Utd.bk (regs) Regulatory News (UBLS)

28 Aug 2007 09:43

United Bank Limited28 August 2007 SD/BOD-150/SEs/Meeting13 August 2007 FAX 1. Mr. Muhammad Ghufran 2. Malik Zafar Javaid 3. Mr. Ahmad Noman Manager Joint Secretary General Manger Karachi Stock Exchange Lahore Stock Exchange (Operation) (Guarantee) Ltd. (Guarantee) Ltd. Islamabad Stock Karachi Stock Exchange 19, Khayaban-e-Aiwan- Exchange (Guarantee) Building e-Iqbal, Ltd. Karachi Stock Exchange Lahore Room No.308m Road, Anees Plaza Karachi. 101-E, Fazal-ul-Haq Road, Bule Area Islamabad Dear Sirs, EMPLOYEE BENEFIT SCHEME 2006 - UNITED BANK LIMITED We have to inform you that Board of Directors of United Bank Limited ("UBL") inits meeting 150th meeting held on 24 July 2007 at London have approved theEmployee Benefit Scheme 2006. The object of this scheme is to reward, motivateand retain high performing executive and officers of UBL (" Selected Officers")by way of bonus in the form of issued shares of UBL ("Bonus Shares"). TheBonus Shares will be transferred to the Selected Officers over a span of fouryears in equal proportion provided they remain in the employment of UBL. Forthe purpose, a trust will be settled by UBL ("Trust'). UBL will advance, forthe benefit of the Selected Officers, a sum of Rs.280,000,000/- (Rupees TwoHundred Eighty Million) to the Trust. The objects of the Trust will be inter-alia as under: (a) The Trust will acquire bank's share from open market and keep them in trust to be distributed to the Selected Officers; (b) The Trust will be managed by the Board of Trustees ("Trustees"). UBL will have no involvement in the functioning of the Trust. The Trustees will be independent in running the affairs and the management of the Trust. You may please inform members of your Exchange accordingly. Yours faithfully, Aqeel A. Nasir Aameer KarachiwallaCompany Secretary & Group ChiefFinancial OfficerChief Legal Counsel This information is provided by RNS The company news service from the London Stock Exchange