The AGM held on May 24, 2022 approved two long-term incentive programs (“LTI2022”), one for Management and leading employees and one for board members.
LTI2022 for Management and leading employees:
Under the program for Management and leading employees the board is authorized to allow participants in the program to acquire up to 110.000 ordinary shares in the market at market price (“Investment Shares”) until September 30, 2022, with each Investment Share carrying the right to subscribe for 1 new share at par value at the next AGM providing that the individual owning the Investment Share is still with the company at the time (“Matching Share”). Each Investment Share is also entitled to subscribe for between 0 and 5 new shares at par value during 30 trading days after December 31, 2024, depending on the development of Initiator’s share price in the period between May 24 2022 and December 31 2024. The maximum potential dilution under the approved program is 660,000 shares, representing approx. 1.2% of currently issued number of shares.
The board has decided to allocate a total of maximum 110.000 shares that can be purchased under this program, representing a potential dilution of 660.000 shares and approx. 1.20% of currently issued number of shares. By the end of the allowable investment period the maximum number of shares has been purchased in the market.
LTI2022 for Board members:
Under the program for Board members the board is authorised to allow participants in the program to acquire up to 31.000 ordinary shares in the market at market price (“Investment Shares”) until September 30, 2022, with each Investment Share carrying the right to acquire 1 new share from the company at par value at the next AGM providing that the individual owning the Investment Share is still with the company at the time (“Matching Share”). Each Investment Share is also entitled to acquire between 0 and 5 new shares from the company at par value during 30 trading days after December 31, 2024, depending on the development of Initiator’s share price in the period between May 24 2022 and December 31 2024. The maximum potential dilution under the approved program is 186,000 shares, representing approx. 0.3% of currently issued number of shares.
The board has decided to allocate a total of maximum 31.000 shares that can be purchased under this program, representing a potential dilution of 186.000 shares and approx. 0.3% of currently issued number of shares. By the end of the allowable investment period 19.500 shares has been purchased in the market, representing a potential dilution of 0.2%.
In the table below an overview of shares and warrants held by the board of directors, executive management and key employees is presented. The overview comprises warrants from the incentive programmes for 2020, 2021 and 2022, respectively.
| Individual | Position | Shares | Warrants | Total Shares and warrants |
Pct fully diluted |
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| 2020 | 2021 | 2022 | Total warrants |
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| Magnus Persson | Board member | 256 686 | 60 788 | 50 000 | 15 000 | 125 788 | 382 474 | 0,70% |
| Henrik Moltke | Board member | 127 106 | 26 052 | 35 000 | 42 000 | 103 052 | 230 158 | 0,42% |
| Peter Holm | Board member | – | – | – | – | – | – | – |
| Annette Colin | Board member | 17 000 | – | 35 000 | 18 000 | 53 000 | 70 000 | 0,13% |
| Gunilla Ekström | Board member | 7 000 | – | – | 42 000 | 42 000 | 49 000 | 0,09% |
| Total BoD | 407 792 | 86 840 | 120 000 | 117 000 | 323 840 | 731 632 | 1,35% | |
| Claus Olesen | CEO and board member | 1 072 438 | 82 497 | 300 000 | 210 000 | 592 497 | 1 664 935 | 3,06% |
| Other mgmt. and leading employees | 2 891 600 | 264 859 | 330 000 | 450 000 | 1 044 859 | 3 936 459 | 7,25% | |
| Total Mgmt and leading employees | 3 964 038 | 347 356 | 630 000 | 660 000 | 1 637 356 | 5 601 394 | 10,31% | |
| Total BoD, Mgmt and leading employees | 4 371 830 | 434 196 | 750 000 | 777 000 | 1 961 196 | 6 333 026 | 11,66% | |