Board decision to grant Company shares free of payment to a related entity executive
MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that the Extraordinary General Assembly which was held on March 22nd, 2023 approved, among others, the granting of nineteen thousand and one (19,001) Company shares free of payment to four (4) top executive officers who joined the Company or the Group in the period 2018-2021. The vesting schedule for the granting of the said shares was also approved by the General Assembly which subsequently authorized the Company’s Board to attend to the procedural matters for the transfer of the shares to the Investment Accounts the beneficiaries keep at the Dematerialized Securities System (S.A.T).
The Company’s Board in its meeting dated April 27th, 2023 verified the four beneficiaries and identified that according to the vesting schedule one General Manager of a related entity is entitled to receive five hundred and thirty three (533) Company shares free of payment and without retention obligation on April 30th, 2023. The transfer of the said 533 Company shares to the executive’s personal Investment Account will take place on Tuesday May 2nd, 2023. The Company will use shares it already has in its portfolio acquired at an average price of EUR 17.304 per share.
Furthermore, the Company’s Board in the same meeting mentioned above decided to suspend the current share buyback program only for the ATHEX session of Tuesday May 2nd, 2023 which is the date the transfer of the 533 Company shares will take place.
Maroussi, 28 April 2023
The Board of Directors