StatoilHydro's share savings plan
Since 2004, Statoil, and subsequently StatoilHydro, has had a share savings plan for all employees of the group. The purpose of this plan is to strengthen the business culture and encourage loyalty through employees becoming part-owners of the company.
Through regular salary deductions, employees can invest for an amount of up to 5% of their basic salary in StatoilHydro shares. In addition, the company contributes 20% of the amount, up to a maximum of NOK 1500. This company contribution is a tax-free employee benefit under the current Norwegian tax legislation. After a lock-in period of two calendar years, one extra share will be awarded for each share purchased. The share award is a taxable employee benefit, with a value equal to the value of the shares and taxed at the time of the award, under current Norwegian tax legislation. Shares transferred to employees are acquired by the company in the market.
The board decides the manner in which the acquisition of StatoilHydro shares in the market takes place. Shares acquired in accordance with the authorisation may only be used for sale and transfer to employees of the StatoilHydro group as part of the group's share investment plan as approved by the board. The minimum and maximum amount that may be paid per share will be NOK 50 and NOK 500, respectively. Within these limits, the board of directors may freely decide when shares are acquired, although the purchases follow a fixed plan for one year at a time. The authorisation was last renewed on 20 May 2008 and is valid until the next annual general meeting.
The nominal value of each share is NOK 2.50. At a maximum overall nominal value of NOK 15 million, the authorisation for the repurchase of shares in connection with the group's share savings plan covers the repurchase of no more than six million shares.
| |
|
|
|
|
|
|
| January 2008 |
364,000 |
|
146.15 |
|
2,088,300 |
3,911,700 |
| February 2008 |
347,000 |
|
153.30 |
|
2,435,300 |
3,564,700 |
| March 2008 |
341,000 |
|
156.23 |
|
2,776,300 |
3,223,700 |
| April 2008 |
315,012 |
|
168.10 |
|
3,091,312 |
2,908,688 |
| May 2008 |
265,000 |
|
198.49 |
|
3,356,312 |
2,643,688 |
| June 2008 |
269,850 |
|
195.67 |
|
269,850 |
5,730,150 |
| July 2008 |
313,000 |
|
169.66 |
|
582,850 |
5,417,150 |
| August 2008 |
340,000 |
|
154.75 |
|
922,850 |
5,077,150 |
| September 2008 |
381,574 |
|
138.95 |
|
1,304,424 |
4,695,576 |
| October 2008 |
453,000 |
|
118.89 |
|
1,757,424 |
4,242,576 |
| November 2008 |
467,100 |
|
117.78 |
|
2,224,524 |
3,775,476 |
| December 2008 |
598,000 |
|
107.84 |
|
2,822,524 |
3,177,476 |
| January 2009 |
521,800 |
|
116.64 |
|
3,344,324 |
2,655,676 |
| February 2009 |
494,500 |
|
123.08 |
|
3,838,824 |
2,161,176 |
| |
|
|
|
|
|
|
| Total |
5,470,836 |
2) |
141.08 |
3) |
3,838,824 |
2,161,176 |
| |
|
|
|
|
|
|
1) The authorisation to repurchase a maximum of six million shares with a maximum overall nominal value of NOK 15 million for repurchase of shares in connection with the group’s share investment plan was given by the annual general meeting on 15 May 2007. The authorisation was renewed by the annual general meeting on 20 May 2008 maintaining a maximum of six million shares with a maximum overall nominal value of 15 million for repurcase of shares, and valid until June 2009.
2) All shares repurchased have been purchased in the open market and pursuant to the authorisation mentioned above.
3) Weighted average price per share. |
