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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rada Electronics Industries Limited | NASDAQ:RADA | 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% | 9.87 | 10.00 | 9.38 | 0 | 01:00:00 |
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During his tenure as the Company’s CEO (commencing November 2016), Mr. Sella transitioned the Company to a leading global company. This transition is evidenced by,
among others, fund raising of over $100 million, positive change in management, a substantial increase in the number of employees from just over 80 employees in 2016 to over 340 employees at this time and adopting a unique business model in
the defense market known as “RADA-Inside”, which increased annual revenues from approximately $13 million in 2016 to over $117 million in 2021. Mr. Sella was determined to be instrumental to the exceptional 1,000% increase in value of the
Company’s shares since 2016.
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Mr. Sella has been an employee of the Company in various management positions for approximately 20 years (since 2003), has the knowledge, skills, education,
expertise, experience and qualities required for the performance of the CEO position and has successfully performed as CEO for over five years. Mr. Sella’s contribution to the Company and his significant influence on its performance,
growth, achievements and attainment of its short and long-term goals, is essential to the Company. Mr. Sella oversaw and significantly influenced the Company’s ongoing operations and its success in handling the challenges and crises that
have arisen since his appointment as CEO and through the execution of the Merger Agreement.
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Mr. Sella was one of the driving forces behind the advancement of the Merger, beginning with the search for potential business combination candidates and thereafter
throughout the due diligence, negotiations and pre-closing process of obtaining various permits and approvals. The proposed Merger was approved by over 99% of the Company’s shareholders who voted at the October EGM. Mr. Sella is one of the
key employees who was requested by DRS to continue their employment with the Company following the consummation of the Merger. Mr. Sella is also expected to become a member of the Board of Directors of the Company following the consummation
of the Merger.
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The Company’s shares commenced trading on the NASDAQ Stock Market in 1985 and on the TASE in early 2021. Over 72% of its revenues were generated from the United
States (“US”) market in 2021 and the business environment that is most relevant to the Company is the US market. Therefore, the proposed
bonus should be evaluated in relation to compensation terms of officers in comparable US companies.
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The results of the shareholders vote in connection with the payment of the CEO Transaction Bonus in the October EGM reflect the support of a substantial portion of
the Company’s shareholders (46.2% of the shares voted for and 53.8% voted against). In addition, from discussions held by representatives of the Audit and Compensation Committee and Board of Directors with representatives of the Company’s
public shareholders and with institutional investors, it appears that these entities voted based on general, uniform and inflexible considerations included in their internal voting policies, which policies did not take into account the fact
that the majority of the Company’s operations is in the US market, and did not provide the proper weight to the specific and special circumstances of the Company and the Merger and to the contribution of the CEO and the importance of the
continuation of his employment with the Company.
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The Israeli Companies Law specifically confers upon a company’s compensation committee and board of directors the right to override the resolution of the company’s
shareholders and the final authority in determining the terms of employment of officers, including the chief executive officer.
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RADA Electronic Industries Ltd.
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(Registrant)
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By:
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/s/ Avi Israel
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Avi Israel
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Chief Financial Officer
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1 Year Rada Electronics Industr... Chart |
1 Month Rada Electronics Industr... Chart |
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