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Incentive Programme

Long-term share based incentive program (LTIP)

On 26 April 2021 the general meeting resolved on an issue of warrants of series 2021/2024 to the company and to the executive management and certain other employees with key competence in the Group participating in the warrant program. The general meeting also resolved on an approval of transfer of warrants to current and/or new participants no later than 31 December 2021. The purpose of the incentive program is, inter alia, to maintain and attract key competence, increase the alignment of interest between the employees and the company's shareholders and increase motivation to reach or exceed the company's financial targets. It is the Board of Directors' intention that the structure of the warrant program shall be on a long-term basis and the Board of Directors therefore intends to, following evaluation of the program for 2021/2024, present corresponding proposals regarding the implementation of warrant programs for 2022/2025 and 2023/2026 to the annual general meeting 2022 and 2023.

In total, the warrant program series 2021/2024 will comprise up to 40 individuals and not more than 469 253 warrants. The maximum number of warrants that may be subscribed by the participants corresponds to, assuming full exercise of the warrants, approximately 0,46 per cent of the total number of outstanding shares in the company following the IPO.

The warrants shall be issued to the company without consideration and to the participants at market value. Transfer of warrants to current and/or new participants shall be made at the market value at the date of the transfer. The number of warrants per participant depends on the participant's position and responsibilities within the Group.

The warrants may only be exercised during a period of three months following the expiration of a vesting period of three years from the issue of the warrants. Each warrant may be exercised to subscribe for one ordinary share in the company during the exercise period.

The exercise price corresponds to 135 per cent of the final price in the IPO. Furthermore, if upon subscription of new shares by exercising the warrants the average share price of the company's share, calculated in accordance with the complete terms and conditions for the warrants, exceeds 250 per cent of the final price in the IPO, a recalculated lower number of ordinary shares to which each warrant entitles shall apply, creating an upper limit for the outcome of the program. The complete terms of the warrants also include customary recalculation provisions, including for dividend payments made prior to the exercise of the warrants. The company will reserve the right to repurchase warrants if, inter alia, the participant's employment with the company is terminated. The company deems that the warrant program will not entail any social security contributions and that the company's costs for the program will thus consist only of limited administrative costs.