DFDS has awarded each employee with 50 shares in recognition of their contribution in a year with exceptional challenges. The award is exempt for managers with existing sharebased remuneration.
The 50 shares will vest over a three year period thereby incentivising employees in coming years.
The total number of employees eligible for the award of shares is around 8,000 and the total value of awarded shares is around DKK 110m at today’s share price.
“Our employees have been through an exceptionally challenging year. To show our appreciation of their contribution to DFDS and to our customers as well as to strengthen the bond with our employees, Management and the Board of Directors have decided to award 50 shares to all employees. The shares will vest over the next three years,” said Claus V Hemmingsen, Chair of DFDS’ Board of Directors.
The shares are in most countries awarded as a phantom share program whereby entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares.
The cost of the share award program will be proportionately expensed every month in the income statement under Employee costs until the end of the vesting period in December 2023, DFDS stated.
Sea News, December 23