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Ministry of Justice

Republic of Uzbekistan

On October 8, 2024 No. 3559

ORDER OF THE DIRECTOR NATIONAL AGENCIES OF PERSPECTIVE PROJECTS OF THE REPUBLIC OF UZBEKISTAN

of September 4, 2024 No. 8

About approval of the Regulations on procedure for introduction of the share ownership plan by employees of joint-stock companies

According to the resolution of the President of the Republic of Uzbekistan of September 2, 2023 "About additional measures for market development of the capital" I order to No. PP-291:

1. Approve Regulations on procedure for introduction of the share ownership plan as employees of joint-stock companies according to appendix.

2. This order it is approved with the Ministry of Economics and finance of the Republic of Uzbekistan, committee on development of the competition and consumer protection of the Republic of Uzbekistan, agency on management of the state assets of the Republic of Uzbekistan, the representative on protection of the rights and legitimate interests of subjects of entrepreneurship to the President of the Republic of Uzbekistan and Chamber of Commerce and Industry of the Republic of Uzbekistan.

3. This order becomes effective from the date of its official publication.

Director

D. Li

It is approved:

Chairman Chamber of Commerce and Industry

of August 15, 2024

 

D. Vakhabov

The Comissioner for the President of the Republic of Uzbekistan on protection of the rights and legitimate interests of subjects of entrepreneurship

of August 20, 2024

 

D. Kasimov

Chairman of committee on development of the competition and consumer protection

of August 16, 2024

 H. Turakhuzhayev

Director of the agency on management of the state assets

of August 23, 2024

A. Ortikov

Minister of Economy and Finance

of August 29, 2024

D. Kuchkarov

  

Appendix

to the Order of the Director of the National agency of perspective projects of the Republic of Uzbekistan of September 4, 2024 No. 8

Regulations on procedure for introduction of the share ownership plan by employees of joint-stock companies

This Provision determines procedure for introduction of the share ownership plan by workers joint-stock companies in the territory of the Republic of Uzbekistan.

Chapter 1. General provisions

1. In this Provision the following basic concepts are applied:

the share ownership plan employees of joint-stock companies (further - the plan of ownership) - set of the conditions, agreements and measures directed to sale (provision) to employees of joint-stock companies of shares of society or the share option;

joint-stock company (further - society) - the commercial resident organization of the Republic of Uzbekistan, authorized capital (authorized capital) of which it is divided into certain number of the shares certifying shareholder rights in relation to joint-stock company;

the employee of joint-stock company (further - the worker) - the physical person which signed the employment contract with society;

the option - the issued security certifying the right of her issuer to purchase of certain quantity of securities on fixed price in the time provided in it.

2. Introduction of the plan of ownership in societies which shares are subject to sale by means of primary public placement, with the state share in the amount of fifty percent and more is obligatory.

The societies which are not provided by paragraph one of this Item can enter the plan of ownership at discretion. At the same time in case of introduction of the plan of ownership by society the requirements established by this Provision shall be observed.

3. Introduction of the plan of ownership is included into power of general meeting of shareholders of society.

4. Control of implementation and observance of the plan of ownership by society is performed by authorized state body on regulation of the security market.

Chapter 2. The rights of workers according to the plan of ownership

5. Within the plan of ownership compulsion of workers to share purchase of society or acquisition of share options is forbidden.

6. Within the plan of ownership of society it is forbidden to subtract from the salary, awards, surcharges to the salary, allowances and other payments of workers for sale of shares to them.

7. In case of sale of shares according to the plan of ownership identical conditions shall be established and equal opportunities for all workers, except for provisions are given to workers and members of the supervisory board of award or incentive payments in the form of share options.

Discrimination within the plan of ownership is forbidden. Establishment of any straight lines or indirect restrictions within the plan of ownership depending on sex, age, race, nationality, language, social origin, property and career status, the residence, the relation to religion, beliefs, belonging to public associations, and also other aspects which are not connected with business qualities and results of work of workers, the same as provision of any sure or indirect gains is discrimination.

8. Within the share ownership plan the workers who received shares of society have all shareholder rights established by the legislation and have the right to dispose of shares at discretion, except as specified, when conditions of release of the share option provide restrictions for their address.

9. The termination of employment relationships between society and the worker does not influence the rights of workers concerning shares of society.

10. Tax benefits at the expense of employees of society, allocated for share acquisition within the share ownership plan, are applied according to the procedure, established by the legislation.

Chapter 3. Introduction of the plan of ownership

11. General meeting of shareholders of society makes the decision on introduction of the plan of ownership according to the Law of the Republic of Uzbekistan "On joint-stock companies and protection of shareholder rights", and this provision the document on the plan of ownership affirms.

12. In the document on the plan of ownership conditions and procedure for sale by society of shares or sale (provision) of share options to workers, and also other important conditions connected with the plan of ownership are determined.

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