Harel CEO Cashes In Millions From Stock Options Amid Company Surge

Nir Cohen, CEO of the insurance company Harel, has realized nearly 4 million shekels by exercising stock options. Cohen exercised 60,000 options, representing one-third of the 180,000 options granted to him in 2021. The exercise, which occurred automatically on September 14, was triggered when the company's stock price reached a predetermined ceiling.

The stock price used for the transaction was 194.34 shekels. The maximum benefit per option is capped at 180% of the grant date price, which was 36.5 shekels in 2021. This results in a maximum benefit of approximately 65.65 shekels per option, totaling about 3.94 million shekels before taxes for the 60,000 options exercised. The mechanism used was 'cashless,' meaning Harel paid Cohen the benefit directly rather than requiring him to pay for the shares.

Cohen, who became CEO in July 2021, has also earned nearly 15 million shekels in salary between 2021 and 2025. Harel's stock has surged 678% over the past three years, bringing the company's market capitalization to 40.3 billion shekels.

This stock performance has also significantly benefited the controlling shareholder, the Hamburger family. Their stake is now worth approximately 17 billion shekels on paper. The family has also realized substantial gains through stock sales, including 2.5% for 250 million shekels in December 2024, 1% for 200 million shekels in July 2025, and 3.2% for 1.2 billion shekels to foreign investors in April 2026. In total, the family has sold shares worth 1.65 billion shekels in about 18 months. Despite these sales, the Hamburger family retains control with a 42.2% stake.