Company Announcement No. 35-2023
Copenhagen, 29 November 2023
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 91,635 (equal to 0.27% of the total number of shares) for the period 1 January 2024 to 31 December 2024.
- The shares will be transferred to the share depository of the individual employee participating in the share purchase program when Penneo publishes the 2024 Annual Report at the beginning of 2025. 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 for the 5-day trading period from 30 November to 6 December 2023.
- The employee will have to give notice of participation in the program to Penneo no later than 17 December 2023.
- In case the demand from the employees exceeds the limit of 91,635 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).
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 digitizing workflows. Today, the company has developed into an eco-system of digital solutions that 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 digitizes 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 across the geographical markets it operates in.
In total, 1.8 million individuals signed documents electronically with Penneo in 2022 across all of the markets we operate in. 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/investor