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