Tel Aviv Stock Exchange Approves Stock Options for Chairman and CEO

The Tel Aviv Stock Exchange's special general assembly approved a compensation package for Chairman Eugene Kandel and CEO Itai Ben-Zeev, including the granting of company stock options. The assembly also approved a retention plan for Ben-Zeev, which includes a new loan of 3.5 million shekels.

Kandel was granted 35,401 options, exercisable for up to 35,401 ordinary shares. Ben-Zeev received 46,815 options, also exercisable for an equal number of shares. These options could allow both executives to benefit from an increase in the stock exchange's share value, subject to allocation and exercise conditions. The exact monetary value of these options could not be determined from the report, as details on the exercise price and terms were not provided.

Additionally, Ben-Zeev was approved for a 3.5 million shekel retention loan. Such loans are a form of compensation for public company CEOs, providing a large sum of cash upfront. The loan debt is gradually forgiven as the CEO remains in their position for a defined period. If the CEO leaves before the agreed-upon time, they must repay the loan, protecting the company from sudden executive departures. However, the report did not specify the loan's terms, repayment method, or if it could be waived under certain conditions, making it unclear if it represents a financial benefit for the CEO or a loan requiring repayment.

The assembly also approved a framework allowing the compensation committee and board to grant equity compensation to directors, in line with the company's compensation policy and legal requirements. Furthermore, an amendment to the compensation policy for exchange executives for the years 2026-2028 was approved.