As he has done every year for some time, in 2015 too Check Point Software Technologies Ltd. (Nasdaq: CHKP) CEO Gil Shwed drew only the legal minimum salary, but enjoyed generous equity-based compensation.
Check Point's expanded report for 2015 reveals that it recorded an expense of $35.7 million for the equity-based compensation awarded to Shwed during the year, up from $31.3 million in 2014. His basic salary cost was $14,000, and another $12,700 in benefit costs. As in previous years, in 2015 too Shwed forewent a bonus. This June, however, he will receive 1.6 million options at an exercise price the same as Check Point's closing share price on the day of the allocation, vested for four years.
Check Point president Amnon Bar-Lev had a salary expense of $470,000 and received equity-based compensation of $4 million; vice-president products Dr. Dorit Dor had a salary expense of $375,000 and received equity-based compensation of $2.9 million; CFO Tal Payne had a salary expense of $453,000 and equity-based compensation of $2.5 million; and head of human resources Miryam Steinitz had a salary expense of $227,000 and received equity-based compensation of $576,000.
Check Point's main shareholders are Shwed, who owns 17.5% of the company, and its chairman and co-founder Marius Nacht, who owns 12.3%. Network security company Check Point has a market cap of $15 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2016
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