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Avanza
Avanza Bank Holding |
  SEK |  %   SEK
Avanza Bank Holding |
  SEK |  %   SEK

Incentive programmes

Avanza currently has the following long-term incentive programmes decided by the general meeting and exercisable 2022, 2023, 2024, 2025 and 2026, respectively. The older incentive programmes expire in connection with the allotment of warrants to employees in the later programmes. This entails that not more than three incentive programmes will be outstanding at the same time. The total dilution upon full exercise of three programmes that are outstanding at the same time amounts to less than 3.6 per cent.

Incentive programmes exercisable 2024, 2025 and 2026, respectively

The Annual General Meeting on March 30, 2021 resolved, deviating from the shareholders' preferential rights, to issue a total maximum number of 3,600,000 warrants through three incentive programmes (2021/2024, 2022/2025 and 2023/2026), each programme comprising not more than 1,200,000 warrants.

The issue of warrants in the respective incentive programmes is subject to the following terms

  • The Company shall issue a maximum of 1,200,000 warrants for each incentive programme.
  • The entitlement to subscribe for the warrants is granted exclusively to a wholly-owned subsidiary, Avanza Förvaltning AB ("the Subsidiary company") together with the right and obligation to transfer the warrants on market terms to individuals who are, or will be, employed by the Company or any of its subsidiary companies.
  • The warrants shall be subscribed to by the Subsidiary company no later than 31 August 2021. The Subsidiary company shall make no payment for the warrants.
  • The AGM approves the Subsidiary company's transfer of the warrants in the manner set forth above.
  • The value of the warrants on the transfer from the Subsidiary company shall be determined at market rates using generally accepted valuation models (Black & Scholes). The valuation shall be executed by an independent valuation institute.
  • Each warrant will entitle the holder to subscribe to one (1) new ordinary share in the company at an exercise price corresponding to an amount equal to 120 per cent of the weighted average of all completed trades in the Company's shares on 26 August 2021 (incentive programme 2021/2024), 25 August 2022 (incentive programme 2022/2025) and 24 August 2023 (incentive programme 2023/2026) on the marketplace where the Company has its primary listing (currently NASDAQ Stockholm). The weighted average shall be calculated on all auto matched trades and all trades in the opening and closing call, regardless of size. The exercise price shall, however, be no less than an amount equal to the share's nominal value.
  • Subscription of shares in accordance with the terms of the three incentive programmes may take place:
    • on 29 August 2024, on 31 October 2024 or on 28 November 2024 for incentive programme 2021/2024
    • on 28 August 2025, on 30 October 2025 or on 27 November 2025 for incentive programme 2022/2025
    • on 27 August 2026, on 29 October 2026 or on 26 November 2026 for incentive programme 2023/2026
  • The new shares grant entitlement to receive a dividend from the financial year when they are entered in the Company's Register of Shareholders on the record date for entitlement to receive a dividend.
  • Upon full exercise of the 1,200,000 warrants in each incentive programme, the Company's share capital will increase by a maximum of SEK 600,000, distributed among 1,200,000 shares, each with a nominal value of SEK 0.50 corresponding to a maximum dilution effect of 0.77 per cent. The total dilution upon full exercise of the three programmes amounts to 3,600,000 shares, corresponding to a dilution of approximately 2.3 per cent in total.

Incentive programme exercisable 2023

The Annual General Meeting on March 17, 2020 resolved, deviating from the shareholders' preferential rights, to issue a total maximum number of 2,250,000 warrants.

The issue of warrants is subject to the following terms

  • The Company shall issue a maximum of 2,250,000 warrants.
  • The entitlement to subscribe for the warrants is granted exclusively to a wholly-owned subsidiary, Avanza Förvaltning AB ("the Subsidiary company") together with the right and obligation to transfer the warrants on market terms to individuals who are, or will be, employed by the Company or any of its subsidiary companies.
  • The warrants shall be subscribed to by the Subsidiary company no later than 31 August 2020. The Subsidiary company shall make no payment for the warrants.
  • The AGM approves the Subsidiary company's transfer of the warrants in the manner set forth above.
  • The value of the warrants on the transfer from the Subsidiary company shall be determined at market rates using generally accepted valuation models (Black & Scholes). The valuation shall be executed by an independent valuation institute.
  • Each warrant will entitle the holder to subscribe to one (1) new ordinary share in the company at an exercise price corresponding to an amount equal to 120 per cent of the weighted average of all completed trades in the Company's shares on 27 August 2020 on the marketplace where the Company has its primary listing (currently NASDAQ Stockholm). The weighted average shall be calculated on all auto matched trades and all trades in the opening and closing call, regardless of size. The exercise price shall, however, be no less than an amount equal to the share's nominal value.
  • Subscription of shares in accordance with the terms of the warrants may take place on 31 August 2023, 26 October 2023 or 23 November 2023.
  • The new shares grant entitlement to receive a dividend from the financial year when they are entered in the Company's Register of Shareholders on the record date for entitlement to receive a dividend.
  • Upon full exercise of the 2,250,000 warrants, the Company's share capital will increase by a maximum of SEK 1,125,000, distributed among 2,250,000 shares, each with a nominal value of SEK 0.50 corresponding to a maximum dilution effect of 1.5 per cent.

Incentive programme exercisable 2022

The Annual General Meeting on March 19, 2019 resolved, deviating from the shareholders' preferential rights, to issue a total maximum number of 2,250,000 warrants (the number of warrants takes into account the AGM’s resolution on the share split, entailing that each existing share is divided into five shares each with a nominal value of SEK 0.50).

The issue of warrants is subject to the following terms

  • The Company shall issue a maximum of 2,250,000 warrants.
  • The entitlement to subscribe for the warrants is granted exclusively to a wholly-owned subsidiary, Avanza Förvaltning AB ("the Subsidiary company") together with the right and obligation to transfer the warrants on market terms to individuals who are, or will be, employed by the Company or any of its subsidiary companies.
  • The warrants shall be subscribed to by the Subsidiary company no later than 30 August 2019. The Subsidiary company shall make no payment for the warrants.
  • The EGM approves the Subsidiary company's transfer of the warrants in the manner set forth above.
  • The value of the warrants on the transfer from the Subsidiary company shall be determined at market rates using generally accepted valuation models (Black & Scholes). The valuation shall be executed by an independent valuation institute.
  • Each warrant will entitle the holder to subscribe to one (1) new ordinary share in the company at an exercise price corresponding to an amount equal to 120 per cent of the weighted average of all completed trades in the Company's shares on 29 August 2019 on the marketplace where the Company has its primary listing (currently NASDAQ Stockholm). The weighted average shall be calculated on all auto matched trades and all trades in the opening and closing call, regardless of size. The exercise price shall, however, be no less than an amount equal to the share's nominal value.
  • Subscription of shares in accordance with the terms of the warrants may take place from 26 August 2022 to 1 September 2022, inclusive.
  • The new shares grant entitlement to receive a dividend from the financial year when they are entered in the Company's Register of Shareholders on the record date for entitlement to receive a dividend.
  • Upon full exercise of the 2,250,000 warrants, the Company's share capital will increase by a maximum of SEK 1,125,000, distributed among 2,250,000 shares, each with a nominal value of SEK 0.50 corresponding to a maximum dilution effect of 1.5 per cent.