Last checked at 28 Feb 2011 09:29
Secretary's Department
UBL/EBS/10
28 February 2011
FAX
|
Dear Sirs,
EMPLOYEE BENEFIT SCHEME 2010 - 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, 2010 on 25 February 2011 for setting up the Employees Benefit Scheme 2010, pursuant to the approval by the Board of Directors of UBL in its 170th meeting held on 21 February 2011 at Abu Dhabi. 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.230,000,000/- (Rupees Two Hundred Thirty 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,
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
C.C. to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs,
2. London Stock Exchange.