The board of SpareBank 1 Østlandet has decided to continue the savings program for employees in the group for 2023. The board has expressed an objective and a wish that an ongoing savings programs in equity certificates should be part of the bank’s incentive system.
Permanent employees of the bank and the bank’s subsidiaries can participate in the savings program. The purpose of the program is to motivate the group’s employees to become owners of the bank and at the same time ensure increased attention both in relation to strategic goals, as well as ongoing value creation and development.
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Employees are invited to save a fixed amount a month to buy equity certificates in the bank. Employees who sign up for the savings scheme will be able to save an annual amount of either NOK 6,000, 12,000, 18,000 or 24,000 through a monthly deduction from salary in the period January to December 2023. The savings amount will be used to buy equity certificates in SpareBank 1 Østlandet on behalf of the employees participating in the savings program.
SpareBank 1 Østlandet aims to complete the purchase of equity certificates in the market every quarter on the day or days following the presentation of the results for the first, second and third quarters of 2023, respectively, and, if necessary, again in the fourth quarter of 2023. SpareBank 1 Markets will acquire the equity certificates on behalf of the bank.
The employees will be allocated equity certificates as soon as possible after the completion of the individual repurchases. Employees will be allocated the equity certificates at the same rate as SpareBank 1 Østlandet pays, ie market rate, without any kind of discount. The purchase price and the number of shares acquired by the bank will be announced in accordance with current regulations.
Two years after each allocation in the savings program for 2023, employees who have not disposed of any of the equity certificates purchased through the savings program during 2023 will be allocated free equity certificates (bonus certificates). The bonus certificates that will be distributed in 2025 will be awarded in arrears every quarter after the end of the corresponding period as two years earlier. Two equity certificates purchased through the savings program in the corresponding period in 2023 will entitle one bonus certificate.
See the table below for an overview of primary insiders in SpareBank 1 Østlandet who have signed up for the savings program for 2023. The amounts stated are total savings amounts for 2023. Number of equity certificates allocated and purchase price for the equity certificates sold to the individual primary insider according to the savings program, will be announced at the times of resale of equity certificates to employees.
Name Registered with amount (NOK)
Bolstad, Geir-Egil 24,000
Gisnås, Kari Elise 24,000
Heiberg, Richard H. 24,000
Hoberg, Dag-Arne 24,000
Larsen, Vibeke H. 24,000
Mejlænder-Larsen, Espen 24,000
Murud, Liv Krokan 24,000
Nordheim, Vidar 24,000
Norland, Catherine 12,000
Nybakk, Magnar 24,000
Smedstad, Sjur 24,000
Stenseth, Siv 24,000
Ørbæk, Elin G. B. 24,000
Hamar, 6 December 2022
Contact person: Geir-Egil Bolstad, CFO, phone: +47 91 88 20 71, e-mail: geir-egil.bolstad@sb1ostlandet.no
This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.
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