In accordance with the authorisation granted by the AGM on 4 June 2014, the board of directors of SalMar ASA has decided to establish a share-based incentive scheme (Restricted Share Unit Plan) for senior executives and key personnel employed by the company and its subsidiaries. The scheme encompasses up to 351,336 shares and has a duration of three years. The company's liability with respect to the scheme will be met through existing holdings of treasury shares. As of 3 December 2014, SalMar ASA holds 1 300 000 treasury shares.
The purpose of the share-based incentive scheme (RSUP) is to encourage employees to maintain a deep, long-term engagement in the company, through a further alignment of the employees' interests with those of other shareholders. Under the RSUP, participating individuals will be awarded shares to motivate them to contribute to the continued success and profitability of the company, as well as deliver outstanding results. The RSUP will also enhance SalMar's ability to attract and retain staff.
Under the RSUP, participants will receive, free of charge, Restricted Share Units (RSUs), which, if certain predefined performance criteria are met within an accrual period, will be released and transferred to them as shares. The RSUP comprises three accrual periods of one, two and three calendar years respectively, with 2014 being the first year. Each accrual period encompasses 1/3 of the total number of RSUs included in the scheme. One RSU gives a contingent entitlement to one share. The following criteria determine the award of RSUs during each of the three accrual periods:
- Award of 1/3 of the RSUs is independent of any performance criteria.
- Award of 1/3 of the RSUs depends on SalMar achieving a certain EBIT/kg more than other aquaculture companies listed on the Oslo Stock Exchange during the accrual period
- Award of 1/3 of the RSUs depends on SalMar's shares achieving a higher total shareholder return (TSR) than a defined group of comparable companies during the accrual period.
Accrual of RSUs under the scheme presumes that the individual is an employee of SalMar or a participating subsidiary. The total gain from released RSUs during one calendar year shall not exceed 100 per cent of the participant's basic salary.
The RSUP goes into effect on 3 December 2014 and encompasses senior executives and key personnel at SalMar and its subsidiaries, of whom the following are primary insiders (including related companies), have been allocated the number of RSUs stated bellow:
- Leif Inge Nordhammer, CEO, RSUs: 12 110
- Trond Tuvstein, CFO, RSUs: 7 099
- Olav Andreas Ervik, Director Farming, RSUs: 6 755
- Eva Haugen, Director Quality Management/HSE/HR, RSUs: 4 662
- Ulrik Steinvik, Chief Business Analyst, RSUs: 6 652
- Tonette Bjørgård, Head of Accounting, RSUs: 4 660
- Pål Storø, Board member SalMar ASA - Employee representative, RSUs: 3 599
- Hanne Tobiassen, Board member SalMar ASA - Employee representative, RSUs: 2 695
- Runar Sivertsen, IRO, RSUs: 2 589
The total number of shares and RSUs for the above-mentioned primary insiders are stated in the attachment to this notice. The attachments shows the total holdings of shares and RSU-rights of the primary insiders in SalMar ASA.
For more information, please contact:
CFO Trond Tuvstein,
Tel: + 47 918 53 139
Email: trond.tuvstein@salmar.no
Website: www.salmar.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
