Company: PERI
Filing Date: 2025-03-25
Form Type: 20-F
Source: 0001178913-25-001021
Chunk: 98

Company: Perion Network Ltd.
Filing Date: 2025-03-25
Form: 20-F
Item: Item 6
Chunk 98
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utive directors (other than our chairperson of the Board), with a variable value based on the role held by each such member of the board of directors. Accordingly, effective as of October 1, 2024, each non-executive director was granted an annual RSU grant according to his or her role, with a value as follows:
 

•   chairperson of our Audit Committee: $177,500;
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•   chairperson of our Compensation Committee: $175,000;
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•   chairperson of our Nominating and Governance Committee: $172,500; and
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•   other non-executive directors: $165,000.
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The compensation we paid to our chairman of the board of directors, Mr. Kaplan, for the year ended December 31, 2024, was $125,000, as approved by our shareholders on June 30, 2022, paid in four quarterly payments and reimbursement of out-of-pocket expenses incurred in connection with Mr. Kaplan’s services as chairman. Mr. Kaplan is also entitled to indemnification and liability insurance as provided to other members of the board of directors. Mr. Kaplan’s services agreement also includes customary non-disclosure, non-compete, and ownership assignment of intellectual property undertakings.
 
At the 2024 AGM, our shareholders approved an amendment to the terms of the equity-based compensation paid to Mr. Eyal Kaplan, in his capacity as the chairperson of our Board, setting his annual compensation at $270,000 per vesting annum, effective as of October 1, 2024. The RSUs shall vest on a quarterly basis, in equal tranches, during the year following the grant. All unvested RSUs held by a chairperson in office will automatically vest upon a Change of Control event (as defined below).
 
In addition, following the approval of the annual general meeting of our shareholders held on February 6, 2020, and subject to the continued engagement as our chairman of the board of directors, Mr. Kaplan was granted a one-time grant of options to purchase 90,000 Ordinary Shares with a 3-year vesting schedule (the options vest quarterly in equal tranches over a three-year period), which commenced on May 9, 2021, at an exercise price of $6.56 per share. The fair market value per vesting annum of these options and an additional grant was deducted from the annual grants of RSUs awarded to Mr. Kaplan