Penneo issues 2024 Employee Share Program

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).