HBL's variable compensation for key personnel held in Trust

February 06, 2024 (MLN): The deferred component for the variable compensation for Material Risk Takers / Material Risk Controllers / designated General Managers of Habib Bank Limited (PSX: HBL) is vested in a pool under a Trust, in the form of shares purchased from the open market by a Brokerage House, on behalf of the Trust.

In its notice issued to the local bourse today, HBL has outlined a structured approach to handling variable compensation for key employees.

Each year, 1/3rd of the deferred variable compensation for a given year will vest and the corresponding HBL shares will be transferred to the relevant employees.

Accordingly, as part of the first tranche of the deferred compensation for the year 2022, 1,733,443 shares of the Bank have been credited into the CDC accounts of 137 employees.

As part of the second tranche of the deferred compensation for the year 2021, 942,114 shares of the Bank have been credited into the CDC accounts of 121 employees.

While as part of the third tranche of the deferred compensation for the year 2020, 823,380 shares have been credited into the CDC accounts of 116 employees at the rate of Rs111.72 for the shares transferred on February 01, 2024, and Rs111.87 for the shares transferred on February 2, 2024, by Akhtar and Hassan (Pvt) Limited, one of the trustees, through Brokerage House.

Furthermore, all the applicable rules and regulations would be duly complied including the obligations under PSX Regulations and the Securities Act 2015 by the Bank and its employees.

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