Grant of warrants

Company Announcement No. 14-2022
Copenhagen, 27 April 2022

Today, Christian Sagild, Morten Kenneth Elk and Rikke Stampe Skov were reelected as members of the board of directors of Penneo and Steffen Peter Anker Heegaard was elected as a new member of the board of directors of Penneo. Following the general meeting, the board of directors has today exercised part of its current authorisation to issue a total of 190,660 warrants to Christian Sagild, 15,000 warrants to Rikke Stampe Skov and 15,000 warrants to Steffen Peter Anker Heegaard.

The exercise price is fixed at DKK 17.854 per share corresponding to the average of the average share price for the five days prior to the date on which the board of directors decided to grant the warrants. The warrants will vest in 36 equal monthly installments with the first installment vesting on 31 May 2022. Warrants that have not been exercised 26 April 2030 at the latest will lapse automatically. Warrants can be exercised in periods of four weeks starting the day after the publication of the Company's annual report, half-year report or quarterly report, respectively.

The warrants include conditions on accelerated vesting in case of change of control, e.g. a takeover bid, merger or delisting. The warrants are issued in accordance with section 4 of the Articles of Association.The theoretical market value of one warrant granted is DKK 3,147 (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of DKK 17,854, an exercise price of DKK 17,854, volatility of 15,75%, and a risk-free interest rate of 0,5%.