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Share based payment
12 Months Ended
Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Share based payment
Note 24 – Share based payment
 
On July 2022, the Company granted to its employees 164,000 non-marketable options exercisable to up to 164,000 ordinary shares of the Company, which at the date of this report constitute approximately 1.18% of the Company's capital and voting rights before the grant and approximately 1.17% after the grant. Each option will allow, upon exercise, to purchase one NIS 1 ordinary share at an exercise price of NIS 55.3, adjusted to dividend and subject to adjustments that will be required if rights or bonus shares are issued. The weighted average of the Company share price during the period ending on December 31, 2022 was NIS 51.69.
 
The fair value of all the options at the time of grant was approximately NIS 3 million. The fair value of the options was measured using the Black & Scholes model, using the following average indices: standard deviation in the range of approximately 39% to 44%, and the life of the option: 3 years for the first tranche, 4 years for the second tranche and 5 years for the 3rd tranche The standard deviation was calculated based on the historical daily standard deviation of the company's stock traded on the Tel Aviv Stock Exchange.
 
The options will be exercisable in three equal annual rates starting on July 2023. An employee who was entitled to exercise the options will be able to exercise them in an additional period of 24 months since he first had the right to exercise the same number of options. Options that are not exercised by that date will expire. In the event of termination, the employee will be entitled to exercise the options whose exercise date has arrived during a period of 60 days from the date of termination. The other options will expire.
 
24.1 - Nature and scope of share-based payment plans during the period
 
During the period that ended on December 31, 2022, the Company has two share-based payment plans, as described below:
 
   
Stock options for senior management
   
Stock options for other employees
   
Total options
 
Outstanding period
 
July 2022
   
July 2022
   
July 2022
 
Granted during the year
 
75,000
   
89,000
   
164,000
 
Estimated lifespan
 
2-5 years
   
2-5 years
   
2-5 years
 
Vesting conditions
 
See note 24 above
   
See note 24 above
   
See note 24 above
 

 

24.2 - Details regarding the stock option plans

 
   
2023
   
2022
   
2023
 
   
Number
   
Weighted average Exercise price (NIS)
   
Number
   
Weighted average Exercise price (NIS)
   
Weighted average Exercise price (US Dollars)
 
Opening balance
   
164,000
     
52.76
     
-
     
-
     
14.55
 
Granted during the year
   
-
     
-
     
164,000
     
52.76
     
-
 
Expired during the year
   
(22,500
)
   
49.88
     
-
     
-
     
13.55
 
Closing balance
   
141,500
     
49.88
     
164,000
     
52.76
     
13.55
 

 

24.3 - Effect of share-based payment transactions on profit or loss for the period

 

   
Year ended December 31,
 
   
2 0 2 3
   
2 0 2 2
   
2 0 2 3
 
   
NIS
   
NIS
   
US Dollars
 
Expense arising from plans to grant shares and stock options
   
1,039
     
790
     
286