Plus500 revises LTIP award proposal for directors

Maria Nikolova

Plus500 now proposes to grant to Mr Elimelech and Mr Even-Chen an LTIP award with an aggregate value of up to NIS 1,000,000 compared to previously proposed NIS 2,500,000.

Online trading company Plus500 Ltd (LON:PLUS) today published an amended notice for its extraordinary general meeting set to be held on February 20, 2020.

As FinanceFeeds reported in January, the EGM will see proposed remuneration arrangements for Plus500’s Executive Directors put to vote. The amendments unveiled today do not concern the proposed bonuses for Asaf Elimelech, the Chief Executive Officer and an Executive Director, and Mr Elad Even-Chen, the Chief Financial Officer and an Executive Director of Plus500. The amendments concern the LTIP awards and share appreciation rights.

Let’s get to the numbers. Under the new proposals, the company will grant to each of Mr Even-Chen and Mr Elimelech an LTIP award with an aggregate value of up to NIS 1,000,000 (approx. USD 285,000). This is down from the previous proposal of an LTIP award of up to NIS 2,550,000 for each of Mr Even-Chen and Mr Elimelech.

Further, under the revised proposals, the company will grant to each of Mr Even-Chen and Mr Elimelech a share appreciation right in the amount of NIS 2,500,000 (approx. USD 715,000) vesting after three years from the date of grant, with a maximum payout amount of NIS 7,500,000 (approx. USD 2,145,000). Under the preceding proposal, each of them would have been granted 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).

Let’s note that each of Mr Elimelech and Mr Even-Chen would be entitled to an annual bonus for the year ending 31 December 2020 as determined by the Remuneration Committee, with an aggregate value of up to 400% of the service contract fee (NIS 6,800,000 /USD 1,940,000), subject to achievement of certain KPIs. The Remuneration Committee recognises that the bonus opportunity as a percentage of the service fee may appear significant, however, given the relatively low fixed pay, the overall bonus quantum is in line with the company’s closest competitors.

Two-thirds of the actual entitlement to the 2020 annual bonus is set to be paid in cash following the approval and release of the preliminary 2020 consolidated financial results.

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