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Danfoss has previously on two occasions offered shares to the employees. In addition, the Bitten & Mads Clausen’s Foundation in 2004 offered a total of 10,000 shares for sales via the so-called ”10,000 pool”. Shares from this pool can only be sold back to Danfoss in a period of three weeks following the Annual General Meeting in April. Danfoss buys back employee shares when shareholders wish to realize them. When selling employee shares one of the forms below must be used:
Sale of Danfoss shares
Shares in a Danske Bank deposit The completed form must be returned to: Mail: Danfoss A/S, att. Benedicte K. Frandsen, Nordborgvej 81, A976, DK-6430 Nordborg E-mail: Benedicte@danfoss.com
Provided that the form is received no later than on the third Tuesday of the month, the sales proceeds will be deposited on the dividend account associated with the deposit within the following 4-5 banking days. In the summer holidays (July) there is no settlement.For international transfers, please make sure to provide the following information when you submit the form: SWIFT address of your bank Name and address of your bank IBAN and account number in your bank The account number in Danske Bank A copy of first-class identification, e.g. your passport or driving licence and a copy of your national ID card or social security card. The copy must be duly verified by two witnesses to the signature. You may use the template for proof of identity. Documentation from a public authority that confirms your name and private address. Shares in a bank, other than Danske BankThe completed form must be returned to the bank.
Dividends are determined by the General Meeting upon recommendation from the Danfoss Board of Directors. Dividends are paid out in Danish kroner and is deposited on the dividend account associated with the share deposit.
Taxation upon share sales Taxation upon share sales varies from one country to another. In Denmark profit from share sales is taxable and must be declared to the Danish tax authorities. The shareholder is responsible for reporting taxable profit. Taxation upon dividends Taxation upon dividends varies from one country to another. In Denmark dividends are taxed 27%. Danfoss retains and pays in tax upon dividends paid out in Denmark and in countries with which Denmark has signed joint taxation agreements (Belgium, Canada, Greece, Holland, Ireland, Luxembourg, Norway, Switzerland, UK, Sweden, Germany and the US). Share holders are responsible for controlling whether dividends have been correctly declared on their income tax return. Danfoss does not advise share holders in tax matters but urges shareholders to seek independent advice concerning their tax matters. Furthermore, Danish share holders are referred to SKAT, phone: +45 7222 1818.
Please note: If liable to DK taxation, tax must be paid of Danfoss shares transferred to a pension deposit – like in case of a sale.
The Danfoss share price is set once a year by Danske Markets (part of Danske Bank A/S) immediately before the annual general meeting in April. The share price is calculated on the basis of, among other things, the financial performance of Danfoss, the Group’s expectations to the upcoming year, its ability to meet expectations, the financial development of a number of comparable companies and their expectations for the future as well as the general development in the stock markets.
Danfoss’ annual general meeting is held every year in April. The rules governing the convening and the holding of the general meeting is laid down in Danfoss ‘Articles of Association.”