Incentive Programme

Background and rationale

The board of directors considers it to be in the interest of the Company and the shareholders that certain members of the senior executives of the Company are made part of the Company’s development by being offered warrants and performance shares in a incentive programs. The reasons for the incentive programs are to contribute to the possibilities to retain and attract qualified personnel and to increase motivation for the senior executives and key employees in Cheffelo by being involved in, and working for, a positive value increase of the Company’s shares. The board of directors considers the use of incentive program as described below to have a positive impact on the continued development of the Cheffelo and is thus advantageous for both the shareholders and the Company. 

Warrant Program 2021/2025

Series 2021/2025 was issued to, at the time being, the three external, i.e. independent from larger shareholders, members of the board of directors. The warrants have a term of four years, and each option gives the right to subscribe for one share at the subscription price SEK 83.2 (The strike price has been adjusted for dividend paid in 2022, 2023 and 2024) . There are currently 19 200 outstanding warrants, and the exercise of outstanding options corresponds to a dilution of the share capital by 0.2%. 

The participants may exercise the warrants during the period 1 April 2025–30 June 2025. 

Cheffelo also reserves the right to, under certain conditions, purchase the warrants from the participant if the participant’s employment within the Company terminates for certain reasons or if the participant wishes to transfer the warrants. 

Warrant Program 2022/2025

At the Company’s annual general meeting held on April 27 2022 the shareholders of Cheffelo resolved to adopt long-term incentive program based on warrants, Series 2022/2025, The program was aimed at the Company’s executive management and some other key employees totaling 215 000 warrants.

Each option gives the right to subscribe for one share at the subscription price SEK 28.4 (The strike price has been adjusted for dividend paid in 2023 and 2024) . There are currently 125 000 outstanding warrants, and the exercise of outstanding options corresponds to a dilution of the share capital by 1.0%. 

The participants may exercise the warrants during the period 1 June 2025–31 August 2025. 

Cheffelo also reserves the right to, under certain conditions, purchase the warrants from the participant if the participant’s employment within the Company terminates for certain reasons or if the participant wishes to transfer the warrants. 

Warrant Program 2023/2025

At the Company’s annual general meeting held on April 27 2023 the shareholders of Cheffelo resolved to adopt long-term incentive program based on warrants, Series 2023/2025, The program was aimed at the Company’s executive management and some other key employees totaling 380 000 warrants.

Each option gives the right to subscribe for one share at the subscription price SEK 20.6 (The strike price has been adjusted for dividend paid in 2024) . There are currently 216 832 outstanding warrants, and the exercise of outstanding options corresponds to a dilution of the share capital by 1.7%. 

The participants may exercise the warrants during the period 2 June 2025– 2 September 2025. 

Cheffelo also reserves the right to, under certain conditions, purchase the warrants from the participant if the participant’s employment within the Company terminates for certain reasons or if the participant wishes to transfer the warrants.