Scandic Executive Committee Sells Shares to Cover Tax Obligations
Members of Scandic Hotels Group's Executive Committee have sold shares to cover taxes arising from a share-based incentive program. Following these sales, the executives hold more shares than before the allotment.
Scandic Hotels Group announced that members of its Executive Committee have sold shares in the company. These transactions occurred in connection with the allotment of shares under the recently concluded long-term incentive program, LTIP 2023. The sales were made to cover the tax obligations that arise for the participants due to the share allotment.
A total of 954,611 shares were allotted under the LTIP 2023 program, launched in 2023 for employees. Out of this total, 224,292 shares were sold by members of the Executive Committee specifically to meet tax liabilities.
The company stated that despite these transactions, the relevant members of the Executive Committee now hold a larger number of Scandic shares than they did prior to the allotment. This suggests a net increase in their investment in the company.
Scandic Hotels Group is a leading Nordic hotel company. Information regarding the current shareholdings of the Executive Committee members is available on the company's website. All transactions conducted by Executive Committee members are reported to the Swedish Financial Supervisory Authority as per applicable regulations.