HBL Allocates Deferred Compensation in Shares for Key Executives in a Trust

Habib Bank Limited (PSX: HBL) informed the main bourse today that the deferred component for the variable compensation for Material Risk Takers (MRT)/Material Risk Controllers (MRC)/designated General Managers (GM) of the Bank is vested in a pool under a Trust, in the form of HBL shares purchased from the open market by a Brokerage House, on behalf of the Trust. “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,” the bank explained in a stock filing. Accordingly, as part of the first tranche of the deferred compensation for the year 2023, 1.178 million shares of the Bank have been credited into the CDC accounts of 136 employees, as part of the second tranche of the deferred compensation for the year 2022, 1.53 million shares of the Bank have been credited into the CDC accounts of 131 employees. As part of the third tranche of the deferred compensation for the year 2021, 808,074 shares of the Bank have been credited into the CDC accounts of 116 employees at the rate of Rs. 172.35 for the shares transferred on February 03, 2025, and Rs. 169.54 for the shares transferred on February 04, 2025, by M/s. Akhtar and Hassan (Pvt) Limited, one of the trustees, through Brokerage House. Furthermore, all the applicable rules and regulations would duly comply including the obligations under PSX Regulations and the Securities Act 2015 by the Bank and its employees, the filing added.