Stockholm, Sweden, September 2, 2019 - Hoylu, a leading enterprise collaboration company, announced today that Truls Baklid will join Hoylu's leadership team as Executive Vice President and deputy CEO for Hoylu AB. Mr. Baklid will be based out of Oslo, Norway and report to CEO Stein Revelsby.
Truls Baklid has a long track record as a proven executive in the information technology industry. He excels in business development, sales team management, and driving customer satisfaction, Software as a Service (SaaS) and recurring revenue. Most recently Mr. Baklid served as the General Manager Nordics at ayfie Group that provides leading search and text analytics solutions for legal, compliance, finance, healthcare and media.
Jon Ullmark, Hoylu's General Manager of EMEA and Deputy CEO will be leaving Hoylu to pursue other opportunities.
Hoylu has entered into an agreement with Truls Baklid (the "Agreement") whereby Hoylu will acquire, from an investment company controlled by Mr. Baklid (the "Investment Company"), all of the outstanding shares in a Norwegian limited liability company, to be re-named Hoylu Norge AS ("Hoylu Norge AS") in exchange for 600,000 newly issued shares of Hoylu AB (the "Consideration Shares"). Before completion of the transaction, Hoylu Norge AS will be capitalized with at least NOK 125,000.
The Consideration Shares shall be subject to restrictions by way of three years reversed vesting and lock-up period. If Truls Baklid's employment with Hoylu Norge AS, Hoylu or any other group company is, for any reason, terminated, Hoylu shall have the right to redeem the Consideration Shares from the Investment Company, subject to applicable laws and regulations. In the event Mr. Baklid terminates the employment or Hoylu terminates the employment for cause, Hoylu shall pay NOK 125,000 plus 3% p.a. for the Consideration Shares. In the event Hoylu terminates the employment without cause, Hoylu shall pay the market price for:
1. 1/3 of the Consideration Shares if the employment is terminated after 31 December 2020.
2. 2/3 of the Consideration Shares if the employment is terminated after 31 December 2021.
3. All Consideration Shares if the employment is terminated after 31 December 2022.
Under the lock-up, Truls Baklid is not permitted to divest any Consideration Shares until the end of the vesting period, i.e. 31 December 2022.
The Agreement is subject to the approval of Hoylu shareholders and is only valid if supported by shareholders representing at least nine-tenths (9/10) of the votes given and shares represented at the shareholders' meeting. Hoylu will issue a notice for an Extraordinary General Meeting (the "EGM") later this week.
Hoylu's software and solutions offer new and exciting ways to learn, communicate and collaborate smarter, faster and more efficiently. Create Connected Workspaces that include engineering plans, design reviews, and analyze large data sets on large scale HoyluWalls or any device you choose. Hoylu Suite is designed to make digital work simple, seamless and hassle free.
For more information, please contact:
Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com
Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com
About Hoylu
Hoylu delivers innovative enterprise solutions to allow global teams to collaboratively plan, create and share information that enrichen the user experience in the virtual office. The Hoylu Suite delivers a comprehensive set of personalized connected workspaces to enable teams across locations, on any device, to work smarter and with more fun across major industries including Engineering, Education, Pharmaceutical, Construction, Manufacturing, Graphic Design and many more. For more information: www.hoylu.com or visit www.introduce.se/foretag/hoylu
Ticker symbol: Hoylu
Marketplace: Nasdaq First North Growth Market
Certified Adviser: Mangold Fondkommission AB +46 (0) 8 50 301 550, ca@mangold.se
Publication
This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:30) CEST on September 2, 2019.
