Playtech publishes new bonus plan for Mor Weizer with up to £17m in stock options
Chief exec can receive up to 700,000 shares if value of company more than triples in next five years
Playtech has put forward a new incentive plan for CEO Mor Weizer that would grant the exec up to £17m in shares if he can more than triple the company’s share price over the next five years.
The shares vest at various points as the stock prices rises, with a maximum of 700,000 shares vesting at £12.
Playtech currently trades at £3.82 on the London Stock Exchange.
A spokesperson for the supplier said the plan was backed by shareholders and was an ambitious award that showed confidence in the future of the company.
It is understood that Playtech investor Jason Ader has been lobbying for an incentive plan that tied Weizer’s pay more closely to the performance of the company.
The new plan is on top of Weizer’s existing pay package.
Ian Penrose, chairman of the remuneration committee, told The Times the plan was drawn up after “engagement with investors” and would “only reward exceptional performance.”
Ader said at an investor conference last month Playtech would be the ideal candidate for a leveraged buyout (LBO).
Julian Buhagiar, the co-founder of RB Capital, predicted this week a next step for the firm could be the sell-off of no-core assets like Tradetech.