The incentive scheme
The aim of the scheme is to combine the interests of owners and key persons in order to increase the value of the Company in the long term, and to commit the key personnel to implement the Company's strategy, objectives and long-term interest and to provide them with competitive earnings of the Company's shares and a remuneration scheme based on accrual.
The incentive scheme 2022-2023 has one two-year earning period and a commitment period of 1-5 years. The fees payable under the scheme corresponds to a maximum value of 400,000 shares of Oma Savings Bank Plc, including the amount to be paid in cash.
The possible remuneration of the scheme is based on a comparative cost-income ratio, an increase in operating income (by comparative figures), and customer and employee satisfaction. The reward is paid after the end of the earnings period in approximately three years in four instalments. The remuneration is paid in part in shares of the Company and partly in cash. The purpose of this contribution is to cover taxes and parafiscal charges incurred by the key person on the fee. If a key person's employment or job is terminated before the remuneration is paid, the remuneration is not, as a rule, paid. Shares paid as a reward may not be transferred during the one-year waiting period for the shares.
The CEO of the Company and a member of the Group Management Team must hold at least 50 per cent of the net shares paid under the scheme until the value of the CEO's share ownership in the Company is equal to the value of his gross annual salary and, accordingly, the shareholding of a member of the Group’s Management team in the Company is equal to half the value of his/her annual gross salary. This amount of shares shall be held for as long as the CEO's term of office or membership of the Group Management Team continues.