OAKVILLE, ON, Jan. 8, 2020 /CNW/ - Spark Power Group Inc. (TSX: SPG), parent company of Spark Power Corp. ("Spark Power" or the "Company"), is pleased to announce the implementation of its Employee Share Ownership Plan ("ESOP" or the "Plan"), effective January 1, 2020, as approved by the shareholders at its last annual meeting.
The Plan is being administered on behalf of Spark Power by a third-party provider, Computershare Trust Company of Canada. Details of the Plan include a one-time offering of company gift shares and a company match of up to 10% of employee contributions, subject to (i) a cap for each employee depending on their position in the Company and (ii) a two-year vesting period. Employees may elect to participate in the ESOP through payroll deductions and/or by way of lump sum contributions.
"We are very pleased to be rolling out the next version of our ESOP program," said Eric Waxman, Co-Founder & Chief Investment Officer, Spark Power Corp. "The Plan was designed to allow employees to benefit from the Company's long-term growth, to attract and retain the best talent in the industry, and to support a culture of ownership, performance, and engagement. Through the gift share component of the Plan, every employee becomes a shareholder in the Company—We Are All Owners!" added Waxman.
"Under the ESOP, company success translates to employee success," said Jason Sparaga, Co-Founder & Co CEO, Spark Power Corp. "We see subscription as a demonstration of employees' commitment to the Company and as an opportunity to facilitate alignment throughout the organization with a focus on creating long-term value for our employees and our shareholders," added Sparaga.
In accordance with the terms of the Plan, contributions to the Plan by employees and the company matching contribution will be used to acquire Spark shares, either by issuance from treasury, by purchases by the Plan administrator in the market, or a combination of both, as determined by Spark from time to time.
About Spark Power
Spark Power is the leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on Spark Power's expectations, estimates, forecasts and projections and include, without limitation, statements regarding achieving the objectives of the employee share ownership plan Messrs. Waxman and Sparaga.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Spark Power Group Inc.
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