any of the Provident Funds its indebtedness for severance payment, which derives (if at all) from
the aforementioned increase, with respect to the employment term prior to the salary increase. 
  

	 	13.5	By signing this Agreement including all annexes, the Employee grants the Company an irrevocable power of attorney to deduct from his salary the contributions relating to the Insured Salary, and to transfer such amounts
to any of the Provident Funds included in the Insurance Arrangement, which he chose, all as set forth in this Section 13.3 above. 

  

	 	13.6	It is hereby agreed and declared that the managers insurance policies are and shall continue to be owned by Teva until the termination of the Employee’s employment with Teva. 

 Translation from the Hebrew 

 

	14.	Termination of Employment in Teva and Prior Notice 

  

	 	14.1	The Employee’s employment with Teva shall terminate upon the occurrence of one of the following events: 

  

	 	14.1.1	Resignation of the Employee from Teva, by providing the Company with prior notice as set forth herein. It is hereby agreed and declared that the Employee may terminate this Agreement (resignation) at any time by giving
Teva nine months prior notice; 

  

	 	14.1.2	It is hereby declared and agreed that Teva may, by the decision of Teva’s CEO, terminate this Agreement at any time (dismissal), by giving the Employee nine months prior notice, without derogating from Teva’s
right to immediately terminate the employment of the Employee with no prior notice as specified in Section 14.2 below; 

  

	 	14.1.3	Upon the retirement of the Employee to pension at the age of 67, or upon mutual consent at any other time; 

  

	 	14.1.4	Upon the passing (God forbid) of the Employee; 

  

	 	14.1.5	In the event that the Pension Fund and/or Managers Insurance policy provider recognizes the Employee as permanently and completely disabled (God forbid); 

 

	 	14.1.6	In the event that either party provides the other party with prior notice as set forth in Sections 14.1.1 or 14.1.2 above, the following shall apply: 

 

	 	(a)	Following the prior notice period, other than in the event that the Employee is not entitled to such period as set forth in Section 14.2 below, this Agreement shall terminate and the Employee’s employment by
Teva shall terminate. For the avoidance of doubt, it is hereby clarified that during the prior notice period, the employer-employee relationship between the parties shall continue to exist, and the Employee shall be entitled to receive each month
the Monthly Salary together with all additional benefits, including the car, to which he would be entitled had such notice not been provided, except for an annual bonus and grant of options. 

 

	 	(b)	Teva shall be entitled to waive the services of the Employee as CFO of the Company during the prior notice period or any part thereof. For the avoidance of doubt, it is hereby clarified that such waiver of the
Employee’s services shall not be deemed a waiver of his employment during the prior notice period for purposes of an orderly transfer of his position and any other assistance that may be required by the Company in connection with the
Employee’s duties and responsibilities. 

  

	 	(c)	 It is hereby clarified that in the event that Teva waives the Employee’s services as CFO during the prior
notice period or any part thereof in accordance with section (b) above, the employer-employee relationship between Teva and the Employee shall continue to exist and the Employee shall be

 Translation from the Hebrew 

 

	 	
entitled to receive, each month, his Monthly Salary and all the additional benefits, including the car, to which he would be entitled if Teva had not waived his services, except for an annual
bonus and grant of options. 

  

	 	14.2	Notwithstanding Section 14.1.2 above, Teva (by the decision of the CEO of Teva and any other authorization required) shall be entitled to terminate the Employee’s employment immediately and without prior
notice, in the event of the Employee’s breach of trust or other material breach of this Agreement by the Employee, or if the Employee has committed a flagrant offense. 

 

	15.	Termination of Employment Due to Retirement to Pension, Disability or Passing (God forbid) or Dismissal 

  

	 	15.1	In the event that the Employee shall no longer be an employee of Teva due to retirement to pension as set forth in Section 14.1.3 or due to disability (God forbid) as set forth in Section 14.1.5 or due to
passing (God forbid) as set forth in Section 14.1.4, the Employee (or his Beneficiaries, as applicable, as defined in Section 19 below) shall be entitled to the following: 

 

	 	15.1.1	To receive from Teva the appropriate letters addressed to the Pension Fund, Provident Fund, to the insurer of the Managers Insurance and the Study Fund regarding the termination of employment with Teva in a manner that
will enable the Employee to receive from the Pension Fund, Provident Fund, the aforementioned insurer and from the Study Fund, the amounts and/or rights which he is entitled to receive from them following the termination of his employment with Teva
under the aforementioned circumstances (including the remuneration components and the Aggregate Severance Payment Amounts in the Funds). 

