Warrant Programs

Stillfront currently has four warrant programs directed to key individuals.

2019/2022 Warrants

A shareholders meeting May 9, 2019 resolved to issue 175,000 warrants to be offered to key individuals as a long-term incentive program (the “2019/2022 Warrants”). The 2019/2022 warrants were offered at similar terms as the 2017/2020 Warrants. Each 2019/2020 Warrant gives the holder the right to subscribe to one share at a price of 333.84 SEK per share, during the period May 15, 2022 to June 1, 2022.

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.

2012/2022 Warrants

In connection with the acquisition of Power Challenge Holding Limited during 2012 Stillfront issued a total of 322,535 warrants to key individuals. Each warrant entitles the holder to subscribe for one share. The subscription price amounts to SEK 0.10 per share and the subscription period is 2 November 2012 until 2 November 2022. Following recalculation of the number of warrants due to the reversed split in October 2015 the number of warrants has been reduced to 46,077 with a right to subscribe for one new share per each warrant. 41,769 warrants have been exercised.