Israel Chemicals Ltd. (TASE: ICL) today announced that its new president and CEO Stefan Borgas will receive a gross salary of $83,000 (NIS 325,000) a month, $100,000 in reimbursement for moving to Israel and $8,250 a month in housing, and $10,000 a year for education of each of his children. His annual salary cost totals $1.4 million (NIS 5.5 million) a year, or NIS 455,000 a month.
Borgas will also be reimbursed for two annual vacations in Europe, medical expenses, a mobile telephone, company, car, and accommodation and meals on business trips. He will be eligible for the usual social benefits, including managers' insurance or other pension plan, an advanced training fund, and disability insurance.
Borgas will receive three lots of warrants exercisable for Israel Chemicals shares at the discretion of the board of directors. The average annual value of the options on the date granted is $2.25 million, and is capped at $3.75 million.
If Borgas resigns, he is entitled to a golden parachute worth twelve salaries and a non-competition grant of six salaries.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2012
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