  

	 	15.1.2	In addition to Section 15.1.1 above and the increment of the Aggregate Severance Payment Amounts in the Funds to the extent performed pursuant to Section 19.1 below, the Employee shall be entitled to a special
retirement grant for the time he was employed with the Company in his current position as set forth in this Agreement, in an amount equal to the product of his most recent Monthly Salary and the number of years the Employee was employed by Teva
during the period as of the Effective Date and ending on the date of termination of employment (with a proportional calculation for part of a year); provided, however, that in no event shall the Employee (or, if applicable, his Beneficiaries, as
defined in Section 19.2 below) be entitled to receive from Teva an amount which, together with the accumulated Aggregate Severance Payment Amounts in the Funds with respect to contributions made during the period as of the Effective Date and
ending on the date of termination of employment, shall exceed the amount equal to the product of 200% of the Employee’s most recent Monthly Salary and the number of years the Employee was employed by Teva during the period as of the Effective
Date and ending on the date of termination of employment (with a proportional calculation for part of a year). 

  

	 	15.2	 In the event that the Employee shall no longer be an employee of Teva due to dismissal as set forth in
Section 14.1.2 above, other than dismissal pursuant to the circumstances set forth in Section 14.2 above, then on the employment 

 Translation from the Hebrew 

 

	 	
termination date as specified in Section 14 above, the Employee shall be entitled to receive what is set forth in Sections 14.1.6, and 15.1.1 as well as the grant set forth in
Section 15.1.2 above. 

  

	 	15.3	In the event that the Employee retired by reason of his reaching the retirement age (pension), and it turns out that the rate at which his Monthly Salary increased over the three years preceding his retirement to
pension is less than the rate of the increase of the Index during the same preceding three years, then for the purposes of the calculation of the retirement grant which the Employee is entitled to pursuant to Section 15.1.2, and for such
purpose only, the last Monthly Salary of the Employee shall be deemed to have been adjusted at the full rate of the increase in the Index during the aforementioned 3-year period. 

 

	16.	Resignation Which is Deemed As Dismissal According to Law 

 In the event that the
Employee shall no longer be an employee of Teva due to resignation which is deemed according to the Severance Pay Law, 5723-1963 as dismissal, or due to the circumstances specified in Section 2.1 above with prior notice in accordance with
Section 14.1.1 above, the Employee shall be entitled to receive what is set forth in Sections 14.1.6 and 15.1.1 as well as the grant set forth in Section 15.1.2 above. 

 

	17.	Other Resignation  

 In the event that the Employee shall no longer be an employee
of Teva due to resignation not under the circumstances specified in Section 16 above, then the Employee shall be entitled to receive what is set forth in Section 14.1.6, the letters set forth in 15.1.1 and in addition, the Employee (or his
Beneficiaries, as applicable, as defined in Section 19 below) shall be entitled to receive from Teva a retirement grant in the amount equal to the product of 50% of his most recent Monthly Salary and the number of years the Employee was
employed by Teva during the period as of the Effective Date and ending on the date of termination of employment (with a proportional calculation for part of a year); provided, however, that in no event shall the Employee (or, if applicable, his
Beneficiaries, as defined in Section 19.2 below) be entitled to receive from Teva an amount which, together with the accumulated Aggregate Severance Payment Amounts in the Funds with respect to contributions made during the period as of the
Effective Date and ending on the date of termination of employment, shall exceed an amount equal to the product of 150% of the Employee’s most recent Monthly Salary and the number of years the Employee was employed by Teva during the period as
of the Effective Date and ending on the date of termination of employment (with a proportional calculation for part of a year). 
  

	18.	Dismissal Under the Circumstances Set Forth in Section 14.2 Above 

  

	 	18.1	 The provisions set forth in Sections 15, 16 and 17 above and the end of Section 19.1 below shall not apply
to the Employee in the event that the Employee shall no longer be an employee of Teva under the circumstances detailed in Section 14.2 above. In such an event, the Employee shall be entitled to receive from Teva the appropriate letters
regarding his termination of employment with Teva, addressed to the Pension Fund, Provident Fund, and the insurer of the Managers Insurance, pursuant to which the Employee shall be entitled to receive from the Pension Fund, Provident Fund and
aforementioned insurer, the amounts accumulated in such funds to the Employee’s benefit from the contributions of the parties to remuneration together with linkage differentials and earnings on such contributions, and

 Translation from the Hebrew 

 

	 	
Teva shall be entitled to the amounts accumulated in such funds that constitute the Aggregate Severance Payment Amounts in the Funds. In the event that the Employee has paid Teva an amount equal
to the Aggregate Severance Payment Amounts in the Funds, then the Employee shall be entitled to receive from Teva letters as specified in Section 15.1.1 above without any reservations and in a manner which will allow him to receive from the
addressees of the letters all the amounts and rights which he is entitled to receive from them following the termination of his employment, as if such termination of employment was performed under the circumstances set forth in Section 15.1.1.
In addition, the Employee shall be entitled to receive a letter addressed to the Study Fund according to which he will be entitled to receive only part of the contributions accumulated in the Study Fund that were contributed by the Employee, and
Teva shall be entitled to the employer contributions made by Teva to the Study Fund. 

