The Union Bank of Colombo has announced an Employee Share Option Plan (ESOP) under which key executives and directors of the Company will be provided share options to encourage them to continue in the employment of the bank and its subsidiaries and to improve their growth, profitability and financial success.
The bank has summoned an extraordinary general meeting on June 17 to obtain shareholder approval for this proposal.
The conversion of the options into shares will be at a pre-determined exercise price calculated on the volume weighted average price on the company’s share during the 30 market days immediately preceding the grant date of the option.
Details of the ESOP conveyed to shareholders said that the key executives of the company or its subsidiaries and other employees and directors who, in the judgment of the Human Resources and Remuneration Committee of the board or any other committee appointed by the board from time to time to administer the ESOP will be eligible to participate in it.
The bank intends to grant the options to eligible employees from time to time from June 17, 2015 to June 16, 2025 of up to 45.6 million options covering that many ordinary shares comprising 4.17% of the issues shares of the company.
No employee will be entitled to acquire more than 1% of the total number of issued ordinary shares except under exceptional circumstances.
www.island.lk
The conversion of the options into shares will be at a pre-determined exercise price calculated on the volume weighted average price on the company’s share during the 30 market days immediately preceding the grant date of the option.
Details of the ESOP conveyed to shareholders said that the key executives of the company or its subsidiaries and other employees and directors who, in the judgment of the Human Resources and Remuneration Committee of the board or any other committee appointed by the board from time to time to administer the ESOP will be eligible to participate in it.
The bank intends to grant the options to eligible employees from time to time from June 17, 2015 to June 16, 2025 of up to 45.6 million options covering that many ordinary shares comprising 4.17% of the issues shares of the company.
No employee will be entitled to acquire more than 1% of the total number of issued ordinary shares except under exceptional circumstances.
www.island.lk
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