Savings programme for employees
Reference is made to the stock exchange announcement dated 14 March 2019 on the introduction of a share savings program for employees of SpareBank 1 SR-Bank . The purpose of the programme is to motivate employees to become co-owners of the bank and also to raise interest concerning the bank’s strategy and results. The Board of Directors of SpareBank 1 SR-Bank has decided to continue the scheme for 2020.
Employees are invited to save a fixed amount per month to buy shares in the bank. Employees who register for the savings programme can choose to subscribe the shares corresponding to either NOK 6,000, NOK 12,000, NOK 24,000 or NOK 30,000 in total for the period from January to December 2020. The savings amount the individual chooses to save in 2020 will be shared equally over 12 months and will be paid through monthly salary deductions.
SpareBank 1 SR-Bank will purchase shares on behalf of the employees who take part in the savings programme. The bank will give the employees a 30% discount on the average purchase price. The employees must agree to a 2-year tie-in period for the shares. SpareBank 1 SR-Bank aims to purchase shares in the market each quarter on the day or the days after presentation of the results for the 1st, 2nd and 3rd quarters of 2020 respectively, and in the beginning of December 2020. The purchase price and number of shares acquired by the bank will be reported in accordance with applicable regulations.
Enclosed please find a summary of the primary insiders at SpareBank 1 SR-Bank who have registered for the 2020 equity savings programme. The amounts stated are the total amounts for 2020 the individual has subscribed for. The number of shares allocated to individual primary insiders under the savings programme will be announced at the times for resale of the shares to the employees.