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MercadoLibre , Inc. (NASDAQ:MELI) announced that its board of directors approved a new compensation plan for independent directors and authorized a share repurchase program, according to a statement released Friday in a Securities and Exchange Commission filing.
The board approved the "Compensation Plan for Independent (LON:IOG) Directors" on Tuesday, setting compensation for independent directors for the one-year periods beginning at the annual shareholders’ meetings in 2025, 2026, and 2027. Under the plan, each independent director will receive an annual cash retainer of $90,000 and an equity award valued at $150,000, based on the market value of MercadoLibre’s common stock. The equity awards will be issued either as restricted stock or restricted stock units, subject to vesting and transfer restrictions until the next annual shareholders’ meeting.
Additional annual cash retainers will be provided for certain board roles: $15,000 for the chair of the Nominating and Corporate Governance Committee, $30,000 for the lead independent director, and $21,913 each for the chairs of the Audit and Compensation Committees. Compensation will be prorated for directors who serve less than a full year. Directors will also be reimbursed for travel and out-of-pocket expenses related to board and committee meetings.
The board also authorized the company to repurchase up to $4,050,000 of its common stock through open-market transactions, derivatives, or trading plans, subject to compliance with applicable securities laws. The timing and amount of repurchases will depend on market conditions, the company’s liquidity needs, and other factors. The program expires on June 30, 2027, and may be suspended or discontinued at any time. Repurchased shares may be used for general corporate purposes, including funding the director compensation plan.
This information is based on a press release statement included in MercadoLibre’s recent SEC filing.
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