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Share Name | Share Symbol | Market | Type |
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Elron Ventures Ltd (CE) | USOTC:ELRNF | OTCMarkets | 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% | 1.28 | 0.00 | 01:00:00 |
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1.
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The Company's compensation committee, audit committee and board of directors have authorized the compensation to the Company's directors who are controlling shareholders and/or whose relatives are controlling shareholders and/or with respect to whom the controlling shareholders have a personal interest, including where said compensation for their service as directors is granted to the Company's controlling shareholder, whose directors serve as company's directors at the date of said resolution or who shall serve from time to time ("Directors who are Controlling Shareholders"), an annual compensation in the amount of NIS 73,200, and fee for participation in board meetings in the amount of NIS 2,820 per meeting. For written consents in lieu of meetings and for resolutions via other means of communication, a participation fee equal to the rate set forth in the Companies Regulations (Rules for Compensation and Expenses for External Director), 5760-2000 ("Compensation Regulations"). In addition, said directors shall be entitled to expense reimbursement as set forth in Reg. 6 to the Compensation Regulations. Said amounts shall be linked to the consumer price index in accordance with Reg. 8 to the Compensation Regulations, commencing from April 1, 2008. For convenience, as of the date hereof, the annual compensation is set at NIS 84,684 and the fee for participation in meetings is NIS 3,262. Amounts are exclusive of applicable VAT. The Company may pay said directors' compensation for certain of its serving directors, to its controlling shareholder, Discount Investment Corporation Ltd. and/or to its indirect controlling shareholder, IDB Development Corporation Ltd.
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2.
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This resolution shall be valid for a three years period commencing from March 10, 2016.
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3.
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The proposed compensation does not exceed the lowest compensation payable to any other director in the Company, and does not exceed the maximum amount payable to an external director pursuant to Reg. 4,5 and 7 to the Compensation Regulations. Accordingly, in accordance with Regulation 1b(3) to the Relief Regulations, said compensation does not require the approval of the general meeting of the Company's shareholders.
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1.
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The compensation to the Company's Directors who are Controlling Shareholders and/or whose relatives are controlling shareholders and/or with respect to whom the controlling shareholders have a personal interest, including where said compensation for their service as directors is granted to the Company's controlling shareholder, does not exceed the lowest compensation payable to other director[s] in the Company, and does not exceed the maximum amount payable to an external director pursuant to the Compensation Regulations.
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2.
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There is no change in directors' compensation vis-à-vis the director's compensation paid by the Company prior to said resolution, in accordance with prior resolution in this respect (pursuant to compensation update based on the increase in the index, in accordance with the Compensation Regulations. In addition, the said compensation is similar to the compensation payable to the other directors in the Company.
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3.
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Said compensation reflects the appropriate compensation, considering the Company's business and nature, as well as it being a publicly traded company and a 'reporting entity'.
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4.
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In light of the foregoing, said compensation is reasonable, fair and customary, and is not considered a distribution, as such term is defined under the Companies Law.
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ELRON ELECTRONIC INDUSTRIES LTD.
(Registrant)
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By:
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/s/ Yaron Elad | |
Yaron Elad | |||
VP & CFO
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1 Year Elron Ventures (CE) Chart |
1 Month Elron Ventures (CE) Chart |
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