New Med Seeks Approval for CEO's $27,000 Monthly Salary and Stock Options
Translated & summarized from Calcalist by baba
New Med, controlled by Yitzhak Tshuva, is seeking shareholder approval for CEO Yanki Kuint's compensation package, which includes a NIS 100,000 monthly salary for a 70% role and NIS 3 million in stock options. This exceeds the company's stated compensation policy. The company cited Kuint's qualifications for the role. Former acting CEO Niv Serena will receive NIS 3 million annually plus stock options.
The story in 5 lines · by baba
- New Med seeks approval for CEO Yanki Kuint's NIS 100,000 monthly salary and NIS 3 million stock options.
- Kuint's proposed salary exceeds New Med's established compensation policy for a 70% role.
- The company cited Kuint's qualifications as essential for addressing regulatory challenges.
- Former acting CEO Niv Serena will receive NIS 3 million annually plus stock options.
- New Med is controlled by businessman Yitzhak Tshuva.
New Med, controlled by Yitzhak Tshuva, has requested a general assembly to approve the employment terms for its incoming CEO, Yanki Kuint. Kuint is set to receive a gross monthly salary of NIS 100,000 for a 70% position. Additionally, he will be granted 562,000 options convertible into 562,000 New Med shares, valued at approximately NIS 3 million. This salary exceeds the company's existing compensation policy, which stipulates a maximum of NIS 120,000 for a full-time role and NIS 84,000 for a 70% position.
Kuint's compensation package also includes standard social benefits and an annual bonus of up to NIS 560,000. Following one year of service, he will receive a severance payment equivalent to six months' salary. The options are offered at an exercise price of NIS 17.15 per share, slightly above the current market price, and will be exercisable in three tranches, with the exercise price increasing by 5% in each subsequent tranche.
New Med stated that Kuint possesses the necessary abilities, skills, and experience to significantly contribute to the company's achievements and navigate regulatory challenges crucial to its operations. Meanwhile, Niv Serena, who served as Chairman and acting CEO, will receive a gross monthly salary of NIS 180,000 and an annual bonus of up to 12 months' salary. Including social benefits, Serena's annual compensation will amount to NIS 3 million, plus NIS 1.4 million in stock options granted during his tenure as chairman.
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