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  • Fellow Bank Plc Board of Directors decided on an incentive scheme for key personnel that replaces the option program used at Fellow Finance
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Fellow Bank Plc Board of Directors decided on an incentive scheme for key personnel that replaces the option program used at Fellow Finance

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FELLOW BANK PLC STOCK EXCHANGE RELEASE 4.7.2022 AT 2:05 PM EEST

The Board of Directors of Fellow Bank Plc has decided to launch a share plan for group’s key employees. New share plan replaces Fellow Finance’s discontinued option plans due to merger. The target group of the share plan includes in total 14 key employees including some management team members.  

The aim of the plan is to combine the objectives of the shareholders and the key employees to increase the company's value in the long term, and to engage participants in the company and to offer them competitive reward plan based on earning and accumulating the Company´s shares that support company's strategy.

The share appreciation rights plan (“SAR”) 2022 includes one SAR period starting 1.4.2022 and ending 31.3.2024. In the plan, it is possible for the target group to earn a share reward based on value increase of Fellow Bank Plc share. One share unit entitles to appreciation of one share. Share units are divided into classes 2022A (around 650,000 units) and 2022B (around 2,500,000 units). Share appreciation is measured from the baseline of 1.27 euros (2022A) and 0.63 euros (2022B).

Accrued appreciation of the share units is converted to Fellow Bank Plc shares at the end of the SAR period and any possible rewards are paid deferred according to the legislation of the financial industry in two equal installments, in April 2025 and April 2026. Each reward payment is followed by a mandatory restriction period of 1 year, during which the received shares may not be sold. 

Rewards are paid out partly in Fellow Bank Plc shares and partly in cash. Cash rewards are to cover taxes and social security payments on participants. If the participant's employment or managerial contract expires before the reward is paid, the reward is generally not paid.

FELLOW BANK PLC

The Board of Directors

Further information

Teemu Nyholm, CEO, Fellow Bank Plc, teemu.nyholm@fellowpankki.fi, tel. +358 50 577 1028

Fellow Bank in brief

Fellow Bank Plc is a new Finnish digital bank that helps both personal and business customers to manage their day-to-day finances in a flexible and straightforward manner. For savers, we offer an attractive interest rate on deposits. Fellow Bank Plc is regulated by the Financial Supervisory Authority of Finland and listed on Nasdaq Helsinki’s main list (FELLOW). www.fellowbank.com.

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