The general assembly of El Al is expected to convene on December 15, when the issue is also the granting of warrants to the company’s chairman Amikam Ben Zvi and the CEO of El Al, Dina Ben Tal. The company stated that on October 18, the company’s compensation policy was updated in a way that allows, among other things, the granting of capital compensation to company officials.
Further to this, El Al now wishes to approve the allocation in favor of the chairman of the company’s board of directors, Amikam Ben Zvi, of 1,150,000 million non-negotiable and non-transferable warrants, exercisable for 1,150,000 million ordinary shares of the company, with a par value of 1 shekel each, without Compensation, in accordance with and subject to the conditions of the 2022 plan.
At the same time, the company would like to approve to the company’s CEO, Dina Gnansia Ben Tal, the allocation of 1,450,000 million non-negotiable and non-transferable warrants, to be exercised for 1,450,000 million ordinary shares of the company, with a par value of 1 NIS each without consideration, in accordance with and subject to the 2022 plan.
The warrants are given to Ben Zvi and Ben Tal, as part of the consideration for the services they provide to the company, and in total it is a benefit of NIS 2.6 million.
Chairman Ben Tzvi is employed at approximately 70% of a position at El Al, which is defined as approximately 130 working hours per month, paid NIS 50,500 gross per month, index-linked, and is entitled to a grant of approximately 63% of the annual grant to be paid to the CEO of Ben Tal, and a salary In any case, it will not exceed NIS 1.89 million.
CEO Ben Tal is employed full-time and her salary is NIS 96,000 gross, linked to the index after a 20% reduction, when the original salary is NIS 120,000 per month. She is entitled to a grant at the rate of 2% of the annual profit, which in any case will not exceed NIS 3 million.