Avery More

About Avery More

Avery More (age 70) has been Chairperson of SolarEdge’s Board since November 7, 2024 and a director since 2006. He was the company’s sole seed investor via ORR Partners and continues to invest through ORR Partners, Innoventions Capital, and More Family Investments. Previously, he served as President and CEO of CompuCom Systems (1989–1993). He currently sits on several private company boards, including BuzzStream, AppDome, HolistiCyber Ltd., senseIP, and SageCyber .

Past Roles

External Roles

Board Governance

Fixed Compensation

Director cash retainer framework (2024; 20% voluntary reduction effective July 1, 2024 and continued indefinitely on Mar 25, 2025):

Notes:

• Board voluntarily reduced cash retainers by 20% effective July 1, 2024; continued indefinitely March 25, 2025, signaling cost discipline and alignment with shareholders .

Performance Compensation

Program design and vesting:

• 2024 equity program: initial RSU award $150,000 (new directors) vests in equal annual installments over 3 years; annual RSU $195,000 for non-chair directors and $425,000 for the Chairperson, vesting in full on the earlier of one year from grant or next AGM, subject to service; vesting acceleration on death or disability; directors reimbursed for Board-related expenses .
• Example (2023 grants): 661 RSUs granted June 1, 2023 to each director (grant date fair value $194,830), vesting June 1, 2024 .

Vesting detail

No director performance metrics (e.g., revenue, TSR) are used; director equity is time-based, consistent with governance best practices for independence .

Other Directorships & Interlocks

Expertise & Qualifications

• Board skills matrix assigns Mr. More strengths in leadership/executive experience, knowledge of the company’s business, international exposure, innovation/technology, independence, and sustainability/human capital; tenure 18 years as of April 26, 2024 .
• Background as seed investor and long-serving director provides continuity; Board explicitly evaluated and affirmed his independence despite long tenure .

Equity Ownership

Historical reference (as of Apr 8, 2024): 59,085 common shares; 661 RSUs vesting within 60 days; plus 5,000 (CRUT), 9,000 (More Family 2020 DT LLC), 1,000 (More Generations Trust), 1,000 (Yaron Generations Trust), 1,700 (spouse, disclaimed) .

Ownership policy and alignment:

• Company has stock ownership and share retention policies for directors and executives (policy referenced in governance materials) .

Governance Assessment

• Strengths

  • Chairperson since Nov 2024 with long company tenure and deep technical oversight via prior Technology Committee chair role; continued service on Technology and Nominating/Corporate Governance Committees supports Board effectiveness in product risk, cyber, and succession/governance processes .
  • Independence affirmed annually; Board specifically reviewed potential tenure-related concerns and concluded independence is intact; independent director executive sessions held at each regular meeting .
  • Strong engagement signal: Board-wide 20% cut to cash retainers from July 2024, continued indefinitely in 2025; director equity is time-based RSUs, aligning with shareholder interests while preserving independence .
  • Attendance: At least 81% of Board meetings and 100% of committee meetings for all directors in 2024, indicating adequate engagement .
  • No compensation committee interlocks disclosed; clean related-party posture in recent historical disclosure (FY2022) .

• Potential Watch Items / RED FLAGS

  • Long tenure (on Board since 2006) can raise independence/perception concerns; Board has addressed explicitly, but investors often scrutinize extended tenure for entrenchment risk .
  • Significant share ownership and involvement through various family/trust entities (e.g., CRUT, family LLC) necessitate continued monitoring for any related-person transactions; none were disclosed for FY2022; 2025 proxy maintains standard related-party review protocols (topic listed and governed by Audit Committee) .
  • Role transition: shift from Compensation and Technology Committee chair (2023) to Board Chair and committee member (2025) is appropriate, but investors should monitor committee leadership continuity and workload distribution .

• Net view for investor confidence

  • Mr. More brings deep institutional knowledge, material equity alignment, and active governance roles. Independence is formally assessed and affirmed despite tenure. The retainer reduction and time-based equity structure are shareholder-friendly. Continued vigilance on related-party matters and succession/refreshment will remain important .

Director Compensation (Detail)

Program specifics (2024): annual RSUs $195,000 for directors and $425,000 for the Chairperson; initial director RSU $150,000 (3-year ratable vesting); annual awards vest in full at 1-year or next AGM; chairs do not earn additional “member” fees for committees they chair; director expense reimbursement; acceleration upon death/disability .

Committee Experience Snapshot (historical)

Related-Party Oversight

• Policy: Audit Committee pre-approves related-person transactions; formal written policy adopted and summarized in proxy .
• Disclosure: No related-person transactions requiring disclosure since the beginning of the last fiscal year in FY2022 disclosure .

Attendance and Meeting Practices

Notes on Ownership History (for context)

The company also references stock ownership/retention policies applicable to directors (policy referenced in governance section) .

Summary Signals for Investors

• Positive: Independence reaffirmed despite long tenure; strong equity alignment; cost-conscious cash retainer reductions; robust committee oversight (technology and compensation) and attendance; no interlocks; policy-based related-party oversight .
• Watch: Long tenure and significant historical investment relationships (ORR Partners, family entities) warrant ongoing monitoring; ensure chair workload does not dilute committee leadership expertise and that board refreshment continues .