Tel Aviv Stock Exchange Approves Option Package for Chairman and CEO
The Tel Aviv Stock Exchange approved a compensation package including stock options for Chairman Eugene Kandel and CEO Itai Ben-Zeev, alongside a 3.5 million shekel retention loan for the CEO.
The special general meeting of the Tel Aviv Stock Exchange approved on Monday a compensation package for Chairman Professor Eugene Kandel and CEO Itai Ben-Zeev, which includes the granting of company stock options. As part of the decisions, a retention plan for Ben-Zeev was also approved, including a new loan amounting to 3.5 million shekels.
Kandel was approved for the grant of 35,401 options, exercisable into up to 35,401 ordinary shares of the stock exchange. Ben-Zeev was approved for the grant of 46,815 options, exercisable into an identical number of shares. The options may allow the two to benefit from the rise in the stock exchange share value, subject to allocation and exercise conditions.
In addition, a retention loan of 3.5 million shekels was approved for CEO Itai Ben-Zeev. A retention loan for a public company CEO serves as a golden handcuffs tool, granting a large upfront cash sum that is gradually forgiven as the executive remains in office.
The general meeting also approved a framework enabling the compensation committee and the board of directors to grant equity compensation to directors, subject to the company's compensation policy and legal provisions. Furthermore, an amendment to the executive compensation policy for the years 2026-2028 was approved.
