New Check Point Software Technologies Ltd. (Nasdaq: CHKP) CEO Nadav Zafrir will receive remuneration package of up to a $15.3 million, subject to approval at the shareholders meeting at the end of October.
Israeli cybersecurity company Check Point announced the appointment two months ago of Team8 investment fund founder Zafrir to replace founder and CEO Gil Shwed, who will become executive chairman. Zafrir will assume the position at the beginning of December.
The company will ask to approve a basic annual salary of $384,000, which will be paid to him at NIS 1.44 million, as well as a target-based bonus of $400,000 (NIS 1.15 million). Check Point will also allocate to Zafrir capital compensation in three components: blocked shares worth $4.4 million, which will mature in four tranches including $1.4 million after one year and $1 million each year thereafter. He will also receive a package of $4 million in blocked shares based on targets related to revenue, which will mature subject to orders being received. He will also receive options worth $6 million.
In recommending that shareholders accept the package, Check Point says, "Zafrir has been a key leader in the global cybersecurity ecosystem for over a decade. He is one of the figures most involved in the world CISO community and he has founded and managed a large number of companies in the industry."
Check Point's share price has risen 27% since the start of the year and the company currently has a market cap of $21.5 billion.
Published by Globes, Israel business news - en.globes.co.il - on September 26, 2024.
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