30.11.2006, 00:14
OJSC Lukoil Board of Directors Approves the Regulations on Long-Term Incentives for Its Employees
OREANDA-NEWS. A meeting of OAO LUKOIL Board of Directors was held in Moscow today to approve the Regulations on long-term incentives for employees of OAO LUKOIL and its subsidiaries.
The Regulations have been formulated as the contract term of the Employee Restricted Share Plan for the employees of OAO LUKOIL and its subsidiaries comes to an end on 31 December 2006. The Regulations are aimed at maintaining continuous and stable incentives for the employees and ensuring their interest in the growth of the Company’s capitalization in next three-year period (2007-2009).
The Regulations extend to the executives of the Company, heads of subsidiaries, and certain employees by decision of the Board of Directors of the Company. The number of participants of the program increased from 100 to 500.
In accordance with the Regulations, employees are assigned phantom shares. The date of assignment of phantom shares to employees will be 9 January 2007. Total number of phantom shares 14,105,000.
The Regulations have been formulated as the contract term of the Employee Restricted Share Plan for the employees of OAO LUKOIL and its subsidiaries comes to an end on 31 December 2006. The Regulations are aimed at maintaining continuous and stable incentives for the employees and ensuring their interest in the growth of the Company’s capitalization in next three-year period (2007-2009).
The Regulations extend to the executives of the Company, heads of subsidiaries, and certain employees by decision of the Board of Directors of the Company. The number of participants of the program increased from 100 to 500.
In accordance with the Regulations, employees are assigned phantom shares. The date of assignment of phantom shares to employees will be 9 January 2007. Total number of phantom shares 14,105,000.
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