European Union – Securities

As of July 21, 2019, under the EU Prospectus Regulation, nontransferable employee stock awards that are granted for no consideration, such as stock options, will not be considered a security

and will continue to be exempt regardless of the number of offerees. Stock awards that are deemed to be a security will still be exempt under an employee share plan exemption; however, if the offer is made to more than 150 employees in an EU member state, the issuer must provide employees with an offer document including basic information about the issuer and the offer.

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