Permascand / Investors / Corporate Governance / Incentive program Incentive program Long-term incentive program for management The Extraordinary General Meeting in the Company on 3 June 2021 resolved to issue warrants as a part of the implementation of an incentive program (“LTIP 2021/2024”) for existing and potential future senior executives and other key employees in the Group, 12 employees in total (the “Participants”). In total, LTIP 2021/2024 will comprise a maximum of 729,153 warrants. The warrants will be issued to the Partici­pants or a Group company and subsequently transferred to the Participants at fair market value, which will be set by Pricewater­houseCoopers in accordance with the Black & Scholes valuation method at the time of transfer. The number of warrants per Participant will vary depending on the Participant’s position within the Group. The maximum number of warrants that each of the Participants in the Executive Management will be allowed to acquire is specified in the table below. Participant Warrants % of program Peter Lundström 227 205 31,2% Fredrik Herlitz 72 292 9,9% Linda Ekman 72 292 9,9% Viktoria Lindstand 72 292 9,9% Lars Nyman 72 292 9,9% Lena Oskarsson Engberg 48 195 6,6% Jens Michael Povlsen 48 195 6,6% Erik Zimmerman 48 195 6,6% Louis Obaro Andrew 48 195 6,6% Nicholas Laroche 20 000 2,7% Total LTIP 2021/2024 729 153 100,0% The warrants can be exercised during the period 1 May – 10 June 2024. The strike price of the warrants will correspond to 120 percent of the Offering Price, i.e. SEK 40.8. The terms and conditions of the warrants include customary re­calculation provisions relating to, among other things, dividends that are distributed before the time of exercise of the warrants. The Company has reserved the right to repurchase the warrants if, for example, the Participant wishes to sell the warrants to a third party or if the Participant’s employment is terminated. Assuming that all 729,153 warrants in LTIP 2021/2024 are exercised for subscription of new shares, the share capital of the Company will increase by approximately SEK 27,05.67, corre­sponding to approximately 1.2 percent of the Company’s share capital after completion of the Offering. Since the warrants are transferred at fair market value, the Company assesses that any potential costs for social charges associated with the program will be limited. The costs related to the program will accordingly mostly consist of limited costs for the implementation and administration of the program. Long-term incentive program for the board of directors The Extraordinary General Meeting in the Company on 3 June 2021 resolved to issue warrants as a part of the implementation of an incentive program (“LTIP 2021/2025”) for existing directors in the Company (the “Board Participants”). In total, LTIP 2021/2025 will comprise a maximum of 504,899 warrants. The warrants will be issued to a Group company and subsequently transferred to the Board Participants at fair market value, which will be set by PricewaterhouseCoo­pers in accordance with the Black & Scholes valuation method at the time of transfer. The maximum number of warrants that each of the Board Participants of the Board of Directors will be allowed to acquire is specified in the table below. Participant Warrants % of program Per Lindberg 151 470 30,0% Johan Karlsson 88 357 17,5% Ingar Jensen 66 268 13,1% Marie Grönberg 66 268 13,1% Pernilla Lundin 66 268 13,1% Mario Houde 66 268 13,1% Total LTIP 2021/2025 504 899 100,0% The warrants can be exercised during the period 1 May – 10 June 2025. The strike price of the warrants will correspond to 110 percent of the Offering Price, i.e., SEK 37.4. The terms and conditions of the warrants include customary re­calculation provisions relating to, among other things, dividends that are distributed before the time of exercise of the warrants. The Company has reserved the right to repurchase the warrants if, for example, the Board Participant wishes to sell the warrants to a third party or if the Board Participant’s board assignment is terminated. Assuming that all 504,899 warrants in LTIP 2021/2025 are exercised for subscription of new shares, the share capital of the Company will increase by SEK approximately SEK 18,699.96, corresponding to 0.9 percent of the Company’s share capital after completion of the Offering. Since the warrants are transferred at fair market value, the Company assesses that any potential costs for social charges associated with the program will be limited. The costs related to the program will accordingly mostly consist of limited costs for the implementation and administration of the program. Permascand is a technology-driven manufacturer of world-leading electrochemical solutions – based on proprietary catalytic coatings – for clean tech applications. With a customer-centric focus, the company has supplied electrodes and aftermarket services for a variety of industries for nearly 50 years. info@permascand.com +46 691 355 00