CORRECTION: SpareBank 1 SR-Bank ASA: Trading of own shares as part of employee's bonus scheme
SpareBank 1 SR-Bank ASA has on 21 March 2012 purchased 150 000 own shares at an average price of NOK 43,13. Total holdings of own shares after the purchase is 270 988 shares.
The shares were acquired as part of SpareBank 1 SR-Bank's bonus scheme where part of the settlement takes place through the allocation of shares. Based on the results achieved in 2011, employees will be assigned approximately 251 000 shares on 20 April 2012. In addition,SpareBank 1 SR-Bank has a commitment to allocate additional shares in individual bonuses equivalent to about NOK 10 million. The required number of shares will be acquired after the previously announced rights issue is completed.
General information about the bonus scheme
SpareBank 1 SR-Bank has a bonus scheme which includes all employees. The general bonus is determined as an equal percentage of salary, and can amount to 1.5 months salary. The general bonus is paid by half in cash and half in the form of shares issued by SpareBank 1 SR-Bank ASA. Employees who choose to retain the shares received at least one year will receive 1/2 extra share ("loyalty shares") per share previously awarded.
SpareBank 1 SR-Bank also has an arrangement with individual bonus that can be used as a tool for to reward extraordinary performance. Any individual bonus can as a general rule maximum constitute 25 percent of base salary including the general bonus. The individual bonus will be paid by half in cash and half in the form of shares issued by SpareBank 1 SR-Bank ASA, but all such shares will be paid to the employee by up to one third each of the next three years.
Contacts:
Thor-Christian Haugland, Executive Vice President Communications, phone +47 480 31 633
Vidar Torsøe, Vice President Investor Relations, phone +47 970 80 656