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5. Employee benefit expenses

EUR 1,000 2020 2019
Wages and salaries -13,446 -13,541
Pension expenses, defined contribution plans -577 -601
Pension expenses, defined benefit plans (note 20) -124 -136
Other employee benefits -4,091 -1,683
Employee benefit expenses total *) -18,239 -15,961
 
*) Includes 3,359 thousand euros of share-based expensives
 
Information about management compensation is presented in note 27.
 
Average number of employees    
Finland 39 40
India 439 379
Middle-East 110 82
Latin America 49 53
Total 637 554
Share-based incentive scheme
Tecnotree group has an employee incentive program for 2020 -2022 designed to align the participants' focus with Tecnotree’s growth strategy and long-term success. The LTI Plan includes Restricted Share Units (RSUs) giving a contractual right to receive shares over the next 3 year period as per an equated semi-annual vesting schedule.
               
Share based incentives during the period 1.1.2020 - 31.12.2020
Plan Restricted Share Unit Plan 2020 Restricted Share Unit Plan 2020 Restricted Share Unit Plan 2020 Restricted Share Unit Plan 2020 Restricted Share Unit Plan 2020 Restricted Share Unit Plan 2020 TOTAL
Instrument RSUP 2020-2022 - 1st installment RSUP 2020-2022 - 2nd installment RSUP 2020-2022 - 3rd installment RSUP 2020-2022 - 4th installment RSUP 2020-2022 - 5th installment RSUP 2020-2022 - 6th installment TOT/WA
Initial amount, pcs 14,500,000 14,500,000 14,500,000 14,500,000 14,500,000 14,500,000 87,000,000
Initial allocation date 24.1.2020 24.1.2020 24.1.2020 24.1.2020 24.1.2020 24.1.2020  
Vesting date 28.2.2020 31.8.2020 28.2.2021 31.8.2021 28.2.2022 31.8.2022  
Maximum contractual life, yrs 0.10 0.60 1.1 1.6 2.1 2.6 1.4
Remaining contractual life, yrs 0.00 0.00 0.2 0.7 1.2 1.7 0.6
Number of persons at the end of reporting year 0.00 0.00 51 51 51 51  
Payment method Equity Equity Equity Equity Equity Equity  
               
Changes during period RSUP 2020-2022 - 1st installment RSUP 2020-2022 - 2nd installment RSUP 2020-2022 - 3rd installment RSUP 2020-2022 - 4th installment RSUP 2020-2022 - 5th installment RSUP 2020-2022 - 6th installment TOT/WA
               
1.1.2020              
Outstanding in the beginning of the period 0 0 0 0 0 0 0.00
               
Changes during period              
Granted 2050013 2127213 2327207 2327207 2327180 2327180 13,486,000
Forfeited 0 0 0 0 0 0 0
Exercised 2050013 2127213 0 0 0 0 4,177,226
Expired 0 0 0 0 0 0 0
               
31.12.2020              
Exercised at the end of the period 2050013 2127213         4,177,226
Outstanding at the of the period 0 0 2327207 2327207 2327180 2327180 9,308,774
               
Fair value determination              
The fair value of share based incentives have been determined at grant date and the fair value is expensed until vesting. The pricing of the share based incentives granted during the period was determined by the following inputs and had the following effect:
               
Valuation parameters for instruments granted during period
Share price at grant, € 0.247
Share price at reporting period end, € 0.704
Expected dividends, € 0.00
Fair Value 3,216,079
Effect of Share-based Incentives on the result and financial position during period
Expenses for the financial year, share-based payments, equity-settled 3,359,430
Estimated amount of taxes to be paid to the tax authorities from share-based payments, estimated at the end of the period 3,998,293