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.