new Check Point Software Technologies Co., Ltd. (NASDAQ: CHKPCEO Nadav Zafrir will receive a compensation package of up to $15.3 million, after it is approved at a shareholder meeting in late October.
Israeli cybersecurity firm Check Point announced two months ago that it had appointed Team8 venture capital fund founder Zafrir to replace founder and CEO Gil Shwed, who will become CEO. Zafrir will take over in early December.
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The company will seek approval for a base annual salary of $384,000, which will be paid to him at NIS 1.44 million, plus a target-based bonus of $400,000 (NIS 1.15 million). Check Point will also allocate Zafrir capital compensation in three components: $4.4 million in restricted stock, which will vest in four tranches, including $1.4 million after one year and $1 million each year thereafter; a $4 million package of restricted stock based on revenue targets, which will vest based on the orders received; and $6 million in options.
In recommending that shareholders accept the package, Check Point said: “Zafer has been a key leader in the global cybersecurity ecosystem for more than a decade. He is one of the most engaged figures in the global CISO community and has founded and led a number of companies in the industry.”
Check Point’s stock price has risen 27% since the beginning of the year, and the company’s market value currently stands at $21.5 billion.
This article was published in Globes, Israeli Business News – en.globes.co.il – on September 26, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.