Tethys Oil has an incentive programme as part of the remuneration package to employees. Warrants have been issued annually since 2015, following a decision by the respective AGM. The allocation is not guaranteed and the Board of Directors of the Company shall resolve on and implement the allocation. The warrants have no vesting period or other restrictions and have been transferred free of charge to the participants and the Group accounts for any income tax for the participants to the extent such tax is attributable to the programme. The market value of the warrants has been calculated in accordance with the Black & Scholes formula by an independent valuation institution. The subscription price is based on the volume-weighted average of the purchase price for the Company’s share on Nasdaq Stockholm during approximately a two week period prior to the date of allocation.
| Number of warrants | ||||||||
| Warrant incentive programme | Exercise period | Subscription price, SEK | Shares per warrant | 1 Jan 2020 | Issued 2020 | Exercised 2020 | Expired 2020 | 31 Dec 2020 |
| 2017 incentive programme | 30 May – 2 Oct 2020 | 69.30 | 1.24 | 350,000 | – | – | 350,000 | – |
| 2018 incentive programme | 1 Jun – 2 Oct 2021 | 75.40 | 1.18 | 350,000 | – | – | – | 350,000 |
| 2019 incentive programme | 1 Jun – 7 Oct 2022 | 72.80 | 1.08 | 350,000 | – | – | – | 350,000 |
| 2020 incentive programme | 13 Jun – 6 Oct 2023 | 54.00 | 1.00 | – | 350,000 | – | – | 350,000 |
| Total | 1,050,000 | 350,000 | – | 350,000 | 1,050,000 | |||