Warrant and Employee stock option programs

Stillfront currently has four warrant and employee stock option programs directed to key individuals.

2020/2024 Warrants

The annual general meeting 2020 resolved to issue 350,000 warrants to be offered to key individuals within the Stillfront Group under a long-term incentive program (the “2020/2024 Warrants”). The warrants are to be transferred to the individuals at fair value, based on the Black & Scholes’ formula. The warrants are being vested over three years, and subject to a buyback clause, giving Stillfront the right to buy back warrants in certain circumstances. Each 2020/2024 Warrant gives the holder the right to subscribe to one new share in Stillfront on the last banking day each month during the period 1 June 2023 to 31 May 2024 at a price that shall be equal to the average volume weighted share price for Stillfront’s share on Nasdaq First North Premier Growth Market during the period from and including 29 April 2020 until and including 13 May 2020, adjusted upwards with 8 percent annual interest. The price shall however not be lower than the quotient value of the share. The board of directors resolves on the final allotment of the 2020/2024 Warrants. The allotment will be assessed on an individual basis for the key individuals, taking into consideration such key individual’s positions within the group and their respective total remuneration. No participant in the program will be offered to subscribe for more than 100,000 2020/2024 Warrants.

2019/2023 Warrants

The extraordinary general meeting held on December 10, 2019 resolved to adopt an employee stock option program for senior executives of Stillfront (the “2019/2023 Warrants”). Not more than 200,000 employee stock options can be issued to approximately ten senior executives in the group. Each stock option entitles the employee an option right to acquire one share in the Company during the period 15 December 2022 up to and including 15 December 2023 for a price of SEK 500 equal to 150 % of the average volume weighted share price for the Company’s share on Nasdaq First North Premier Growth Market during the period from and including 25 November 2019 until and including 9 December 2019. Upon full subscription by virtue of the warrants, a maximum of 200,000 new shares may be issued, corresponding to a dilution of approximately 0.75 per cent of the total number of shares and votes in the Company.

2018/2021 Warrants

A shareholders meeting May 30, 2018 resolved to issue 300,000 warrants to be offered to key individuals as a long-term incentive program (the “2018/2021 Warrants”). The 2018/2021 warrants were offered at similar terms as the 2017/2020 Warrants. Each 2018/2021 Warrant gives the holder the right to subscribe to one share at a price of 472.20 SEK per share, during the period May 15, 2021 to June 1, 2021. The board of Stillfront resolved April 9, 2019 to cancel 122,500 of the above warrants.

2017/2020 Warrants

A shareholders meeting April 18, 2017 resolved to issue 299,189 warrants to be offered to key individuals as a long-term incentive program (the “2017/2020 Warrants”). The warrants were transferred to the individuals at fair value, based on the Black & Scholes’ formula. The warrants are being vested over three years, and subject to a buyback clause, giving Stillfront the right to buy back warrants. Each 2017/2020 Warrant gives the holder the right to subscribe to one share at a price of 152.74 SEK per share, during the period May 15, 2020 to June 1, 2020. The board of Stillfront resolved April 9, 2019 to cancel 57,189 of the above warrants.