  

	 	18.2	For the removal of doubt, it is hereby declared and agreed that the dismissal of the Employee under the circumstances set forth in Section 14.2 above constitute dismissal under circumstances which justify depriving
Employee of severance pay and of the retirement grant as specified in Sections 15.1.2 and 17 above, and also the right to receive prior notice with respect to his dismissal. 

 

	19.	Teva Payments on Account of Severance Pay to the Pension Fund, Approved Fund and Managers Insurance Shall Be In Lieu of Teva’s Obligation to Pay Severance Payment  

 

	 	19.1	It is hereby declared and agreed that the contributions made by Teva on account of severance pay, to the Pension Fund, Provident Fund and Managers Insurance as specified in Section 13 above, shall be lieu of any
payment of severance pay to the Employee (or to the dependents of the Employee pursuant to law, to the extent applicable), and by paying these aforementioned payments, Teva shall be deemed to have fulfilled its obligation pursuant to law to pay the
Employee (or to the dependents of the Employee pursuant to law, to the extent applicable) severance pay; provided, however, that in the event that the Aggregate Severance Payment Amounts in the Funds are less than the amount of severance payment to
which the Employee is entitled to under law, then Teva shall pay the Employee (or to the Beneficiaries, as defined in Section 19.2 below) the difference. 

  

	 	19.2	 In this Agreement the term “Beneficiaries” shall mean: those beneficiaries whom the Employee determined
in a written notice to the Pension Fund, approved fund and the insurer of the Managers Insurance, and in the absence of such determination, the executers of Employee’s estate or Employee’s legal heirs; provided however, that if the
Employee left dependents who are legally entitled to severance payment in the event of his passing (God Forbid), then the term “Beneficiaries” shall apply to such dependents for the purpose of the entitlement to receive the Aggregate
Severance Payment Amounts in the Funds (or, depending on the circumstances, the portion of same equal to the amount of severance payment to which the Employee’s dependents are entitled under applicable law). In the event that the Aggregate
Severance Payment Amounts in the Funds are lower than the severance payment amounts the Employee’s dependents are entitled to under applicable law, then the term “Beneficiaries” shall also apply to the dependents with respect to the
right to receive from Teva a portion of the retirement grant paid in accordance with the aforementioned Sections 15.1.2 and 17, as applicable, in 

 Translation from the Hebrew 

 

	 	
an amount equal to the increment between the severance payment they are entitled to in accordance with applicable law and the Aggregate Severance Payment Amounts in the Funds. 

 

	20.	Confidentiality and Disclosure of Information 

 The Employee hereby undertakes:

  

	 	20.1	To maintain in confidence and not to disclose, reveal or deliver, whether during his term of employment by Teva or thereafter, to any person or entity, any trade secrets or other confidential information of Teva or the
Teva Group, or which relate, directly or indirectly to Teva or the Teva Group or their property, business, affairs, clients, suppliers, people or entities affiliated with them or who come into contact with them, including, without limitation,
information relating to the methods, research or manufacturing processes, formulas, compounds, inventions, developments, discoveries, improvements, machinery, modals, devices, magnetic films, software, information contained in computers,
preservation of information methods, disks, diskettes, drawings, plans, communications, specifications, reports, prices, calculations, fees, work conditions in Teva and the Teva Group or terms of other agreements which relate to Teva or the Teva
Group and documents of Teva or the Teva Group, whether the Employee became aware of the secrets, information, magnetic films, software, preservation of information methods, diskettes, drawings, plans, communications, specifications, reports, prices,
calculations and other documents, as a result of his employment with Teva or whether they became known to him in any other manner; The Employee hereby confirms that all of the secrets, information, magnetic films, software, preservation of
information methods, diskettes, drawings, plans, communications, specifications, reports and other documents, as aforementioned, are the sole property of Teva and that he does not and will not have any claims of any kind with respect thereto or
arising therefrom, and that he will not make any use of the aforementioned, whether for himself or for others, during his employment term and any time thereafter, other than as needed for his work and during his term of employment.

