Max Stock Limited Announces Disclosure of an interested party transaction - Employment of Mr. Ori Max's son
Max Stock Limited Announces Disclosure of an interested party transaction - Employment of Mr. Ori Max's son |
| [14-August-2025] |
CAESAREA, Israel, Aug. 14, 2025 /PRNewswire/ -- Max Stock Limited (TASE: MAXO) (the "Company") today disclosed the employment by one of the Company's subsidiaries of Mr. Eliad Max, the son of Mr. Ori Max, as follows: The Company hereby announces that on August 10 and 13, 2025, the Company's remuneration committee and board of directors, respectively, approved the terms of employment of Mr. Eliad Max, the son of Mr. Ori Max, the Company's CEO and one of its controlling shareholders, in accordance with the provisions of Regulation 1B(a)(4) of the Companies Regulations (Reliefs for Interested Party Transactions), 2000 (the "Relief Regulations"). Mr. Eliad Max will be employed in a junior management reserve role at a branch operated by a subsidiary, and shall be entitled to an hourly wage as customary in the Company with respect to employees holding similar positions, as well as social benefits in accordance with applicable law, subject to the total monthly remuneration paid to Mr. Eliad Max not exceeding the average monthly salary in the market, as it may be from time to time. Due to him being a student, Mr. Eliad Max is not anticipated to be engaged in a full-time position. The remuneration committee and the board of directors examined and found that Mr. Eliad Max's salary does not exceed the average monthly salary in the market under the proposed scope of engagement, and even if he is to be engaged in a full-time position (including overtime) his salary will not exceed the average salary in the market, and is reasonable in light of the scope of employment, the nature of the role and his skills in performing the role. Additionally, according to Regulation 1B(a)(4) of the Relief Regulations, not more than two people will serve or be employed at the Company under this regulation at the same time. As of the date of this report, only one other employee is employed at another subsidiary under this regulation (Mr. Ori Max's sister), in a manner consistent with the regulation. This is an English translation of segments of a Hebrew immediate report published on August 14, 2025 (hereinafter: the "Hebrew Version"). This English version is only for convenience purposes. This is not an official translation and has no binding force. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail. About Max Stock Max Stock is Israel's leading extreme value retailer, currently present in 64 locations throughout Israel. We offer a broad assortment of quality products for customers' everyday needs at affordable prices, helping customers "Dream Big, Pay Small". For more information, please visit https://ir.maxstock.co.il Company Contacts: Talia Sessler,
SOURCE Max Stock Limited | ||
Company Codes: OTC-BB:MAXFF,OTC-PINK:MAXFF,TASE:MAXO,TelAviv:MAXO,TelAviv:MAXO.TA |
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