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Penneo issues 2023 employee share program

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Company Announcement No. 32-2022

Copenhagen, 28 November 2022

The Board of Directors has in close collaboration with the executive management in Penneo decided to offer an employee share program. The purpose of the program is to:

  • Ensure aligned interests between employees and the shareholders of the company
  • Retain employees

The employee share program applies to all current full time employees in Penneo. The employee share program makes it possible for Penneo employees to have part of their salaries paid in Penneo shares. Penneo’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 170,000 (equal to 0.53 % of the total number of shares) for the period 1 January 2023 to 31 December 2023
  • The shares will be transferred to the share depository of the individual employee participating in the share purchase program when Penneo publishes the 2023 Annual Report in the beginning of 2024. 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 28 November - 2 December 2022
  • The employee will have to give notice of participation in the program to Penneo no later than 9 December 2022
  • In case the demand from the employees exceeds the limit of 170,000 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)

Further information

CEO, Christian Stendevad

Mobile (+45) 27 29 50 02

About Penneo A/S

Penneo is a provider of Software-as-a-Service (SaaS), and was initially established for the purpose of assisting businesses with digital document signing and digitising workflows. Today, the company has developed into an eco-system of digital solutions which automate work routines within for example anti-money laundering (AML) - a RegTech software that offers businesses an efficient and cost-saving way to comply with legislation. 

The original and widespread product "Penneo Sign", which helps customers secure easy online signing of documents, is still continuously developed by the company - while at the same time new products appear, such as Penneo KYC (Know Your Customer) - a product that digitises the work-flows in businesses and contributes to complying with legal requirements in connection with onboarding and identification of customers.  

Penneo holds a strong position in the Nordic countries, and in Denmark alone, more than 740,000 persons signed documents electronically with "Penneo Sign" in 2021. 

In April 2022, Penneo was listed on Nasdaq Copenhagen following a listing on Nasdaq First North in June 2020. This transition contributes to strengthening the company's focus on European expansion. 

For information about Penneo, please visit https://penneo.com/investors

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