Tel Aviv Stock Exchange Approves $1 Million Retention Bonus for CEO
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange (TASE) approved a NIS 3.5 million retention bonus for CEO Itay Ben-Zeev, contingent on five more years of service, bringing his total retention bonuses to NIS 10.5 million. Shareholders also granted him NIS 1.5 million in options to incentivize his continued leadership. Ben-Zeev has led the TASE through significant growth since 2017, with its share price increasing by 1,970%. The TASE chairman, Eugene Kandel, also received stock options.
The story in 5 lines · by baba
- TASE shareholders approved a NIS 3.5 million retention bonus for CEO Itay Ben-Zeev, contingent on five more years.
- Ben-Zeev's total retention bonuses now reach NIS 10.5 million, with NIS 3.5 million approved in 2019 and 2023.
- The CEO also received NIS 1.5 million in stock options to incentivize his continued tenure.
- Since Ben-Zeev became CEO in 2017, TASE's share price has surged by 1,970%.
- Chairman Eugene Kandel was also granted stock options valued at NIS 1 million.
Shareholders of the Tel Aviv Stock Exchange (TASE) have approved a NIS 3.5 million ($1 million) retention bonus for CEO Itay Ben-Zeev, contingent on his continued service for another five years. This bonus, which will be paid out this month, brings Ben-Zeev's total retention bonuses to NIS 10.5 million ($3 million). If he leaves the TASE voluntarily within the next five years, he will be required to repay the bonus. This latest bonus follows similar payments of NIS 3.5 million in 2019 and 2023.
In addition to the cash bonus, shareholders overwhelmingly approved the allocation of 46,800 options to Ben-Zeev, valued at NIS 1.5 million ($420,000). These options are also intended to incentivize his continued tenure, as they will fully vest after five years. The exercise price for these options was set at NIS 240 per share, which is 88% higher than the share price around the time of the meeting and 54% higher than the closing price on the last trading day. This pricing strategy aims to align the CEO's financial interests with those of shareholders seeking high returns.
Ben-Zeev, who has been CEO since 2017, has overseen significant growth at the TASE, including its IPO in 2019 and the transition to Friday trading sessions. During his tenure, the TASE share price has surged by 1,970%, reaching a current market value of NIS 14.5 billion ($4 billion). This performance significantly outpaces the Tel Aviv Finance Index and the Tel Aviv 125 Index. Ben-Zeev himself holds 3.7% of TASE shares, valued at NIS 535 million ($150 million), largely due to options exercised from his 2019 grant.
Shareholders also approved an allocation of 35,400 options to TASE Chairman Eugene Kandel, valued at NIS 1 million ($280,000). The exercise price for Kandel's options was set at NIS 164.5 per share, initially 30% above the market price, though this gap has narrowed to approximately 5% due to recent share price increases. Kandel's estimated cost for a 50% workload in 2026 is NIS 1.6 million ($450,000). The article notes that Ben-Zeev's total compensation, including salary and bonuses from 2017 through an estimated 2026, is projected to reach NIS 43.8 million ($12.3 million), excluding his equity-based compensation.
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