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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Optibase Ltd | NASDAQ:OBAS | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.59 | 12.59 | 12.60 | 0 | 00:00:00 |
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OPTIBASE LTD.
(the “Registrant”) By: /s/ Amir Philips —————————————— Amir Philips Chief Executive Officer |
| Page |
| C. | Cash Bonuses | A-5 |
| I. | Miscellaneous | A-10 |
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1.
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Introduction
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2.
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Objectives
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2.1.
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To closely align the interests of the Executive Officers with those of Optibase's shareholders
in order to enhance shareholder value;
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2.2.
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To provide the Executive Officers with a structured compensation package, putting the emphasis
on a proper balance between the fixed components, i.e., the base salaries and benefits, and on the variable compensation, such as
bonuses and equity-based compensation in order to minimize potential conflicts between the interests of Executive Officers and those of Optibase;
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2.3.
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To strengthen the retention and the motivation of Executive Officers in the long term.
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3.
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Compensation structure and instruments
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Base salary;
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Benefits;
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Cash bonuses;
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Equity based compensation; and
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4.
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Overall Compensation - Ratio Between Fixed and Variable Compensation
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5.
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Intra-Company Compensation Ratio
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6.
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Base Salary
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6.1.
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The base salary varies between Executive Officers (among themselves) and the Executive
Chairman of the Board, and is individually determined by the Compensation Committee and the Board (unless other approvals are required under any applicable law) according to the educational background, prior vocational experience, qualifications, role, business responsibilities, past performance and previous compensation arrangements of such Executive
Officer and Executive Chairman of the Board.
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6.2.
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The maximum monthly base salary for each of the following roles shall be as follows:
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(i)
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Chief Executive Officer ("CEO") – up to NIS 100,000 for a full time position
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(ii)
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CEO of the Company's subsidiary ("Subsidiary CEO") – up to NIS 90,000 for a full time position;
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(iii)
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Executive Officer who is not a director, CEO or Subsidiary CEO – up to NIS 50,000 for a full time position
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6.3.
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The Executive Chairman may be paid management fee in amount that shall not exceed NIS 50,000
per month.
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7.
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Benefits
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7.1.
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In addition to the base salary, the following benefits may be granted to the Executive
Officers in order, among other things, to comply with legal requirements:
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Vacation days in accordance with market practice and applicable law;
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Convalescence pay according to applicable law;
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Monthly remuneration for a study fund, as allowed by applicable tax law and with reference to Optibase’s practice and
common market practice;
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Contribution by Optibase on behalf of the Executive Officer to an insurance policy or a pension fund, as allowed by
applicable tax law and with reference to Optibase’s policies and procedures and common market practice; and
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Contribution by Optibase on behalf of the Executive Officer towards work disability insurance, as allowed by applicable
tax law and with reference to Optibase’s policies and procedures and common market practice.
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7.2.
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Optibase may
offer additional benefits to its Executive Officers, including but not limited to: communication, company car and travel benefits, insurances, other benefits (such as newspaper subscriptions, academic and professional studies), etc., including their gross up.
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7.3.
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Optibase may reimburse its Executive Officers and its Executive Chairman for reasonable
work-related expenses incurred as part of their activities, including without limitations, meeting participation expenses, reimbursement of business travel including a daily stipend when traveling and accommodation expenses. Optibase
may provide advance payments to its Executive Officers in connection with work-related expenses.
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7.4.
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Non-Israeli Executive Officers may receive other similar, comparable or customary benefits as
applicable in the relevant jurisdiction in which they are employed.
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8.
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Signing Bonus
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9.
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Annual Bonuses
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9.1.
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The payment of annual bonuses to the Executive Chairman and any Executive Officer for any
particular fiscal year shall be subject to the fulfillment (in addition to the fulfillment of the applicable objectives set forth below as the case may be) of any one of the two following criteria: (a) that Optibase's EBITDA was at
least USD $10 million (on a consolidated basis) during such fiscal year; or (b) that Optibase's net profit for such fiscal year was at least USD $500,000, net of equity gains or losses, and net of non-recurring expenses related to the
purchase or disposal of real estate investments.
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9.2.
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The Compensation Committee and Board may decide, at their sole discretion, to grant annual
bonuses to the Executive Chairman and the Executive Officers, subject to the fulfillment of the pre-conditions for payment of bonuses as detailed in section 9.1 above.
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9.3.
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The annual bonus to the Executive Chairman and the CEO will be based on measurable criteria.
The measurable criteria and their relative weight shall be determined by the Compensation Committee and the Board in respect of each calendar year. These measurable criteria may include, inter alia, objectives relating to the annual income, annual profit (net profit, pre tax profit), budget, annual EBITDA, acquisition and/or disposal of assets, financing,
re-financing and fundraising).
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9.4.
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In addition, the Company may grant the CEO a bonus of up to three (3) monthly base salaries,
at the sole discretion of the Compensation Committee and Board, based on the CEO's contribution to the Company.
