Following approval by Norsk Hydro ASA's Annual General Meeting in 2010, the Board of Directors established a 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. The LTI payment requires that Hydro has 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 following primary insiders will on April 2, 2014, acquire Hydro shares under the above mentioned program at NOK 29.70 per share.
|Name||Shares to be acquired||Holding after LTI purchase|
|President and CEO Svein Richard Brandtzæg||30 611||160 229|
|Executive Vice President and CFO Eivind Kallevik||11 285||20 739|
|Executive Vice President Wenche Agerup||12 311||54 698|
|Executive Vice President Oliver Bell||19 922||70 553|
|Executive Vice President Arvid Moss||12 400||117 349|
|Executive Vice President Hilde Merete Aasheim||13 298||50 363|
|Executive Vice President Johnny Undeli||14 253||52 858|
A total of 121,271 shares will be sold by Hydro to the participants in the Long Term Incentive program.
Hydro holds 30,087,972 own shares after this transaction and the number of outstanding shares are 2,038,910,304.
In addition, all employees employed by Norsk Hydro in Norway have been offered to purchase shares valued at NOK 10,000, with a 25 percent discount, under a general arrangement offered each year. For employees taking part in this arrangement, the share price is NOK 22.28 per share, for 336 shares, and will be transferred by the end of April 2014.
The following primary insiders have under the scheme each agreed to purchase 336 shares:
- President and CEO Svein Richard Brandtzæg
- Executive Vice President and CFO Eivind Kallevik
- Executive Vice President Wenche Agerup
- Executive Vice President Arvid Moss
- Executive Vice President Hilde Merete Aasheim
- Executive Vice President Johnny Undeli
- 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 Anne-Lene Midseim
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments 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, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
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 materially from 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 aluminium business; changes in availability and 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.