SalMar Unveils New Share-Based Incentive Scheme
SalMar ASA is excited to announce the establishment of a share-based incentive scheme, officially known as the Restricted Share Unit Plan (RSUP), aimed specifically at senior executives and key personnel employed by the company and its subsidiaries. This initiative follows the authorization granted by the company's Annual General Meeting on June 6, 2024.
The Outline of the RSUP
This incentive scheme includes up to 300,000 shares and will span a duration of three years. SalMar's obligation regarding this scheme will be fulfilled using its existing treasury shares, with a current holding of 114,554 treasury shares as of December 19, 2024. This program is strategically designed to encourage a long-term commitment among employees, fostering a greater alignment between their interests and those of the shareholders.
Goals of the Incentive Scheme
The RSUP aims to motivate employees to actively participate in the company’s success, driving profitability and excellent results. By introducing performance-driven restricted share units (RSUs), SalMar not only encourages performance but enhances its competitive edge in attracting and retaining exceptional talent.
How the Plan Works
Participants in the RSUP will receive RSUs at no cost. These units will be converted into actual shares once specific performance criteria are satisfied during designated accrual periods. The plan is structured into three distinct accrual periods of one, two, and three calendar years, with 2024 serving as the inaugural year. Under this system, each RSU corresponds to a potential share.
Performance Criteria for RSUs
To ensure effective distribution of RSUs throughout the three-year period, certain criteria have been established:
- The award of 1/3 of the RSUs is granted without any performance criteria.
- 1/3 of the RSUs will be contingent on SalMar achieving a specific Earnings Before Interest and Taxes per kilogram benchmark compared to other aquaculture companies listed on the Oslo Stock Exchange.
- Lastly, the final third is based on SalMar's total shareholder return outpacing a defined group of comparable companies throughout each accrual period.
It is essential that all participating individuals remain employees of SalMar or its subsidiaries during the accrual of their RSUs. Notably, the maximum gain from released RSUs in any calendar year will not surpass 100% of the participant's base salary. Furthermore, any equity adjustments related to dividends will be made to safeguard the value of the RSU allocation.
Effective Date and Participation
The RSUP officially takes effect on December 19, 2024, encompassing senior executives and key personnel within SalMar and its subsidiaries. This initiative reflects SalMar's commitment to reward employees who actively contribute to the company's vision and growth.
Distribution of Restricted Share Units
On the effective date, several primary insiders will receive RSUs, ensuring their investments align with the company's performance. Below are the allocations:
Frode Arntsen: 4,190 RSUs
Roger Bekken: 2,984 RSUs
Eva Haugen: 1,443 RSUs
Håkon Husby: 1,082 RSUs
Ingvild Kindlihagen: 498 RSUs
Runar Sivertsen: 2,094 RSUs
Ulrik Steinvik: 2,406 RSUs
Arthur Wisniewski: 1,732 RSUs
Simon Søbstad: 2,308 RSUs.
Current Share Holdings
Following the grant of RSUs, here is the updated position for primary insiders:
Frode Arntsen: 9,377 RSUs and 9,324 shares
Roger Bekken: 6,583 RSUs and 16,259 shares
Eva Haugen: 3,186 RSUs and 884 shares
Håkon Husby: 2,381 RSUs and 2,190 shares
Ingvild Kindlihagen: 1,095 RSUs and 276 shares
Runar Sivertsen: 4,182 RSUs and 5,959 shares
Ulrik Steinvik: 5,311 RSUs and 121,855 shares
Arthur Wisniewski: 3,820 RSUs and 3,776 shares
Simon Søbstad: 4,742 RSUs and 1,737 shares.
This incentive scheme not only highlights SalMar's dedication to rewarding its employees but also illustrates the commitment to fostering a culture driven by shared success.
Frequently Asked Questions
What is the purpose of the Restricted Share Unit Plan?
The primary purpose is to align the interests of employees with shareholders and motivate commitment to the company’s long-term success.
When will the RSUP become effective?
The Restricted Share Unit Plan officially takes effect on December 19, 2024.
How are the RSUs awarded?
RSUs are awarded based on performance criteria and will be converted into shares once these criteria are met.
Who qualifies for the RSUP?
Senior executives and key personnel employed by SalMar ASA and its subsidiaries qualify to participate in the scheme.
What happens to the RSUs in the event of a dividend payout?
The number of RSUs is adjusted to preserve the value of the RSU allocation without increasing the total awarded.
