Norsk Hydro: Primary insiders purchase shares under Long Term Incentive program and shares to employees
April 03 2017 - 5:33AM
Norsk Hydro ASA has a share-based Long Term Incentive (LTI) in
the form of a remuneration of 30 percent and 25 percent of annual
base salary for the President and CEO and the other members of the
Corporate Management Board respectively. The LTI payment requires
that Hydro had a positive underlying EBIT in the previous year. The
participants will be required to invest the net amount after tax in
Hydro shares and such shares must be held for at least three
years.
The terms of the LTI-plan are changing in 2017, to a potential
of 30% remuneration for all members of the CMB and payments will
hereafter be based partly on achieved return on capital employed,
and partly on return on capital employed measured against a
weighted average of return on capital employed from comparable
companies.
The following primary insiders have on April 3rd 2017, acquired
Hydro shares under the above-mentioned program at NOK 48.83 per
share.
Name |
Acquired shares |
Holding after LTI purchase |
President and CEO Svein Richard Brandtzæg |
20 351 |
230 964 |
Executive Vice President and CFO Eivind Kallevik |
8 222 |
50 024 |
Executive Vice President Arvid Moss |
8 222 |
146 692 |
Executive Vice President Hilde Merete Aasheim |
8 833 |
81 776 |
Executive Vice President Kjetil Ebbesberg |
8 715 |
47 346 |
Executive Vice President Anne-Lene Midseim |
6 571 |
20 710 |
Executive Vice President Inger Sethov |
6 012 |
18 673 |
Executive Vice President Hanne Karine Simensen |
6 571 |
19 135 |
A total of 73 497 shares have been sold by Hydro to the
participants in the Long Term Incentive program. Hydro holds 26 030
663 own shares after this transaction and the number of outstanding
shares are 2 042 967 613.
In addition, all employees employed by Norsk Hydro in Norway
have been offered to purchase shares valued at NOK 25 000, with a
50 percent discount, under a general arrangement offered each year.
For employees taking part in this arrangement, the share price is
NOK 24.41 per share, for 511 shares, which will be sold from
Hydro's position of treasury shares by the start of May 2017.
The following primary insiders have under the scheme each agreed
to purchase 511 shares:
- President and CEO Svein Richard Brandtzæg
- Executive Vice President and CFO Eivind Kallevik
- Executive Vice President Arvid Moss
- Executive Vice President Hilde Merete Aasheim
- Executive Vice President Kjetil Ebbesberg
- Executive Vice President Anne-Lene Midseim
- Executive Vice President Inger Sethov
- Executive Vice President Hanne Simensen
- Employee representative to the Board of Directors Billy
Fredagsvik
- Employee representative to the Board of Directors Ove
Ellefsen
- Employee representative to the Board of Directors Sten Roar
Martinsen
- Company Secretary Ingeborg Margrethe Liahjell
Investor contactContact Stian HasleCellular +47 97736022E-mail
Stian.Hasle@hydro.com
Press contactContact Halvor MollandCellular +47 92979797E-mail
Halvor.Molland@hydro.com
Cautionary noteCertain statements included in this announcement
contain forward-looking information, including, without limitation,
information relating to (a) forecasts, projections and estimates,
(b) statements of Hydro management concerning plans, objectives and
strategies, such as planned expansions, investments, divestments,
curtailments or other projects, (c) targeted production volumes and
costs, capacities or rates, start-up costs, cost reductions and
profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and
demand and competition, (e) results of operations, (f) margins, (g)
growth rates, (h) risk management, and (i) qualified statements
such as "expected", "scheduled", "targeted", "planned", "proposed",
"intended" or similar.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that,
by their nature, involve risk and uncertainty. Various factors
could cause our actual results to differ materiallyfrom those
projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued
ability to reposition and restructure our upstream and downstream
businesses; changes in availabilityand cost of energy and raw
materials; global supply and demand for aluminium and aluminium
products; world economic growth, including rates of inflation and
industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political
factors.
No assurance can be given that such expectations will prove to
have been correct. Hydro disclaims any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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