PRO - SpareBank 1 SMN : Continued savings programme for employees
The Board of Directors of SpareBank 1 SMN has decided to continue the savings scheme for employees in 2019, who are invited to buy equity certificates issued by the bank.
All employees of the bank and its subsidiaries are invited to participate in the savings programme. The object of the programme is to motivate employees to become co-owners of the bank and the same time to increase interest in the bank's strategy and results.
Employees commit themselves to a fixed savings amount for 2019 by enrolling in the savings scheme in December 2018. For 2019 the bank offers a scheme enabling employees to save either kr. 6,000, kr. 12,000 or kr. 24,000 per year through a monthly salary deduction from January to December 2019. The savings amount will be used to buy equity certificates in SpareBank 1 SMN on behalf of the participating employees. The amounts are fixed for the year and cannot be changed during the period of the programme.
The bank will aim to acquire the equity certificates in the day(s) following the publication of 1st, 2nd and 3rd quarter results, and early-December. SpareBank 1 Markets will acquire the equity certificates on behalf of the bank. The equity certificates will be distributed to the employees as soon as possible after the acquisition at the same price the bank paid in the open market without any form of discount. Purchase price and number of equity certificates purchased by the bank will be published in accordance with the current rules for trading in own shares.
After 2 years of consecutive ownership of the equity certificates purchased in the savings programme for 2019, all employees will receive one free equity certificate for every two purchased under the programme.
The table below lists all primary insiders of SpareBank 1 SMN participating in the savings programme for 2019. The amounts listed are total amounts for 2019. Purchase price and number of equity certificates purchased by each primary insider will be published after the completion of each transaction.
Name Savings amount (NOK)
| Berit Rustad |
| 24,000 |
| Erik Gunnes |
| 24,000 |
| Finn Haugan |
| 24,000 |
| Kjell Fordal |
| 24,000 |
| Hans Tronstad |
| 24,000 |
| Kjersti Hønstad |
| 24,000 |
| Margrete L. Resellmo |
| 6,000 |
| Nelly Maske |
| 24,000 |
| Ola Neråsen |
| 24,000 |
| Rolf Jarle Brøske |
| 24,000 |
| Venche Johnsen |
| 24,000 |
Trondheim, 14 December 2018
Contact person in SpareBank 1 SMN:
CFO, Kjell Fordal, tel, +47 905 41 672
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire