Plus500 directors to have their remuneration put to vote at EGM
Plus500’s CEO Asaf Elimelech is set to get an annual bonus of $1.94 million, with the same bonus envisaged for Plus500’s CFO Elad Even-Chen.
Online trading company Plus500 Ltd (LON:PLUS) has published a notice for an Extraordinary General Meeting, which will be held at MHP Communications, 6 Agar Street, London, WC2N 4HN, on 20 February 2020, at 4.30 p.m. The purpose of the meeting is to put to vote 2020 remuneration arrangements for Plus500’s Executive Directors.
Under the proposals, the remuneration terms for Asaf Elimelech, the Chief Executive Officer and an Executive Director of the broker include:
- a service contract fee payable to Mr Elimelech for his services as Chief Executive Officer and Executive Director of NIS 1,700,000 (approx. USD 485,000), unchanged from 2019.
- a payment to Mr Elimelech of an annual bonus for the year ending December 31, 2020, with an aggregate value of up to 400% of the service fee, that is NIS 6,800,000 (approx. USD 1,940,000).
- granting to Mr Elimelech of an LTIP award with an aggregate value of up to 150% of the service fee, that is, NIS 2,550,000 (approx. USD 729,000).
- granting to Mr Elimelech of a share appreciation right in the amount of NIS 2,750,000 (approx. USD 786,000) vesting after three years from the date of grant, with a maximum payout amount of NIS 11,000,000 (approx. USD 3,144,000).
The proposed remuneration terms for Mr Elad Even-Chen, the Chief Financial Officer and an Executive Director of Plus500 are the following:
- a service contract fee payable to Mr Even-Chen for his services as Chief Financial Officer and Executive Director of NIS 1,700,000 (approx. USD 485,000), unchanged from 2019.
- payment to Mr Even-Chen of an annual bonus for the year ending 31 December 2020, with an aggregate value of up to 400% of the service fee, that is, NIS 6,800,000 (approx. USD 1,940,000).
- granting to Mr Even-Chen of an LTIP award with an aggregate value of up to 150% of the service fee, that is NIS 2,550,000 (approx. USD 729,000).
- granting to Mr Even-Chen of a share appreciation right in the amount of NIS 2,750,000 (approx. USD 786,000) vesting after three years from the date of grant, with a maximum payout amount of NIS 11,000,000 (approx. USD 3,144,000).
The Remuneration Committee and the Board have reviewed the remuneration terms of Mr Elimelech and Mr Even-Chen and believe that these terms reflect the directors’ substantial contribution to the Company’s significant growth in their executive roles. In making its recommendation, the Remuneration Committee considered several factors, including comparable industry data, remuneration data of executive directors of other FTSE 250 companies, data of peer companies in the industry, the responsibilities and duties performed by each of Mr Elimelech and Mr Even-Chen and their substantial contribution to the company’s growth in their executive roles.
The Remuneration Committee and the Board have approved, and recommended that Plus500’s shareholders approve the remuneration terms for Mr Elimelech and Mr Even-Chen.