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9.5.
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The Company may also grant, subject to the approval of the Compensation Committee and the
Board, an annual bonus to its Executive Officers (other than the CEO) for their contribution to the Company. Such grants may be based in whole or in part on discretion, provided that they do not exceed the ceiling specified in section
9.6 below.
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9.6.
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The annual bonus that may be paid to the Executive Officers for any fiscal year shall not
exceed six (6) monthly base salaries to the CEO, and three (3) monthly base salaries to any other Executive Officer (excluding the CEO). The annual bonus that may be paid to the Executive Chairman for any fiscal year shall not exceed
two (2) monthly payments of management fee.
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9.7.
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The Board, following the recommendation of the Compensation Committee, shall be entitled to
decrease the annual bonus to be paid to the Executive Chairman and/or Executive Officers based on measurable criteria (if such criteria were determined) or cancel such grant of bonuses altogether in its sole discretion, even in the
event measurable criteria were determined and met.
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10.
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Special Bonuses
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11.
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Pro Rata Payment
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12.
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Compensation Recovery ("Clawback")
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12.1.
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In the event of an accounting restatement, Optibase shall be entitled to recover from its
Executive Chairman or Executive Officers the bonus compensation in the amount in which such bonus exceeded what would have been paid under the financial statements, as restated, provided that a claim is made by Optibase prior to the
third anniversary of fiscal year end of the restated financial statements.
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12.2.
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Notwithstanding the aforesaid, the compensation recovery will not be triggered in the
following events:
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The financial restatement is required due to changes in the applicable financial reporting standards; or
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The Compensation Committee has determined that clawback proceedings in the specific case would be impossible,
impractical or not commercially or legally efficient; or
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The amount to be paid under the clawback proceedings is less than 10% of the relevant bonus received by the Executive
Chairman or Executive Officer.
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12.3.
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Nothing in this Section 12 derogates from any other "clawback" or similar provisions regarding
disgorging of profits imposed on the Executive Chairman and Executive Officers by virtue of applicable securities laws.
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13.
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General and Objectives
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13.1.
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The Compensation Committee and Board may grant from time to time equity-based compensation
which will be individually determined and awarded according to the performance, educational background, prior business experience, qualifications, role and the personal responsibilities of the Executive Officer. Equity-based
compensation may also be awarded to the Directors, subject to the provisions of the Companies Law and the regulations thereunder and the receipt of all additional approvals that may be required under the Companies Law.
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13.2.
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The main objectives of the equity-based compensation is to enhance the alignment between the
Executive Officers' and Directors' interests with the long term interests of Optibase and its shareholders, and to strengthen the retention and the motivation of Executive Officers in the long term. In addition, since equity-based
awards are structured to vest over several years, their incentive value to recipients is aligned with longer-term strategic plans.
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13.3.
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The equity
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14.
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Fair Market Value
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15.
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Additional Terms
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15.1.
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Subject to any applicable law, Optibase may determine, at the Compensation Committee and the
Board’s discretion, the tax regime under which equity-based compensation may be granted, including a tax regime which will maximize the benefit to the Executive Officers and Directors.
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15.2.
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All equity-based incentives granted to Executive Officers and Directors shall be subject to
vesting periods in order to promote long-term retention of such recipients. Unless otherwise determined in a specific award agreement approved by the Compensation Committee and the Board, grants to Executive Officers shall vest
gradually over a period of at least two years.
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15.3.
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All other terms of the equity awards shall be in accordance with Optibase's incentive plans
and other related practices and policies. Accordingly, the Board may, following approval by the Compensation Committee, extend the period of time for which an award is to remain exercisable and make provisions with respect to the
acceleration of the vesting period of any Executive Officer's or Director's awards, including, without limitation, in connection with a corporate transaction involving a change of control, subject to any additional approval as may be
required by the Companies Law.
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16.
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Advanced Notice Period
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16.1.
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Optibase may provide each Executive Officer, according to his or her seniority in the Company,
his or her contribution to the Company’s goals and achievements and the circumstances of retirement, a prior notice of termination of up to three (3) months, except for the CEO whose prior notice may be of up to six (6) months. During
such advance notice period, the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of his or her options, restricted shares or RSUs.
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16.2.
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Optibase may waive the Executive Officer’s services to the Company during the advance notice
period and pay the amount payable in lieu of notice, plus the value of benefits.
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17.
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Adjustment Period/Retirement Bonus
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17.1.
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CEO – for seniority of up to 5 years – the CEO will not be entitled to any Adjustment Period;
seniority between 5 to 10 years – up to 4 monthly base salaries; and seniority of 10 years or more – up to 8 monthly base salaries.
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17.2.
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Executive Officer (except the CEO) – for seniority of up to 5 years – such Executive Officer
will not be entitled to any Adjustment Period; seniority between 5 to 10 years – up to 2 monthly base salary; and seniority of 10 years or more – up to 4 monthly base salaries.
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18.
