Grant of warrants

Company Announcement No. 24-2022

Copenhagen, 1 July 2022

Today, the board of directors has exercised part of its current authorisation to issue a total of 660,000 warrants to the management and key employees in Penneo. 300,000 warrants were granted to CEO Christian Stendevad and 50,000 warrants were granted CFO Casper Christiansen. The remaining warrants were granted to key employees.

The exercise price is fixed at DKK 10.242 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 are issued in accordance with section 4 of the Articles of Association.

The warrants will vest in 36 equal monthly installments with the first installment vesting from 1 August 2022 to 1 January 2023. Warrants that have not been exercised  after 5 years from the vesting of the last installment 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 theoretical market value of one warrant granted is DKK 1.839 (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of DKK 10.242, an exercise price of DKK 10.242, volatility of 16.49 %, and a risk-free interest rate of 1.28%