Grant of warrants and adjustments to terms of existing retention program

MapsPeople A/S I Grant of warrants and adjusted warrants terms

Company Announcement No. 2 - 2024

Aalborg, February 28, 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 in section 4.16 of MapsPeople’s articles of association to issue a total of 550,000 warrants. The warrants were issued to Christian Læsø and one key employee.

The exercise price is fixed at DKK 1.19 per share corresponding to the subscription price at the latest private placement in December 2023 as informed in Company Announcement No. 33-2023

250,000 of the warrants will vest over 48 months, with a one year cliff starting November 1, 2023. Hereafter the warrants will vest over 36 months with 1/36 per months.

These warrants can 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 November 1, 2029 at the latest, will lapse automatically.

300,000 of the warrants will vest over 48 months, with a one year cliff starting January 1, 2024. Hereafter the warrants will vest over 36 months with 1/36 per months.

These warrants can 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 January 1, 2030 at the latest, will lapse automatically.

All of 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 1.23 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 1.59, an exercise price of DKK 1.19, volatility of 95%, and a risk-free interest rate of 2.03%.

Adjustments to existing retention and incentive program

Furthermore, the board of directors of MapsPeople have decided to amend the warrant terms of the warrants issued on 4 March, 2022 pursuant to section 4.3 of the articles of association (governed by the terms in appendix 4.10 in the company's articles of association), in order to strengthen retention with a key employee.

The board of directors have decided to amend the exercise price of the 535,790 issued warrants from DKK 6,20 per share to DKK 1,50 per share. The amendment has been executed as an addendum with the relevant warrantholder who has acceded to the changes, and the articles of association, including appendices, have been updated accordingly. All other warrant terms under appendix 4.10 will remain unchanged.

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