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Additional Retirement and Termination Benefits
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19.
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Non-Compete Grant
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Indemnification
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Optibase will provide "Directors’ and Officers’ Liability Insurance" (the "Insurance Policy") for its directors and Executive Officers as follows:
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The limit of liability of the
insurer shall not exceed the greater of $25 million or 25% of the Company’s shareholders equity (based on the most recent financial statements of the
Company at the time of approval by the Compensation Committee) per incident and insurance period (for a one-year period) in addition to reasonable litigation expenses;
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The purchase of each Insurance Policy shall be approved by the Compensation Committee (and, if required by law, by the
Board) which shall determine that the Insurance Policy reflects the current market conditions, and it shall not materially affect the Company's profitability, assets or liabilities.
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Upon circumstances to be approved by the Compensation Committee (and, if required by law, by
the Board), Optibase shall be entitled to enter into a "run off" Insurance Policy of up to seven (7) years, with the same insurer or any other insurer, as follows:
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•
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The limit of liability of the
insurer shall not exceed the greater of $25 million or 25% of the Company’s shareholders equity (based on the most recent financial statements of the
Company at the time of approval by the Compensation Committee) per incident and insurance period (for a one-year period) in addition to reasonable litigation expenses;
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The purchase of such Insurance Policy shall be approved by the Compensation Committee (and, if required by law, by the
Board) which shall determine that the Insurance Policy reflects the current market conditions, and that it shall not materially affect the Company's profitability, assets or liabilities.
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Optibase may
extend the Insurance Policy in place to include cover for liability pursuant to a future public offering of securities as follows:
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The purchase of such Insurance Policy shall be approved by the Compensation Committee (and if required by law, by the
Board) which shall determine that the Insurance Policy reflects the current market conditions, and it does not materially affect the Company's profitability, assets or liabilities.
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The following
benefits may be granted to the Directors and/or Executive Officers in addition to the benefits applicable in the case of any retirement or termination of service upon a "Change of Control" following of which the employment of the Executive Officer is terminated or adversely adjusted in a material way:
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Vesting acceleration of outstanding options or restricted shares.
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Extension of the exercising period of options or restricted shares for Optibase’s Executive
Officers for a period of up to one (1) year and two (2) years, respectively, following the date of termination of employment.
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For Executive
Officers only - up to an additional six (6) months of continued base salary and benefits following the date of employment termination (the "Additional Adjustment Period"). For avoidance of doubt, such additional Adjustment Period shall be in addition to the advance notice and adjustment periods pursuant to Sections 14 and 15 of this Compensation Policy.
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For Executive Officers only - a cash bonus not to exceed together with the annual cash bonus,
up to eighteen (18) monthly base salaries, in the case of the CEO, and nine (9) monthly base salaries, in the case of other Executive Officers (excluding the CEO).
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All the Directors, excluding the Executive Chairman, shall be entitled to an equal annual and
per-meeting compensation.
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The compensation of the Directors (including external directors and independent directors, but
excluding the Executive Chairman) shall not exceed the maximum amounts provided in the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by the Companies Regulations
(Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be amended from time to time ("Compensation
of Directors Regulations").
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Directors may be granted equity-based compensation in accordance with the principles detailed
in this Policy, and subject to the provisions of the Companies Law and the regulations thereunder.
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26.
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Optibase's
external and independent Directors may be entitled to reimbursement of expenses in accordance with the Compensation of Directors Regulations. Optibase’s Directors, excluding external and independent Directors, may be entitled
to reimbursement of work-related expenses, including meeting participation expenses, reimbursement of business travel including a daily stipend when traveling and accommodation expenses. Optibase may provide advance payments to its
Directors in connection with work-related expenses.
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27.
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Directors may provide Optibase with additional services, not relating to their service as
directors, at a total consideration which shall not exceed Euro 50,000 per annum.
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28.
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This Policy is designed solely for the benefit of Optibase. Nothing in this Compensation
Policy shall be deemed to grant any of Optibase’s Executive Officers, Directors or employees or any third party any right or privilege in connection with their employment by the Company. Such rights and privileges shall be governed by
the respective personal employment agreements.
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29.
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This Policy is subject to applicable law and is not intended, and should not be interpreted as
limiting or derogating from, provisions of applicable law to the extent not permitted, nor should it be interpreted as limiting or derogating from the Company’s articles of association.
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30.
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This Policy is not intended to affect current agreements nor affect obligating customs (if
applicable) between the Company and its Executive Officers or Directors as such may exist prior to the approval of this Compensation Policy.
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31.
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In the event of amendments made to the Companies Law or any regulations promulgated thereunder
providing relief in connection with Optibase’s compensation to its Executive Officers and Directors, Optibase may elect to act pursuant to such relief without regard to any contradiction with this Policy.
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32.
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The Compensation Committee and Board may determine that none or only part of the payments,
benefits and perquisites shall be granted, and is authorized to cancel or suspend a compensation package or part of it.
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