 In this Section 20.1, the term “secrets” shall include information regarding salaries, bonuses and benefits
paid or granted to the Employee by Teva under this Agreement. 
  

	 	20.2	To disclose to Teva any information of any kind that may benefit Teva, which came to his attention during his employment with Teva, and not to make use of any such information other than for the benefit of Teva and in
the framework of his employment with Teva. 

  

	21.	Non-Competition 

 The Employee hereby
undertakes, for a period of 12 months after the termination of his employment by Teva (i.e. from the date on which the employer-employee relationship with Teva ends), not to engage, directly or indirectly, in any business, position, work or any
other engagement that competes with the business of Teva or any company in the Teva Group, including as consultant, unless he receives Teva’s prior written approval. 

 Translation from the Hebrew 

 

	22.	Intellectual Property 

 The Employee undertakes to promptly disclose to
Teva’s management, all inventions, developments, modifications, formulae, processes, materials, software programs, know-how, discoveries and ideas, whether or not patentable or copyrightable, invented,
conceived, made or reduced to practice by the Employee, either alone or jointly with others, during the Employee’s employment with Teva and/or the Teva Group, and due to his employment with Teva and/or the Teva Group as aforesaid, and to
provide Teva as soon as possible with full details regarding same. The Employee declares and agrees that all inventions, developments, modifications, formulae, processes, materials, software programs,
know-how, discoveries and ideas are the sole property of Teva, and Employee undertakes to execute any document which requires his signature by Teva in order to register the aforementioned intellectual property
in the name of Teva and to ensure Teva’s ownership of same, and to act with respect to such intellectual property in accordance with Teva’s policies regarding this matter. 

 

	23.	Taxes and Mandatory Payments 

 The Employee hereby represents that he is aware of,
and agrees, that the payments and benefits of any kind granted to him under this Agreement or derived therefrom, shall be subject to income tax deductions and other mandatory deductions which Teva is required to deduct by law, as shall be in effect
from time to time, and further represents that nothing in this Agreement shall be construed as imposing on Teva the obligation to pay taxes or any other obligatory payment imposed on the Employee due to any payment or benefit as aforesaid, other
than Teva’s undertaking to pay for the taxes related to the use of a car and phone as set forth in Sections 6 and 7 above, respectively, in the amount of tax imposed on the Employee with respect to the payment of such expenses to the Employee.

  

	24.	Return of Car, Equipment and Documents 

  

	 	24.1	Upon the termination of Employee’s employment with Teva (or immediately prior to the termination of the employment with Teva, as applicable) the Employee shall be obligated to: 

 

	 	24.1.1	Return to Teva the car and cell phone provided to him by Teva. 

  

	 	24.1.2	Return to Teva and/or company in the Teva Group, as applicable, immediately prior to the termination of his employment with Teva all of the specifications, plans, drawings, formulae, correspondence, diskettes, reports
and other documents of any kind, whether in original form or pictures, printed or photocopied versions which belong to Teva, including any objects which belong to Teva and may be in the Employee’s possession or under his control at such time.

  

	 	24.2	In the event that the Employee breaches any of his obligations under Sections 20, 21, 22 or this Section 24, the Employee shall be obligated to compensate Teva for the damages caused to and/or expenses incurred by
Teva as a result of such breach, including legal fees, attorney fees and VAT according to law, without derogating from any other or additional relief and/or remedy to which Teva is entitled pursuant to the terms of this Agreement or any law, as a
result of the aforementioned breach, and without derogating from Teva’s right to compensation and any other or additional relief and/or remedy to which Teva shall be entitled, pursuant to the terms of this Agreement or any law in connection
with the breach of any of the Employee’s obligations or undertakings according to other provisions of this Agreement. 

 Translation from the Hebrew 

 

	25.	Notices 

  

	 	25.1	Any notice that a party wishes to send to the other party, relating to this Agreement or resulting therefrom, shall be sent by registered mail, and shall be deemed delivered to its recipient 72 hours after being mailed
by registered mail, or shall be hand delivered to the other party. For the purpose of this Section 25.1, hand delivery to Teva shall mean the delivery to the CEO of Teva. 

 

	 	25.2	The addresses of the parties for the purposes of this Agreement shall be as follows: 

 Teva- of
5 Basel St., Petach Tikwa 
 Employee- 49 Zamir St. Mevasseret Zion POB 84056, 90805 

IN WITNESS WHEREOF, the parties have executed this Agreement: 
  

			
	/s/ Teva Pharmaceutical Industries Ltd.            	  	/s/ Eyal
Desheh                                        
    
	Teva Pharmaceutical Industries Ltd.	  	Eyal Desheh

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