Israel Chemicals Ltd. (TASE: CHIM) has announced an employee compensation plan, under which it will allocate 12.9 million options worth an aggregate NIS 83 million. The main beneficiary will be Israel Chemicals president and CEO Akiva Mozes, who will receive 2.2 million options, exercisable into 0.17% of the company’s share capital, worth NIS 14 million.
Israel Chemicals’ employees will receive 5.45 million options and an additional 7.45 million warrants will be held in trust, which the company can later distribute among employees. The total benefit to employees, excluding Mozes, amounts to 0.82% of the company’s share capital, worth NIS 69 million. The strike price for the options will be NIS 25.59, the share price on the allocation date - January 28, 2007.
The terms of the allocation allow Israel Chemicals’ employees to exercise their options at three dates: one year, two years and three years from the allocation date. In addition to the vesting period, the shares acquired by exercising the options will be vested for a further year. The final deadline for the present options allocation is five years from the allocation date.
Published by Globes [online], Israel business news - www.globes.co.il - on January 29, 2007
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