Last checked at 22 May 2009 12:33
SD/BOD-160/SEs/Meeting
20 May 2009
FAX
| 1. Mr. Muhammad Ghufran Manager Karachi Stock Exchange (Guarantee) Ltd. Karachi Stock Exchange Building Karachi Stock Exchange Road, Karachi. | 2. Mr. Rana Naveed Ahmed Manager (Company's Affairs) Lahore Stock Exchange (Guarantee) Ltd. 19, Khayaban-e-Aiwan- e-Iqbal, Lahore | 3. Mr. Ahmad Noman General Manger (Operation) Islamabad Stock Exchange (Guarantee) Ltd. Room No.308m Anees Plaza 101-E, Fazal-ul-Haq Road, Bule Area Islamabad |
Dear Sirs,
EMPLOYEE BENEFIT SCHEME 2008 - UNITED BANK LIMITED
We have to inform you that United Bank Ltd. ("UBL") has signed the Trust Deed in respect of UBL Employee Motivation and Retention Trust, 2008 on 20 May 2009 for setting up the Employees Benefit Scheme 2008, pursuant to the approval by the Board of Directors of UBL in its 160th meeting held on 20 April 2009 at Islamabad. The object of this scheme is to reward, motivate and retain high performing executive and officers of UBL (" Selected Officers") by way of bonus in the form of issued shares of UBL ("Bonus Shares"). The Bonus Shares will be transferred to the Selected Officers over a span of four years in equal proportion provided they remain in the employment of UBL. For the purpose, a trust will be settled by UBL ("Trust'). UBL will advance, for the benefit of the Selected Officers, up to a sum of Rs.210,000,000/- (Rupees Two Hundred Ten Million) to the Trust.
The objects of the Trust will be inter-alia as under:
You may please inform members of your Exchange accordingly.
Yours faithfully,
Aqeel A. Nasir Aameer Karachiwalla
Company Secretary & CFO & Group Executive
Chief Legal Counsel Global Shared Services
c.c. to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs,
2. London Stock Exchange.