A number of Israeli companies traded on Wall Street last weekend published their reports on executive compensation for 2021. Attention was drawn to the chipmaker’s report TowerWhose sale to Intel for $ 5.8 billion was recently approved by its shareholders, and is expected to close soon.
Tower’s report indicates that the veteran CEO, Russell Elwanger, Received last year benefits totaling $ 9.7 million – compared to $ 5.6 million in 2020. The cost of the benefits consisted of an annual base salary of about $ 840,000, social and other benefits of about $ 190,000, benefits for relocation (American Alvanger and manager of Tower from Israel) of about $ 280,000, a bonus of about $ 1.2 million and capital compensation , Stock-based, for a total of about $ 7.2 million (compared to $ 3.5 million it received in 2020).
Recall that under his terms of employment, Elwanger will be entitled in the event that his employment is terminated following the sale of benefits in the amount of his annual base salary, and to the maturation of all the capital compensation in his possession.
Another senior executive at the tower, CFO Oren Shirzi, received $ 3.1 million in remuneration last year, of which $ 2.1 million was a capital remuneration. The fifth of the peaks.
The bulk of the cost of wages in Lemonade – the capital reward
Another company that reported over the weekend on the salaries of its executives is the digital insurance company Lemonade. Daniel Schreiber and Shay Weininger, the company’s co-founders and CEOs, received total rewards in 2021 at a total cost of $ 21.5 million; the capital remuneration component of each was $ 21 million (and a total of about $ 42 million).
The capital reward jumped the cost of Schreiber and Weininger’s rewards significantly compared to previous years, so the cost of each amounted to 360-380 thousand dollars. According to the company’s data, the capital remuneration component constitutes the fair value of the restricted shares allotted to two in 2019, 2020 and 2021 (and indeed in previous years Lemonade did not recognize capital remuneration as part of the executive pay report).
Lemonade Is traded on the New York Stock Exchange at a value of $ 1.3 billion, having lost 89% of its value since its peak in early 2021, amid the fall in technology stocks and the transition of investors from growth companies to value companies. However, the stock has risen 21% from the low it reached a month and a half ago.
Melmonide reported: In 2021 – for the first time since the company’s in 2015 – Lemonade’s co-CEOs were granted options. These options did not mature and the CEOs did not earn a penny from them. The options will only mature if the stock of Lemonade rises by 700% from where it is today. Even then, only a small fraction of their options will mature. For the options to fully mature, they have to wait 4 years, and the stock price of Lemonade must rise by at least 1,100%.
Solaredge rewards 4 executives in addition to the CEO for up to $ 3 million
Outbrain And Pioneer are two technology companies that joined Wall Street trading last year. In Outbrain, which provides content recommendations, co-CEOs Yaron Galai and David Costman received $ 1.6 million and $ 2.2 million, respectively, in 2021, respectively. These were lower than the two received in 2020. In 2021, both were paid An annual base of $ 400,000 and did not receive a capital reward.For completing the IPO on Wall Street, Detector received a $ 600,000 bonus and Costman received a $ 1.2 million bonus.The company was issued last summer at $ 1.1 billion, and is currently trading at $ 515 million.
Pioneer Has developed a payment platform and is traded on the NASDAQ at $ 1.4 billion, compared to $ 3.3 billion at the time of its merger with SPAC less than a year ago. From capital compensation, compared to a cost of $ 2.7 million in 2020.
Solaredge , Which provides technological solutions in the field of solar energy and solutions for smart energy, reported that the remuneration cost of CEO Zvi (Tzivi) Lando was $ 7.4 million in 2021, an increase compared to $ 4.1 million in 2020. Most of the amount consists of allotment of shares (some will mature on Performance base) worth $ 4.3 million, and an allotment of options worth $ 1.1 million. Rachel Frishkolnik and VP of Research and Development Yoav Galin. Solaredge is traded on the Nasdaq at a value of $ 13.8 billion after losing 32% of its record high last November, but after rising nearly 1,300% since it was first issued in 2015.
Another company that has released remuneration data to its senior executives is Audiocodes, which provides business communications solutions. The company is traded simultaneously on the Nasdaq and Tel Aviv at a value of $ 766 million, after mimicking the increases it recorded during the Corona period. Capital reward and $ 1 million bonus. The cost of rewards places Adlersberg in the top ten of the highest paid employees on the Tel Aviv Stock Exchange in 2021.