Israel Corporation (TASE: ILCO) subsidiary Israel Chemicals Ltd. (TASE: ICL) today presented a new employee options plan for the allotment of 11 million warrants to 300 employees. The warrants are worth NIS 203.5 million according to the Black and Sholes model. The new employee options plan comes three years after the previous plan.
The strike price of the options is NIS 53.10, similar to today's opening price of NIS 53.90. The options will vest in three equal tranches in 12 months, 24 months, and 36 months. Israel Chemicals' share rose 0.4% today to NIS 54.11, giving a market cap of NIS 62.23 billion.
Israel Chemicals CEO Avika Moses received that largest bloc of options: 1.1 million, worth NIS 20.3 million. He has been CEO for 10 years, during which time he has amassed a salary and options worth more NIS 100 million.
Moses also currently owns 0.03% of Israel Chemicals' shares, worth NIS 26 million, as well as 2.2 million vested options with a potential value of NIS 60 million. Altogether, his fortune accumulated as CEO amounts to over NIS 200 million.
Israel Corporation CEO and Israel Chemicals chairman Nir Gilad received 800,000 Israel Chemicals options, worth NIS 14.8 million. Since joining Israel Corporation two and a half years ago, he has not benefited from Israel Chemicals' options plans.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2010
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