The company has two outstanding warrant programmes, LTI 2019/2022 (“LTI 2019”) and 2020/2023 (“LTI 2020”), directed to the company’s senior executives and other key personnel in the Group.

As per 31 December 2021, a total of 2,081,672 warrants have been allotted to 18 participants for both programmes. The CEO participates in LTI 2020 and has acquired 750,000 warrants under the framework of this programme. The number of warrants that each member of the group management holds is set out in the section “Group Management”.

LTI 2020

At the Resurs Holding Annual General Meeting held on 17 June 2020, it was resolved to issue warrants as part of an incentive program for management and key employees, LTI 2020. Each warrant initially entitles to subscription of one share in the company.

The warrants have been issued to and subscribed for by Resurs’ subsidiary Resurs Förvaltning Norden AB, and the participants in LTI 2020 have acquired warrants from this subsidiary at market price. Each holder of warrants in series 2016/2020, that still was employed had the right to acquire warrants corresponding to maximum the number of warrants in LTI 2016/2020 the participant transferred in the repurchase offer that the Annual General Meeting 2020 decided on. In addition, maximum 15 new key employees may be offered to participate in LTI 2020.

Subscription for new shares by exercising warrants in series 2020/2023 may take place during the following subscription periods; the two-week period commencing immediately after the latest of (a) the day of the announcement of the interim report for the first quarter of 2023 and (b) the second trading day after the company’s Annual General Meeting 2023, (ii) the two-week period commencing immediately after the day of the announcement of the company’s interim report for the second quarter of 2023, and (iii) from the day of the announcement of company’s interim report for the third quarter of 2023 up to and including 30 November 2023. Irrespective of what is stated above, subscription can take place from 24 November 2023 up to and including 30 November 2023.

The warrants in LTI 2020 entitled to subscription for new shares in Resurs at an initial subscription price of SEK 50,20 per share, corresponding to 131.9 per cent of the volume-weighted average price paid for the company’s share on Nasdaq Stockholm during a period of five trading days calculated from and including the day after the Board directed the offer to acquire warrants to the Participants. If, when subscribing for shares, the latest price paid for the company’s share at the closing of Nasdaq Stockholm on the trading day that immediately precedes the subscription exceeds 146.1 per cent of the subscription price according to the above, the subscription price will be increased with an amount corresponding to the amount of the mentioned closing price which exceeds 146.1 per cent of the subscription price. The subscription price is re-calculated due to dividends.

LTI 2019

At the Resurs Holding Annual General Meeting held on 25 April 2019, it was resolved to issue warrants as part of an incentive program for management and key employees, LTI 2019. Each warrant initially entitles to subscription of one share in the company.

The warrants have been issued to and subscribed for by Resurs’s subsidiary Resurs Förvaltning Norden AB, and the participants in LTI 2019 have acquired warrants from this subsidiary at market price. Each participant has had the right to acquire warrants corresponding to the proceeds which the participant received through the transfer of warrants in series 2016/2019 and not more than the number of warrants which the participant transferred in the repurchase offer that the Annual General Meeting 2019 decided on.

Subscription for new shares by exercising warrants in LTI 2019 may take place during the following subscription periods; the two-week period commencing immediately after the latest of (a) the day of the announcement of the interim report for the first quarter of 2022 and (b) the second trading day after the company’s Annual General Meeting 2022, (ii) the two-week period commencing immediately after the day of the announcement of the company’s interim report for the second quarter of 2022, and (iii) from the day of the announcement of company’s interim report for the third quarter of 2022 up to and including 30 November 2022. Irrespective of what is stated above, subscription can take place from 24 November 2022 up to and including 30 November 2022.

The warrants in LTI 2019 entitled to subscription for new shares in Resurs at an initial subscription price of SEK 75.60 per share, corresponding to 131.9 per cent of the volume-weighted average price paid for the company’s share on Nasdaq Stockholm during a period of five trading days calculated from and including the day after the Board directed the offer to acquire warrants to the Participants. If, when subscribing for shares, the latest price paid for the company’s share at the closing of Nasdaq Stockholm on the trading day that immediately precedes the subscription exceeds 146.1 per cent of the subscription price according to the above, the subscription price will be increased with an amount corresponding to the amount of the mentioned closing price which exceeds 146.1 per cent of the subscription price. The subscription price is re-calculated due to dividends.