EQS-News: Multitude p.l.c.: The Board of Directors Resolves to Grant Additional Loans to Certain Key Management Team Members in Respect of Matching Share Plan

Multitude p.l.c.: The Board of Directors Resolves to Grant Additional Loans to Certain Key Management Team Members in Respect of Matching Share Plan

Gzira, 30 December 2024 – Multitude p.l.c.., a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs (WKN: A40G1Q, ISIN: MT0002810100) (“Multitude”, “Company” or “Group”) has today resolved to grant additional loans under the matching share plan for the group’s key management for 2025-2028, which was originally announced on 29 December 2023 (“Matching Share Plan”).

Background

Under the Matching Share Plan, eligible participants (“Participants”) are offered an opportunity to receive shares in the Company commensurate with the size of each Participant’s personal investment made in the shares of the Company in accordance with the terms and conditions of the Matching Share Plan with the ratio of 1:1 (the “Matching Shares”).

Moreover, Participants are entitled to receive additional shares if the value of the Company on the Frankfurt Stock Exchange exceeds one (1) billion euro and maintains on such a level for at least three months during the applicable vesting period (the “Unicorn Shares”). The Matching Shares and the Unicorn Shares will be transferred to Participants after the end of the applicable vesting period, if the conditions for receiving the Unicorn Shares under the Matching Share Plan have been fulfilled.

Under the Matching Share Plan, Participants are entitled to borrow money from the Company for the purpose of acquiring Company shares from the market.

Granting of additional loans

Following a resolution of the Company’s board of directors (the “Board”), Mr Adam Tönning (Chief Financial Planning Officer) has been included as an eligible participant under the Matching Share Plan. It was further resolved to increase the aggregate amount which the Company is permitted to lend to Participants under the Matching Share Plan by EUR 1.782 million to EUR 3.682 million.

The Board has also resolved to grant additional loans to the following Participants (collectively, the “Additional Loans”) Mr. Bernd Egger, Chief Financial Officer, Mr. Kristjan Kajakas, Tribe CEO – Ferratum, Mr. Antti Kumpulainen, CEO of Multitude Bank, Mr. Mantvydas Stareika, Tribe CEO – CapitalBox, Mr. Kornel Kabele, Chief Technology Officer, Mr. Shaun Vella, Chief HR Officer, Ms. Lea Liigus, Chief Legal & Compliance Officer, Mr. Alain Nydegger, Tribe CEO – Wholesale Banking, and Mr. Adam Tönning, Chief Financial Planning Officer.

The recipients of the Additional Loans will be required to use the money borrowed from the Company to acquire shares in the Company from the market (the “Additional Shares”). Notwithstanding that the Additional Loans are being granted under the Matching Share Plan, recipients of the Additional Loans will not be entitled to receive Matching Shares in respect of the Additional Shares which they acquire with the proceeds of the Additional Loans, although they may receive Unicorn Shares. The final number of Unicorn Shares which the recipients of the Additional Loans will receive depends on the number of shares acquired personally by them as well as the fulfilment of the prerequisites for receiving the Unicorn Shares.

Each Additional Loan is repayable on the Company’s demand, and each Additional Loan must be repaid in full in one instalment on 31.12.2029. The Additional Loans carry a fixed interest of 5.5% which must be paid annually. The terms and conditions of the Additional Loans also feature customary event of default provisions as well as a bad leaver provision, i.e., the Company’s right to require accelerated repayment and payment of accrued interest if the borrower defaults on due payment, breaches the terms of the agreement or the employment or service relationship of the borrower with the Company or its subsidiary terminates in circumstances where the borrower is deemed a bad leaver.

Furthermore, the terms of the Additional Loans require the respective borrowers to pledge the shares to be acquired to the Company through a security over the book-entry accounts in which the shares are held or otherwise through a security over the shares, subject to the company’s shareholders’ general meeting authorising the Board to accept such a pledge.

Contact:

Lasse Mäkelä 
Chief Strategy and IR Officer
Phone: +41 79 371 34 17
E-Mail: Lasse.makela@multitude.com
 

About Multitude p.l.c.:

Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude’s business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 17 countries, achieving a combined turnover of 230 million euros in 2023. Multitude was founded in Finland in 2005 and is in the process of relocating to Switzerland. Multitude is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol 'E4l'. www.multitude.com