The top executives of listed online retailer Kogan could be set for a multimillion-dollar payday after the company’s board proposed a generous remuneration plan following a coronavirus-induced boom in sales.
Founder and chief executive Ruslan Kogan is set to receive 3.6 million options at the volume-weighted average price (VWAP) of Kogan shares for the three-month ending April 30, provided he does not retire before the approval of the 2022-23 financial year annual report.
Similarly, chief financial officer and operating officer David Shafer would receive 2.4 million options. The incentives do not have a vesting period and would require shareholder approval at the company’s annual general meeting later this year.
Based on Kogan’s $7.99 share price on April 30, Mr Kogan’s options would be worth $28.7 million and Mr Shafer’s around $19.1 million. However, sources told The Age and The Sydney Morning Herald the VWAP for the period is around $5.30, pricing the total options at $31.8 million.