Share-Based Incentive Program 2020/2023

The Annual General Meeting 2020 decided to implement a warrants program for senior executives and key employees in the Thule Group.

The program comprises 2,090,000 warrants issued to Thule AB for further transfer to the participants. A total of 1,107,779 of the warrants have been allocated.

Participants have acquired warrants at fair market value and the program currently includes 27 participants. The original strike price was SEK 216.60, which corresponds to 118 percent of the volume weighted average price according to Nasdaq Stockholm's official price list for shares in the company during the period as from April 29, 2020 through May 13, 2020.

If, at the time of subscription, the share price most recently paid for a share in the company at the closing of the stock exchange on the business day immediately preceding the subscription exceeds 162.3 per cent of the average share price based upon which the subscription price has been determined (SEK 298), the subscription price shall be increased correspondingly.

Following recalculations for dividends, each warrant will entitle the option holder to subscribe for 1.11 new shares at a strike price of SEK 195.20. The ceiling level has be recalculated to SEK 276.60.

The warrants may be exercised 15 June – 15 December 2023. As part of the incentive program, participants may receive a retention bonus in the form of a gross salary supplement from the company that corresponds in total to the amount paid by the participant for the warrants, conditional upon continued employment at the time of payment and that the participant has not terminated the employment.

The dilution effect of the program is approximately 1,5 percent.

 

All the warrants have been exercised. The majority was exercised in a joint execution >>>