Warrant Program 2024/2028

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant-based incentive program Warrant Program 2024/2028 by (A) issuance of warrants of series 2024/2028 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2024/2028 from the subsidiary to individuals who are or will be employed by the Company (individuals employed for a fixed time period are excluded) including the CEO (“Employees”).

No more than 500,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 22 November 2024, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 15 February 2028 until 30 April 2028. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 150 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 15 November 2024, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.84 per cent.

Warrant Program 2023/2027

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant-based incentive program Warrant Program 2023/2027 by (A) issuance of warrants of series 2023/2027 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2023/2027 from the subsidiary to individuals who are or will be employed by the Company (individuals employed for a fixed time period are excluded) including the CEO (“Employees“).

No more than 500,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 15 March 2024, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 24 March 2027 until 5 May 2027. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 150 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 8 March 2024, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.86 per cent.

Warrant Program 2023/2026

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant-based incentive program Warrant Program 2023/2026 by (A) issuance of warrants of series 2023/2026 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2023/2026 from the subsidiary to the Employees (including the CEO) in the Company.

No more than 300,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 10 March 2023, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 25 March 2026 until 8 May 2026. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 150 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 3 March 2023, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.15 per cent.

Warrant Program 2022/2026

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant-based incentive program Warrant Program 2022/2026 by (A) issuance of warrants of series 2022/2026  to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2022/2026 from the subsidiary to individuals who are or will be employed by the Company (individuals employed for a fixed time period are excluded) including the CEO (“Employees”).

No more than 300,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 18 November 2022, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 3 December 2025 until 16 January 2026. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 150 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 11 November 2022, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.15 per cent.

Warrant Program 2021/2024

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant based incentive program Warrant Program 2021/2024:1 by (A) issuance of warrants of series 2021/2024:1 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2021/2024:1 from the subsidiary to individuals who are or will be employed by the Company (individuals employed for a fixed time period are excluded) including the CEO (“Employees”).

No more than 300,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 2 May 2021, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 15 May 2024 until 30 September 2024. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 130 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 23 April 2021, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.27 per cent.

The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant based incentive program Warrant Program 2021/2024:2 by (A) issuance of warrants of series 2021/2024:2 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2021/2024:2 from the subsidiary to the Employees in the Company. No more than 300,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 2 November 2021, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 15 November 2024 until 31 March 2025. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 130 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days beginning on 28 October 2021, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.27 per cent.