Incentive programs

OPTIONS A

On February 15, 2016, the Board of Directors resolved, on the authority of the Annual General Meeting on December 4, 2015, to introduce an option program of the series 2016/2019 whereby 15,780 warrants were issued to the Company's employees, consultants and Board members. During the period from April 15, 2016 to April 30, 2019, a warrant warranted subscription of a new common stock in the Company at a price of SEK 9.40 per share. At the Annual General Meeting on November 30, 2018, it was resolved to extend the subscription period until May 31, 2020. Since February 15, 2016, a number of changes in the Company's share capital have taken place, which has led to a recalculation according to the terms of the warrants. After recalculation, the total number of warrants in the stock option program is 78,900 warrants, of which 31,560 warrants are repurchased by the Company in accordance with the terms of the warrants.

OPTIONS B

On 19 September 2017, the Board of Directors resolved, on the authority of the Annual General Meeting on 18 November 2016, to introduce an option program of the 2017/2020 series, whereby 22 022 warrants were issued to the Company's employees, consultants and Board members. An option gives the holder the right to acquire one share in the company during the period September 19, 2017 - October 1, 2020 at a price of SEK 20 per share. Since September 19, 2017, a number of changes in the Company's share capital have taken place, which has led to a recalculation according to the terms of the warrants. After recalculation, the total number of warrants in the stock option program is 110,110 warrants.

OPTIONS C

On March 28, 2019, the Board of Directors resolved, on the authority of the Annual General Meeting on November 30, 2018, to introduce an option program of the 2019/2022 series, whereby 57,300 warrants were issued to the Company's employees, consultants and Board members. An option gives the holder the right to acquire one share in the company during the period March 28, 2019 - May 9, 2022 at a price of SEK 9.40 per share. Since March 28, 2019, a number of changes in the Company's share capital have taken place, which has led to a recalculation according to the terms of the warrants. After recalculation, the total number of warrants in the options program is 286,500 warrants.

series 2020/2023: 1

On May 13, 2020, the Board of Directors resolved resolved to issue a maximum of 110,000 warrants of series 2020/2023: 1 as long-term incentive program for key personnel in the Company. Each warrant entitles the holder to subscribe to a share in the Company during the call period at an amount corresponding to 130 percent of the average volume-weighted payment price for the Company's shares on the Nasdaq First North Growth Market during the period 10 trading days from May 14, 2020 onwards. The call period for subscription of shares with the support of the warrants is from 1 July 2023 to 30 September 2023. Subscription of the warrants shall take place at a price corresponding to the market value of the warrants using an accepted valuation method (Black & Scholes model). Notification of subscription of the warrants must be submitted to the Company by 31 June 2020 at the latest.

2020/2023: 2

On May 13, 2020, the Board of Directors resolved to issue a maximum of 45,000 warrants of series 2020/2023: 2 as a long-term incentive program for the Board of Directors of the Company. Each warrant entitles the holder to subscribe for a share in the Company during the call period at an amount corresponding to 130 percent of the average volume-weighted payment price for the Company's shares on the Nasdaq First North Growth Market during the period 10 trading days from May 14, 2020 onwards. The call period for subscription of shares with the support of the warrants is from 1 July 2023 to 30 September 2023. Subscription of the warrants shall take place at a price corresponding to the market value of the warrants using an accepted valuation method (Black & Scholes model). Notification of subscription of the warrants must be submitted to the Company by 31 June 2020 at the latest.

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