INFORMATION NO. 38 – 12 FEBRUARY 2021
In line with the accepted wage policy for NORDEN, the company has decided to implement a limited allowance program for 2021 similar to the one in 2020.
The overall purpose of the program is to ensure stakeholder engagement and to reward long-term and dedicated work that is considered valuable to NORDEN.
Restricted shares will be provided free of charge and will be restricted for a 3 year sale period. The program is expected to be covered by finance sections. The total number of shares allocated for this program is 76,365 and the total value of the program is USD 1,437,494 (DKK 8,811,834) based on the weighted average price of NORDEN shares as of February 11, 2021, it is sin DKK 115.39.
Restricted shares will be issued to Senior Managers, a core group of managers and experts and other specialized employees and when required the recipient will receive 1 NORDEN portion of 1 designated DKK for each published restricted share.
The decision to award limited allowances is made annually by the Board of Directors. In addition to being employed by NORDEN at the time of grant of the restricted shares there are no conditions attached to the grant. A grant of restricted shares in one year does not entitle the recipient of restricted shares in subsequent years. When a acquirer retires during the sale period, restricted non-selling shares will disappear.
Kind regards
Dampskibsselskabet NORDEN A / S.
Klaus Nyborg
Chairman of the board
For more information:
Klaus Nyborg, Chairman, tel: +45 3315 0451
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No.38 NORDEN implements 2021 limited allowance program