Grant of warrants

Company Announcement no. 28-2023

Today, the board of directors has exercised part of its current authorisation to issue a total of 186,000 warrants to the Company’s CFO and a key employee.

The warrants are an essential part of securing long-term incentive for management in Donkey Republic to drive the ambitious growth plan and to ensure long-term value for all Donkey stakeholders.

The CFO Christian Dufft has been granted 100,000 warrants and 86,000 warrants were granted to a key employee.

Each warrant entitles the holder to subscribe for one share of nominally DKK 0.10 in Donkey Republic Holding A/S at the strike price of DKK 8.80.

The total theoretical market value of the 186,000 warrants amounts to DKK 263,333.

The theoretical market value of one warrant is calculated using the Black Scholes model. The key assumptions for the calculation are a share price of DKK 5.15 as of 8 December 2023, a diluted share price of DKK 5.14, volatility of 52.33%, and a risk-free interest rate of 2.40%.

The warrants include conditions on accelerated vesting in case of an exit event, e.g. a takeover, merger or sale of assets. Vested warrants can be exercised in periods of four weeks starting the day after the publication of the Company's annual report and half-year report, respectively and in case of an exit event. Warrants shall mature on 31 December 2027. Warrants that have not been exercised at maturity will lapse automatically.

The warrants are issued in accordance with article 4.2 of the Articles of Association in which the board of directors is authorized to issue up to a total of 2,400,000 warrants to board members, management and employees. The remaining authorization is 195,991 warrants.