WithSecure launches a new plan period for 2024-2026 within the Employee Share Savings Plan
WithSecure Corporation, Stock Exchange release (Other information disclosed according to the rules of the Exchange), 21 September 2023 at 17:00 EEST
WithSecure launches a new plan period for 2024-2026 within the Employee Share Savings Plan
In 2022, WithSecure took into use an Employee Share Savings Plan (ESSP), based on which the Board of Directors can decide on annually commencing plan periods. Each plan period includes a 12-month savings period and a two-year holding period following the savings period.
The Board of Directors of WithSecure Corporation has decided to launch a new Plan period 2024-2026 within the ESSP for the employees of WithSecure Corporation and its subsidiaries.
The aim of the ESSP is to encourage employees to acquire and own WithSecure shares, and it is intended to align the interests of the shareholders and the employees as well as to increase employees’ long-term commitment to the company.
The ESSP is offered to all WithSecure employees. The employees will have an opportunity to save a proportion of their salaries and invest those savings in WithSecure shares. The savings will be used for acquiring WithSecure shares quarterly after the publication of the respective interim reports. As a reward for the commitment, WithSecure grants the participating employees a gross award of one matching share for every two shares acquired with their savings. Continuity of employment and holding of acquired 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.
The Plan period 2024-2026 will commence on 1 January 2024 and end on 31 December 2026. The holding period of the plan period begins at the first acquisition of savings shares and ends on 30 November 2026. The maximum number of matching shares (gross number before taxes) for the plan period is approximately 1,000,000 shares, 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. The Board of Directors will decide on potential following plan periods and their details separately.
Contact information:
Laura Viita
Vice President, Controlling, investor relations and sustainability
WithSecure Corporation
Tel. +358 50 4871044
[email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.
