With reference to the stock exchange notice (23) made by ECIT AS on 20th July 2021 supplemental comments are to be added as follows.
The Board of ECIT has previously decided to grant selected key-employees an opportunity to participate in a Share Incentive Scheme (based on the Norwegian “Kruse Smith model”) where a share in ECIT can be acquired through a down payment of minimum NOK 1.00 per share.
If a future sales price for that share is higher than market price at the time of purchase, the difference between NOK 1.00 (the down payment amount) and the market price at the time of purchase must be paid to ECIT. If a future sales price for that share is lower than the market price at the time of purchase, the positive difference between NOK 1.00 (the down payment amount) and such sales price must be paid to ECIT.
Hence a profit for the buyer only arises at a future sales price above market price at the time of purchase.
Shares bought under the Share Incentive Scheme has lock-up and other sales restrictions applied.
The program is limited to 7 million shares of which 6.3 million shares have been utilized (5.7 million shares utilized per first day of listing 20th May 2021).
It is the opinion of the Board of ECIT AS that a Share Incentive Scheme for selected key employees as well employee ownership in general increases the alignment of interests to drive value creation in ECIT.
ECIT was founded in 2013 and support a large customer base with accounting, payroll, and a broad range of IT services. ECIT has a well-proven model for acquisition and integration, ensuring proximity to customers and local entrepreneurship combined with the strength of a larger international group. ECIT has a proforma revenue (2021) of 2.55 billion NOK and +2,200 employees across 10 countries. M&A has been a key driver of the Company's growth and ECIT has completed more than 125 acquisitions since 2013. Read more at www.ecit.com