Aker Solutions Lets Employees Buy Company Shares
Oilfield services company Aker Solutions will, for the eighth consecutive year, offer employees in selected jurisdictions the opportunity to buy shares of the company.
The 2016 employee share purchase program allows participants to acquire shares for between $1229 (NOK 10,000) and $7374 (NOK 60,000). Participants are offered a general discount of $184 (NOK 1,500) on their total share purchase. In addition, a price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period.
The purchase will be financed by a loan from Aker Solutions to be settled by salary deductions over a twelve-month period. Aker Solutions will also offer selected managers the opportunity to buy additional shares worth as much as 25 percent of their annual base salary. As with the original offering, a price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period. The managers are responsible for the financing and upfront cash settlement of these purchases.
The subscription period for both programs is between October 28 and November 11. Invitations to participate will be distributed to eligible employees and managers around mid-October 2016.
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