Bezeq Proposes NIS 10 Million in Share Options for Chairman and CEO

Bezeq is seeking shareholder approval for share options with a combined fair value of NIS 10 million for chairman Tomer Raved and chief executive Nir David. The proposal, disclosed on November 13, is due to go before shareholders at a December 21 meeting. Raved would receive approximately 2.98 million nontradeable options valued at NIS 4 million, while David would receive about 4.46 million valued at NIS 6 million. An external appraiser calculated their fair value using a Monte Carlo model. Vesting would take place in three installments, beginning in November 2027, with subsequent installments a year apart and subject to conditions. Bezeq said Raved moved from an 85% position to full-time employment at the beginning of the year without a change to his employment terms, particularly his monthly salary. The board acknowledged that his proposed award exceeds the equity-compensation ceiling by NIS 1 million. It justified the exception by citing his contribution to strategic moves and the importance of retaining him. For David, the board cited his leadership, business performance and major business and technological initiatives, including expansion of the fiber network. It said the proposed award would benefit the company and provide appropriate incentives.