Consolidated financial statement of JSW S.A. Capital Group for 2012
5.1. Employee package for eligible employees
Since JSW S.A. was incorporated as a result of transformation of state-owned enterprises into a joint-stock company, pursuant to the provisions of the Act on Commercialization and Privatization, employees and other eligible persons are entitled to gratuitous receipt of 15% shares of JSW S.A. from the State Treasury. On 6 July 2011, the State Treasury introduced 39,496,196 shares into trading. Starting on 10 October 2011, JSW S.A. began to dispose, free of charge, 14,928,603 series A shares with a par value of PLN 5.00 each to eligible employees. The shares received may not be sold for a period of 2 years (or 3 years for Management Board members), starting from 7 July 2011, regardless of the date when the eligible persons actually received the shares (“lock-up”).