Incentive Program
During 2018, the company introduced new incentive programs “Warrants Program 2018/2021” and “Employee Option Program 2018/2021. The company’s management team has subscribed for the maximum number of options and warrants granted, a total of 167,000 and other employees have subscribed 121,000 options and warrants. Following the rights issue in January 2019, the terms of the warrant program and employee option program have been restated. Each option entitles to subscription of 2.06 new shares in the company at a price of SEK 58.32 per share. If all options and warrants are used in the programs, a dilution of 1.3% of the shares and votes in the company occurs. The time period for the options and warrants runs from 15 May 2021 until 15 June 2021.
In connection with the raising of the subordinated loan facility of TSEK 200,000 on July 3, 2019, 1,500,000 warrants were issued to the subordinated lenders. Following the rights issue in June 2020, the terms of the warrants have been recalculated. Each option entitles the holder to subscribe for 1.02 new shares in the company at a price of SEK 98.16 per share. The warrants run over a maximum of 5 years and may be exercised for subscription of shares up to and including 3 July 2024.
At an Extraordinary General Meeting on May 18, 2020, it was decided to issue a maximum of 900,000 warrants under the “Warrant Program 2020/2023”. The company’s management team has subscribed for the maximum number of warrants granted, a total of 500,000 and other personnel have subscribed for a total of 200,000 options. Each warrant entitles the holder to subscribe for one new share in the Company at a price of SEK 102.10 per share. If all granted warrants and options are used in the programs, there will be a dilution of 1.4 percent of the shares and votes in the company. The exercise period for the warrants runs from 18 June 2023 to 18 July 2023.
At the Annual General Meeting 13 April 2021 it was decided to issue 1,100,000 warrants and to approve subsequent transfers of the warrants. Each warrant entitles the holder to subscribe for one new share in the Company against cash payment at a subscription price corresponding to 200 percent of the volume weighted average price for the Company’s share on Nasdaq Stockholm during the period from 17 May 2021 up to and including 28 May 2021. The warrants may be exercised for subscription of shares during the period from 15 May 2024 up to and including 15 June 2024.
At the Annual General Meeting 21 April 2022 it was decided to introduce two new incentive programs; “Warrants Program 2022/2025” including 225,000 warrants (primarily for Swedish participants) and ““Employee Stock Option Program 2022/2025” including 225,000 employee stock options (primarily for American participants). Each warrant / option entitles the holder to subscribe for one new share in the Company at a subscription price of 80.93 SEK (corresponding to 175 percent of the volume weighted average price for the Company’s share on Nasdaq Stockholm during the period from 28 April 2022 up to and including 11 May 2022). The warrants / options may be exercised for subscription of shares during the period from 1 June 2025 up to and including 30 June 2025.