Glossary
- Early-stage financing
- eb.rexx indices
- ebB (Price Addendum)
- ebG (Price Addendum)
- EBIT
- EBITDA
- ECN (electronic communication network)
- Economic indicators
- Elasticity (warrants)
- Electronic exchange
- Elliot Waves
- EMA (Exponential Moving Average) 38
- Employee shares
- Entry Standard
- Equity fund
- ETF (exchange-traded fund)
- Euribor (European interbank offered rate)
- Euro
- European-style option
- Ex-day
- Exchange Operating Board
- Exchange rate
- Exchange Supervisory Office
- Exchange trader
- Exchange turnover
- Exercise (warrants)
- Exercise period (warrants)
- Exercise price
- Exercise ratio
- Exhaustion gap
- Existing share
- Exit
- Exotics
- Expiry
- Expiry date
Employee shares
Employee shares are created when the company either undertakes a capital increase, or buys back its own stock on the stock exchange. They are usually issued at a preferential price that is substantially lower than the market price. Once purchased, the shares are usually frozen for a period of up to five years before they can be sold.
From the point of view of the company, one advantage of issuing employee shares is that staff will have a greater personal stake in the company's performance. Moreover, such shares are increasingly being used as a component of flexible employee compensation systems, and thus as a way of motivating workers.
When staff member purchase an employee share at the preferential price, the resulting non-cash benefit is tax-free, provided it does not exceed half of the market value of the stock, or €150. In addition, the shares must be held at least six years.
Deutsche Börse 
