EQL Pharma Investor Relations

Incentive programs

The company has implemented four share-based incentive programs, which are presented below.

Warrant program 2021/2025 I

At the Annual General Meeting on 17 August 2021, it was resolved to implement a long-term incentive program in the form of a warrant program for two senior executives and one key employee in the company (“Warrant Program 2021/2025 I”) through the issuance of a maximum of 142,000 warrants. The warrants were issued at market value, which was determined by an independent valuation institute, using the Black & Scholes model, at SEK 2.23. Allotment of all 142,000 warrants took place on 1 September 2021 and thereafter 30,000 warrants have been repurchased by the company from one of the participants in May 2022. The exercise price for the warrants amounts to SEK 72.05 per share. The warrants can be exercised during the period from and including 1 September 2025 up to and including 30 September 2025. In the event that all warrants held by participants in Warrant Program 2021/2025 I are exercised for subscription of shares in September 2025, a total of 112,000 shares will be issued, which corresponds to a dilution of approximately 0.38 percent.

Warrant program 2021/2025 II

At the Extraordinary General Meeting held on 10 December 2021, it was resolved to implement a long-term incentive program in the form of a warrant program for the company’s CEO (“Warrant Program 2021/2025 II”) through the issuance of a maximum of 400,000 warrants. The warrants were issued at market value, which was determined by an independent valuation agency, using the Black & Scholes model, at SEK 1.35. Allotment of all 400,000 warrants took place on 10 December 2021 and the exercise price for the warrants amounts to SEK 67.50 per share. The warrants can be exercised during the period from and including 1 September 2025 up to and including 30 September 2025. In the event that all warrants held by participants in the Warrant Program 2021/2025 II are exercised for subscription of shares in September 2025, a total of 400,000 shares will be issued, which corresponds to a dilution of approximately 1.36 percent.

Warrant program 2022/2027

At the Extraordinary General Meeting held on 16 October 2022, it was resolved to implement a long-term incentive program in the form of a warrant program for the company’s COO (“Warrant Program 2022/2027”) through the issuance of a maximum of 70,000 warrants. The warrants were issued at market value, which was determined by an independent valuation agency, using the Black & Scholes model, at SEK 2.76. Allotment of all 70,000 warrants took place on 22 December 2022 and the exercise price amounts to SEK 52.50 per share. The warrants can be exercised during the period from and including 1 June 2027 up to and including 30 June 2027. In the event that all warrants held by participants in the Warrant Program 2022/2027 are exercised for subscription of shares in June 2027, a total of 70,000 shares will be issued, which corresponds to a dilution of approximately 0.24 percent.

Warrant program 2023/2028

At the Annual General Meeting on 17 August 2023, it was resolved to implement a long-term incentive program in the form of a warrant program for the company’s CBDO and COO (“Warrant Program 2023/2028”) through the issuance of a maximum of 150,000 warrants. The warrants have been issued at market value, which was determined by an independent valuation institute, using the Black & Scholes model, at SEK 1.77. Allotment of all 150,000 warrants took place on 31 August 2023 and the exercise price amounts to SEK 56.37 per share. The warrants can be exercised during the period from and including 1 June 2028 up to and including 30 June 2028. In the event that all warrants held by participants in the Warrant Program 2023/2028 are exercised for subscription of shares in June 2028, a total of 150,000 shares will be issued, which corresponds to a dilution of approximately 0.51 percent.