Table: Delivery of shares free of charge or at a price below the normal market price by the company to its employees

Note: The following table analyses the treatment in the IRPF of:

The free delivery of company shares and interests to its employees.
Non-transferable stock options - involve the company granting its employees a right to purchase a certain number of company shares, at an agreed price lower than the market price and which may be exercised during a certain period, without said right to purchase being transferable by the employee.

**Delivery of shares for free or at a price below the normal market price by the company to its employees**
Qualification	Valuation in personal income tax	Tax benefits	RT imputation for subjects and non-exempt subjects
Earnings from work (RT) in kind Subject to payment on account	*A. IN GENERAL* Free delivery accs Market value at the time of delivery. In the case of listed shares, the market value Non-transferable stock options Difference between the market value/quoted value of the shares at the time of exercising the option – Price at which the option can be exercised (effective purchase price).	*A. IN GENERAL* Exemption up to 12,000 euros per year Same conditions for all workers. With the required requirements art. 42.3.f) Law IRPF . Reduction of 30% on the non-exempt amount if it had been generated in a period of more than 2 years and provided that in the previous 5 years no other RT had been obtained to which the reduction had been applied (art. 18, paragraphs 1 and 3 of Law Personal Income Tax ).	*A. IN GENERAL* Art. 14.1.a) Law Income Tax . When RT is required. That is, when they are delivered. In the case of non-transferable inter vivos purchase options (non-transferable stock options), the RT will accrue at the time the beneficiary exercises his purchase option right. This is also the case when shares are delivered. If the option is never exercised at any time, there will be no performance of any kind to be attributed.
	*B. EMERGING COMPANIES (as of January 1, 2023)* Free delivery accs Difference between: If there is extension : value of shares subscribed by an independent third party in the last capital increase carried out in the year prior to the year in which they are delivered. If there is no extension : market value at the time of delivery. Non-transferable stock options Same as delivery, discounting the price at which the option can be exercised.	B. EMERGING COMPANIES (as of January 1, 2023) Exemption up to 50,000 euros per year With the requirements set forth in art. 42.3.f) Law IRPF except that It is not necessary for the offer to be made under the same conditions for all of the company's workers, but it must be made within the company's general remuneration policy and contribute to their participation in the company. Paragraph 2 of art. 42.3.f) Law IRPF Non-transferable stock options : To be eligible for the exemption, the condition of being an emerging company must be met at the time the option is granted. Not when the right is exercised and the shares are delivered. Paragraph 2 of art. 42.3.f) Law IRPF . Reduction of 30% on the non-exempt amount if it had been generated in a period of more than 2 years and in the previous 5 years no other RT had been obtained to which the reduction had been applied (art. 18, paragraphs 1 and 3 of Law Personal Income Tax ).	EMERGING COMPANIES (as of January 1, 2023) Art. 14.2.m) Law Income Tax . They are imputed and declared in the tax period in which any of the ss occurs. circumstances: The shares of the emerging company are admitted to trading on regulated markets. The shares leave the taxpayer's assets. In any case, in the tax period in which the 10-year period from delivery occurs when the previous years do not occur. Although the payments on account are made when they are delivered (in the case of non-transferable stock options when the purchase option is exercised), they will be allocated when the returns are declared. (art. 79 Regulation IRPF )