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Employee Benefit Scheme 2008

22nd May 2009 12:33

RNS Number : 7245S
United Bank Limited
22 May 2009
 

SD/BOD-160/SEs/Meeting

20  May 2009

FAX

1. Mr. Muhammad Ghufran

Manager

Karachi Stock Exchange 

(Guarantee) Ltd.

Karachi Stock Exchange 

Building

Karachi Stock Exchange

Road,

Karachi.

2.  Mr. Rana Naveed Ahmed

Manager 

(Company's Affairs)

Lahore Stock Exchange

(Guarantee) Ltd.

19, Khayaban-e-Aiwan-

e-Iqbal,

Lahore

3. Mr. Ahmad Noman

General Manger

(Operation)

Islamabad Stock 

Exchange (Guarantee) Ltd.

Room No.308m 

Anees Plaza

101-E, Fazal-ul-Haq

Road, Bule Area Islamabad

Dear Sirs,

EMPLOYEE BENEFIT SCHEME 2008 - UNITED BANK LIMITED

We have to inform you that United Bank Ltd. ("UBL") has signed the Trust Deed in respect of UBL Employee Motivation and Retention Trust, 2008 on 20 May 2009 for setting up the Employees Benefit Scheme 2008, pursuant to the approval by the Board of Directors of UBL  in its 160th meeting held on 20 April 2009 at Islamabad. The object of this scheme is to reward, motivate and retain high performing executive and officers of UBL (" Selected Officers") by way of bonus in the form of issued shares of UBL ("Bonus Shares"). The Bonus Shares will be transferred to the Selected Officers over a span of four years in equal proportion provided they remain in the employment of UBL. For the purpose, a trust will be settled by UBL ("Trust'). UBL will advance, for the benefit of the Selected Officers, up to a sum of Rs.210,000,000/- (Rupees Two Hundred Ten Million) to the Trust.

The objects of the Trust will be inter-alia as under:

 
(a) The Trust will acquire bank’s share from open market and keep them in trust to be distributed to the Selected Officers;
 
(b) The Trust will be managed by the Board of Trustees (“Trustees”). UBL will have no involvement in the functioning of the Trust. The Trustees will be independent in running the affairs and the management of the Trust.
 

You may please inform members of your Exchange accordingly.

Yours faithfully,

Aqeel A. Nasir Aameer Karachiwalla

Company Secretary & CFO & Group Executive

Chief Legal Counsel Global Shared Services

 

c.c. to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs,

2. London Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCZGGZKMZGGLZM

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