Grant of warrants

Company Announcement No. 6-2024

Copenhagen, March 19, 2024

Today, Impero’s Board of Directors has decided to exercise its current authorization in section 4.8 of the Articles of Association by issuing 300,000 new warrants to key employees in the Company. 75,000 warrants were granted to the Company’s Chief Financial Officer and the remaining warrants were granted to other employees, including the company’s new CTO and a consultant.

The exercise price is fixed at DKK 6.15 per share corresponding to the average closing price for the previous five trading days prior to the date on which the Board of Directors decided to issue the warrants. The warrants issued shall vest in two installments based on the Company’s achievement of an Annual Recurring Revenue (”ARR”) of DKK 42.2M and ARR of DKK 65.0M. If the AAR target figures are not reached, the warrants will lapse.

Warrants that have not been exercised 10 days after the publication of the Company’s annual report for 2028 will lapse automatically. Vested warrants can be exercised only within the ordinary trade windows stipulated from time to time in the Company’s internal rules governing the trading of the Company’s shares.

The warrants include conditions on accelerated vesting in case of change of control, e.g., takeover bid, merger, or delisting. The theoretical market value of one warrant granted is DKK 4.53 (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of DKK 6.00 (as of March 18, 2024), an exercise price of DKK 6.15, volatility of 101.42%, and risk-free interest rate of 2.36%.

The Company’s Articles of Association will be updated following the grant of warrants.

“These warrants are issued to the CFO, CTO, key employees and one consultant of Impero. The issuing of warrants by the Board of Directors is part of Impero’s ongoing incentive plans, and secures alignment with our shareholders’ interests”, says Rikke Stampe Skov, CEO of Impero.