Efecte Plc Launches a New Employee Share Savings Plan
EFECTE PLC -- COMPANY ANNOUNCEMENT – 1 March 2023 at 9:00 am
EFECTE PLC LAUNCHES A NEW EMPLOYEE SHARE SAVINGS PLAN
The Board of Directors of Efecte Plc has decided to establish an Employee Share Savings Plan (ESSP) for the employees of Efecte Plc and its subsidiaries.
The aim of the ESSP is to encourage employees to acquire and own Efecte shares, and it is intended to align the interests of the shareholders and the employees as well as to increase employees’ motivation and long-term commitment to the company.
The ESSP consists of annually commencing plan periods, each one comprising of a 12-month savings period and a holding period following the savings period. The ESSP is offered to approximately 200 Efecte employees. The employees will have an opportunity to save a proportion of their salaries and invest those savings in Efecte shares. The savings will be used for acquiring Efecte shares twice a year after the publication dates of the respective half-year reports. The Board decides if the savings shares are purchased from the market or if the savings shares are delivered to the participants by a directed share issue decided separately by the Board. As a reward for the commitment, Efecte grants the participating employees a gross award of one matching share for each savings share acquired with their savings. Continuity of employment and holding of acquired savings shares for the duration of the holding period are the prerequisites for receiving the award.
The potential award will be settled in shares, or partly in shares and partly in cash, after the end of the holding period. The cash proportion is intended to cover taxes and tax-related costs arising from the award in those countries where the employer has the obligation to withhold taxes. Matching shares will be freely transferable after their registration on the participant’s book-entry account. Any dividends to be paid on the acquired savings shares, the matching shares given within the ESSP, and any other shares received within the ESSP will be reinvested in additional shares on the next potential acquisition date. These shares will have an equal right to matching shares.
Participation in the ESSP is voluntary and the employees will be invited to participate in one plan period at a time. The first savings period will commence on 1 April 2023 and end on 31 March 2024. The holding period of the first plan period begins at the first acquisition of savings shares and ends on 31 March 2026. The maximum number of matching shares (gross number before taxes) for the first plan period is approximately 63,836, calculated at prevalent share price. The final number of matching shares depends on the employees’ participation and savings rate in the plan, and the fulfilment of the prerequisites for receiving matching shares, as well as the number of shares acquired from the market with savings.
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Efecte helps people digitalize and automate their work. Customers across Europe leverage our cloud service to operate with greater agility, to improve the experience of end-users, and to save costs. The use cases for our solutions range from IT service management and ticketing to improving employee experiences, business workflows, and customer service. We are the European Alternative to the global goliaths in our space. Our headquarters is located in Finland and we have regional hubs in Germany, Poland and Sweden. Efecte is listed on the Nasdaq First North Growth Market Finland marketplace.