COBALT advised Estravel Group AS, a leading travel agency in the Baltics, on the implementation of its employee share option programme, from the drafting of the programme in 2022 through to the exercise of the options in autumn 2025. As a result, nearly 80 key employees in Estonia, Latvia, Lithuania and Finland gained the opportunity to acquire a shareholding in the company. The programme was designed for employees in a higher seniority category who became entitled to acquire shares at discount after a three-year vesting period.
Our team developed a structure for the exercise of the options that took into account the tax rules of all four jurisdictions and enabled the application of tax exemptions in Estonia, Latvia and Lithuania. COBALT prepared the necessary documentation, coordinated the issuance and registration of shares, advised employees on tax matters and practical steps, and organised the share sale process for those who chose to dispose of their shares. The cross-border scope and the large number of participants required a solution that would be workable and straightforward to administer in all jurisdictions.
As a result of the project, the shareholder base of Estravel Group AS increased significantly, supporting the company’s continued growth and overall business.
The project was led by Managing Associate Tõnu Kolts, supported by Senior Associate Liina Saaremets. The project team also included Junior Associates Kerstin Tang and Mary-Liis Mustonen.
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