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SpareBank 1 SMN: Continued savings programme for employees

Sparebank 1 SMN
·2-min read

The Board of Directors of SpareBank 1 SMN has decided to continue the savings scheme for employees in 2021, 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 2021 by enrolling in the savings scheme in December 2020. For 2021 the bank offers a scheme enabling employees to save either NOK 6,000, NOK 12,000 or NOK 24,000 per year through a monthly salary deduction from January to December 2021. 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 1(st), 2(nd) and 3(rd) quarter results, and early-December 2021. 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 2021, 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 2021. The amounts listed are total amounts for 2021. 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)
Arne Nypan 24,000
Berit Rustad 24,000
Camilla Stang 6,000
Cathrine Aunvik 24,000
Hans Tronstad 24,000
Inge Lindseth 24,000
Jan-Frode Janson 24,000
Kjell Fordal 24,000
Margrete L. Resellmo 6,000
Nelly Maske 24,000
Oddny Lysberg 24,000
Ola Neråsen 24,000
Rolf Jarle Brøske 24,000
Tomm Bøyesen 24,000
Unni Larsen 24,000

Trondheim, 15 December 2020

Contact person in SpareBank 1 SMN: CFO, Kjell Fordal, tel, +47 905 41 672

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act