Incentive programs
The company currently has five outstanding incentive plans, described below. In addition to the share options that are indicated below, there are no other outstanding warrants, convertibles or other exchangeable securities or securities that are associated with the right for subscription to any other securities in the company.
For further information regarding the programs, please refer to the company’s financial reports.
Stock option program 2025/2028
On 19 May 2025, the board of directors of the company, with the authorization from the annual general meeting on 9 May 2025, decided to issue 400,000 subscription options. Each subscription option entitles the holder to subscribe for one share at a price of SEK 42,98 during the period from 1 June 2028 to 31 July 2028. The options are valued at SEK 7,14. The valuation has been made based on Black & Scholes, taking into account the exercise price, time to expiration, valuation of the underlying share on the allocation date, risk-free interest rate, and estimated future volatility. The subscription price for the shares through the exercise of the subscription options is SEK 42,98. Currently, no warrants have been allocated.
Stock option program 2024/2027
On 10 May 2024, the board of directors of the company, with the authorization from the annual general meeting on 8 May 2024, decided to issue 400,000 subscription options. Each subscription option entitles the holder to subscribe for one share at a price of SEK 55,69 during the period from 1 June 2027 to 31 July 2027. The options are valued at SEK 9.95. The valuation has been made based on Black & Scholes, taking into account the exercise price, time to expiration, valuation of the underlying share on the allocation date, risk-free interest rate, and estimated future volatility. The subscription price for the shares through the exercise of the subscription options is SEK 55,69. A total of 195,500 subscription options have been allocated to employees of the company.
Stock option program 2023/2026
On 15 May 2023, the board of directors of the company, with the authorization from the annual general meeting on 12 May 2023, decided to issue 250,000 subscription options. Each subscription option entitles the holder to subscribe for one share at a price of SEK 65,30 during the period from 1 June 2026 to 31 July 2026. The options are valued at SEK 9.09. The valuation has been made based on Black & Scholes, taking into account the exercise price, time to expiration, valuation of the underlying share on the allocation date, risk-free interest rate, and estimated future volatility. The subscription price for the shares through the exercise of the subscription options is SEK 65,30. A total of 57,000 subscription options have been allocated to employees of the company.
Incentive program warrants
As of 10 May 2021, the company’s Board resolved, with the support of the authorization from the annual general meeting on 10 June, 2020, to issue 3,000 warrants. Each warrant entitles the holder to subscribe for one new share in the company, during the period from 1 April 2025 to 30 June 2025. The subscription price of the subscription for shares by exercising the warrant is SEK 28. All warrants have been subscribed by Belafonte AS, which is controlled by an employee in the company (not a senior executive).
Share Incentive Plan regarding employee share options
The Extraordinary General Meeting on 3 February 2022 resolved to initiate the 2022/2026 employee stock option program. In total, there are 102,708 outstanding employee share options as of 31 December 2024, which cover 17 employees. Each warrant entitles the holder to subscribe for one share. The share option plan runs and can be subscribed in different periods from 1 May 2026 to 31 December 2026.
According to the employee share options agreement, the employee shares shall vest according to the following: twelve forty-eighths (12/48) of the employee share options are vested one year after the employee share options agreement is entered, and the remaining employee share options are vested one forty-eighth (1/48) per month. If the holder of the employee share options ends his or her employment before the vesting period begins, the company shall be entitled to repurchase vested employee share options in the case the holder is considered to be a good leaver (according to the employee share options agreement) at a price corresponding to market value, and non-vested employee share options should be annulled. If the holder is considered to be a bad leaver (according to the employee share options agreement), both vested and non-vested employee share options should be annulled.
The share options are so called qualified employee share options, and thus no liability is recognized for social security contributions or deferred tax.