Penneo A/S issues employee share program
Company Announcement No. 5-2020
Copenhagen, June 26 th, 2020
The Board of directors has in close collaboration with the executive management in Penneo A/S decided to offer an employee share program. The purpose of the program is to:
- Make sure that employees have aligned interests with the shareholders of the company.
- Retain employees.
The employee share program applies to all current full time employees in Penneo, with exception of the executive management team.The employee share program makes it possible for Penneo employees to have part of their salaries paid in Penneo shares.Penneo A/S’ own shares will be used for the share program, and no new shares will be issued in connection with the share program.The program specifications:
- The maximum number of shares that will be made available to employees will be 125,000 (equal to 0,5 % of the total number of shares) for the period November 01st 2020 to December 31st 2021.
- The shares will be transferred to the share depository of the individual employee participating in the share purchase program when Penneo have published the 2021 Annual Report in the beginning of 2022. Thereafter, the shares are at the free disposal of the employees without any restrictions.
- The share price that will be used to calculate the number of shares an employee will be able to acquire, will be defined as an average of the daily average share price in the 5-day trading period from September 14th 2020 to September 18th 2020.
- The employee will have to give notice of participation in the program to Penneo no later than 4th of November 2020.
- In case the demand from the employees exceeds the limit of 125,000 shares, the allotment to the employees will be made pro rata in accordance with the requested number of shares.
- The program is covered by section 7 P of the Danish Tax Assessment Act (in Danish: Ligningslovens § 7 P).
CEO, Niels Henrik Rasmussen
Mobile (+45) 2123 4634
VEGA, Enghavevej 40, 4th floor
1674 Copenhagen V
Jesper Skaarup Vestergaard
Direct(+45) 35 27 50 11, Mobile (+45) 31 79 90 00
2100 Copenhagen Ø
About Penneo A/S
Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company originally founded to help companies digitally sign documents. Penneo was founded by 6 Danish entrepreneurs, who got together with a shared ambition to reduce the “hassle to get documents signed” by replacing pen and paper with a digital alternative. This new digital “pen” (Pen-neo) was launched in 2014 where Penneo was officially established.
Today, Penneo has evolved into an eco-system of automation solutions that digitizes company workflows related to onboarding of customers (KYC), and signing and management of documents in a secure and easy way. The Company offers a RegTech solution that helps companies comply with regulations in an efficient and inexpensive way.
This notice does not constitute a business description or prospectus. No person should buy or subscribe for shares in Penneo A/S, unless this is done on the basis of information in the company description published by Penneo in connection with the offering and admission of shares to trading on Nasdaq First North Growth Market Denmark. The company description is available on the Company's website. This notice does not constitute an offer to sell or an invitation to offer to purchase shares issued by the Company in any jurisdiction where such offer or sale would be illegal and the notice and information contained therein may not be directly or indirectly distributed or disclosed in or to such jurisdictions. The offering is carried out in accordance with Danish law and the new shares are only offered in Denmark. Relationships dealt with in this Communication may constitute forward-looking statements that do not constitute historical facts. The forward-looking statements in this announcement are based on a number of assumptions, many of which are based on additional assumptions. Although Penneo estimates that these assumptions were reasonable as they were made, they are inherently associated with significant known and unknown risks, uncertainties, unforeseen events, and other material issues that are difficult or impossible to predict or beyond the control of the Company. Such risks, uncertainties, unforeseen events, and other material matters may cause actual events to differ materially from the expectations expressed or implied in the forward-looking statements contained herein. The information, views and forward-looking statements contained in this notice apply only to the date of publication of this notice and are subject to change without notice.