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OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 28 FEBRUARY 2025 AT 9.00 A.M., OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE
The Board of Directors of Oma Savings Bank Plc launches a new program period for the share savings plan for all personnel
The Board of Directors of Oma Savings Bank Plc (“OmaSp or Company”) has decided to continue the employee share savings plan (“OmaOsake”) established in February 2024.The details of the new plan period correspond to the details of the previous plan period.
The OmaOsake offers the personnel the opportunity to invest part of their regular salary in the Company’s shares. By encouraging employees to acquire and own shares in the Company, the Company seeks to align the objectives of shareholders and employees in order to increase the value of the Company in the long term. The aim is also to support employee motivation and commitment as well as the Company’s corporate culture and management model.
The OmaOsake consists of annually commencing plan periods, each with a 12-month savings period followed by a holding period of approximately two years.
Under the OmaOsake, employees save part of their salary, and the savings are used to subscribe for Oma Savings Bank Plc shares (“savings shares”) twice a year in directed share issues arranged by the Company in connection with interim reports. The intention is that the shares will be offered for subscription in share issues at a discount of 10 percent.
Participants have the opportunity to receive one free matching share (gross) per two savings shares or one savings share, depending on the achievement of the performance criteria. If the performance criteria are not fulfilled, the participants will receive one matching share per three savings shares. As a rule, the receipt of the matching shares is subject to continued employment and holding of savings shares for the holding period ending 31 March 2028. The second savings period starts on 1 April 2025 and ends on 31 March 2026.
The potential reward will be paid partly in shares and cash after the end of the holding period. The cash proportion is intended to cover taxes and statutory social security contributions arising from the reward. The matching shares are freely transferable after they have been recorded on the participant’s book-entry account. Savings shares and matching shares are ordinary shares in Oma Savings Bank Plc entitling to dividends.
In accordance with financial sector legislation, the rewards for certain persons working in risk-taking positions will be paid in a deferred schedule so that the matching shares will be paid to the participants in five instalments over a period of approximately four years after the end of the holding period. In this case, the payment of the reward instalment is followed by a one-year retention period, during which the participant cannot transfer the shares paid as reward.