Grant of warrants
MapsPeople A/S I Grant of warrants
Company Announcement No. 11 - 2024
Aalborg, May 23, 2024
Grant of warrants
In order to implement a retention and incentive program, the board of directors of MapsPeople today exercised part of its authorization pursuant to article 4.16 of the company's articles of association to issue a total of 1,096,008 warrants. The warrants were issued to 29 employees, including certain senior management employees.
The exercise price is fixed at DKK 2.27 per share corresponding to the average closing price the last five trading days prior to today.
446,008 of the warrants will vest over 30 months, with a 6 month's cliff starting in June 2024. Hereafter, the warrants will vest in three installments of 20, 40 and 40 per cent on 31 December 2024, 31 December 2025 and 31 December 2026.
These warrants may be exercised in exercise windows of 14 days starting the day after the publication of the MapsPeople's annual report, half-year report or quarterly report. Warrants that have not been exercised 31 December 2028 at the latest will lapse automatically.
650,000 of the warrants will vest over 48 months, with a one year's cliff starting in June 2024. Hereafter, the warrants will vest with 25 per cent on 1 June 2025, and then the remaining 75 per cent will vest evenly on every 1st of each subsequent month (2.08 per cent per month) until the last vesting date being 1 June 2028.
These warrants may be exercised in exercise windows of 14 days starting the day after the publication of the MapsPeople's annual report, half-year report or quarterly report. Warrants that have not been exercised 1 June 2030 at the latest will lapse automatically.
The warrants include conditions on accelerated vesting in case of liquidation, dissolvement in connection with a merger, or delisting.
The specific terms of the warrants can be found in MapsPeople’s articles of association available on: https://www.mapspeople.com/investors.
The theoretical market value of the warrants granted is DKK 1.64 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 2.26, an exercise price of DKK 2.27, volatility of 95%, and a risk-free interest rate of 2.22%.
For additional information, please contact
MapsPeople A/S
Morten Brøgger, CEO
Mobile (+45) 31 23 48 72
Email [email protected]
Stigsborgvej 60, 9400 Nørresundby
Denmark
Certified Advisor
Grant Thornton
Jesper Skaarup Vestergaard
Mobile (+45) 31 79 90 00
Stockholmsgade 45
2100 Copenhagen Ø
Denmark