Summons a shareholders’ meeting published by the Young Energy Storage Company Augwind Helps understand Alon Raveh’s motivation to recently resign from his position as CEO of Shikun VeBinui Energy, and to move to head of Ogwind in exchange for a compensation package with an annual cost estimated at more than NIS 6 million.
The compensation package that Ogwind seeks to approve for Rave includes three main components – a salary with an estimated annual cost of NIS 1.8 million; A similar estimated annual cost grant (NIS 1.8 million) that also includes a one-time component; As well as capital compensation at an estimated annual cost of NIS 2.7 million, and a total value estimated by Ogwind at NIS 11 million.
The monthly salary that Raveh will receive is expected to be NIS 100,000, index-linked, in addition to ancillary conditions and an annual goal based on goals that may gradually reach up to ten salaries. Raveh will also be entitled to a signature grant in the amount of three salaries and a one-time grant of $ 250,000 for listing Ogwind shares for trading on a stock exchange outside Israel within three years of the commencement of his employment.
The stock has soared 550% since the merger into a stock market skeleton
The capital component that Rave is expected to receive – whose total economic value is estimated by Ogwind at NIS 11 million – includes the allocation of 350,000 options, which in full exercise will constitute close to 2% of Ogwind’s capital, which is currently traded at NIS 1.3 billion after losing more From 40% campaign since the beginning of the year.
Rave will be able to exercise the bulk of the options package (315,000) at a price of NIS 59 – similar to the value of the share when the allotment is approved by the board from the last few days, and the rest (35,000) will be able to exercise at NIS 125. The maturation of the options will be gradual over four years, starting from one year from the beginning of his employment.
Last year, Ogwind’s stock was one of the stock market’s hits, with an annual jump of more than 1,000%, but this year some of those jumps have been corrected, so that overall since it completed its merger into a stock market skeleton about two years ago (December 2019) it has jumped 6.5 times (about 550% ).
Ogwind was founded in 2012 by Or Yogev, and its main business is underground storage of energy in a compressed air configuration, which is used for both energy efficiency and energy storage. Some of its activities are in the commercial stages and some in the development stages.
Ogwind concluded the first half of the year with revenues of about NIS 1.5 million and a loss of about NIS 18 million, after in 2020 its entire revenue reached about NIS 10 million and its losses amounted to about NIS 23 million.
With the arrival of Rave, he is expected to replace Yogev as CEO, after in recent months he was appointed chairman of the company, Gabi Seligson, former CEO of Kornit Digital and CEO of Nova Measuring Instruments, who replaced Yogev.
The largest shareholders in Ogwind are Yogev and the Natural Capital Company, with about 14% -15% of the capital each, and another among its owners are Psagot, with about 8%, as well as the investor Yaron Yaakobi, who owns 6.5%, and who may double his share in the company Through the purchase of shares from the Natural Capital Company, which he recently agreed on.
Baugwind noted that the structure of Rave’s remuneration package is “substantially different” from the structure of Yogev’s remuneration package, due in part to “the significant increase in the scope of the company’s activities and the challenges facing the company, its goals and objectives.” The issuer is a material shareholder in the company and belongs to the control group. “
Ogwind further explained that Rave “is expected to make a significant contribution to advancing the development of the company’s strategy, and in particular in view of the company’s intention to expand its business operations outside Israel in the coming years, including becoming a global company and listing its shares on the stock exchange outside Israel.”
Purchase shares from the outgoing CFO
Following the appointment of Raveh, in recent days Yaakobi, Seligson, and Moshe Kaplansky, who serves as directors at Ogwind, together invested about NIS 2 million in the purchase of the company’s shares at a share price of about NIS 52, with Tamir Weiman, who ended his position as vice president. To the company’s finances.
Raveh’s departure last week surprised many of the capital market activists, and it coincided with the departure of Ehud Danoch, CEO of Solel Boneh, also a subsidiary of Shikun VeBinui, to leave his position and move to serve as CEO of Ackerstein Industries. .
Raveh (51) was appointed in May this year to head Shuv Energy, having previously led the Global Franchising Division in Shuv’s infrastructure. Prior to that, Raveh served as CFO of Bezeq Communications and XT Holdings and Shipping of Udi Angel and Idan Ofer.