Former IDF Chief-of-Staff Gabi Ashkenazi will be employed in a 75% position and will receive a salary of NIS 100,000 a month, plus VAT.
Former IDF Chief of Staff Gabi Ashkenazi (Lt.-Gen. res.) has enjoyed a soft landing in the civilian world: today Shemen Industries Ltd. (TASE;SHMN) has published its shelf prospectus ahead of raising capital, in which it confirms "Globes'" report from October that Ashkenazi will be appointed chairman of the company. The prospectus also reveals Ashkenazi's expected salary, as well as the salary of Shemen CEO Yossi Levi, formerly of Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).
Ashkenazi will be employed in a 75% position and will receive a salary of NIS 100,000 a month, plus VAT. In Shemen's prospectus, Ashkenazi's salary, which is listed as a "consulting fee," will be updated to the Consumer Price Index (CPI) every six months. Ashkenazi will receive a company leasing car and will be covered for car expenses. Ashkenazi's flights will also be covered by the company, including per diem payments and stays at hotels that are at least four-stars. He will receive 21 vacation days a year and 30 sick days.
He will also receive 1.4 million convertible options in Shemen shares. New CEO Yossi Levi is being offered similar terms.
Published by Globes, Israel business news - www.globes-online.com - on November 6, 2011
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