Retention Grant for Stock Exchange CEO Itai Ben Zeev

In depth

The general meeting of shareholders of the Tel Aviv Stock Exchange approved a retention loan of NIS 3.5 million for CEO Itai Ben Zeev. According to TheMarker, the loan will become a grant only if Ben Zeev continues to serve in the role until June 2032. According to Calcalist, the loan is intended for five additional years in the role, and the total retention grants he has received will reach NIS 10.5 million.

According to Bizportal, in addition to the loan, Ben Zeev was granted 46,800 options with a fair value of approximately NIS 1.5 million, bringing the total retention package to approximately NIS 5 million. According to Calcalist, the exercise price of the options is 54% higher than the share price. According to Globes, the terms of repayment of the loan were not detailed in the report. The meeting also approved an equity-based compensation for Board Chairman Eugene Kandel.