NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) CEO Barak Eilam, who places third in the salary table for Israeli companies in 2015, will receive a higher salary in 2016. In 2015, Eilam's compensation cost (including bonuses and stock-based compensation) reached $4.5 million (over NIS 17 million). His monthly salary was $40,000, as approved by the shareholders in the past.
Now, at the upcoming shareholders meeting on May 17, there will be a motion to raise Eilam's monthly salary to $52,000. The company says that Eilam recently acceded to the request of the board of directors to move with his family to the US, from where he manages the company. In the light of his relocation, the compensation committee examined his compensation terms and decided to adjust them to be in line with the norm in the US. Eilam will also be awarded a one-time grant on account of the move: 5,000 restricted stock units and $30,000.
The notice of the meeting states that the compensation committee took into consideration "took into consideration the fact that during his tenure as CEO, Mr. Eilam has presented strong leadership, accomplished tremendous achievements, including significantly improving the Company’s operating results, and successfully leading the execution of four M&A deals in order to execute on the Company's strategic plans."
In 2015, Eilam's compensation was mainly stock-based, amounting to $2.9 million, half of which was for 2015, the remainder being the cost of shares given to him in previous years. Eilam also received a $1 million bonus last year. In 2104, the year in which Eilam was appointed CEO, his compensation cost was NIS 14 million, most of it stock-based.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2016
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