Penneo issues 2023 employee share program

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)