Today, the Board of Directors has exercised part of its current authorization to issue a total of 703,854 warrants to the Executive Management and key managers in Penneo in accordance with the remuneration policy. 

The Executive Management were granted warrants in accordance with the revolving warrant program as mentioned in the remuneration policy, whereas the key managers were granted warrants on a discretionary basis. 

The warrants vest in three equal yearly installments with the first installment vesting on 27 March 2025. Warrants that have not been exercised after three years from the vesting of the last installment will lapse automatically. Warrants can be exercised in periods of two weeks starting the day after the publication of the Company's annual report, half-year report or quarterly report, respectively.

The exercise price is fixed at DKK 7.93 per share corresponding to the average of the average share price for the five days prior to the date on which the board of directors decided to grant the warrants. The warrants are issued in accordance with section 4 of the Articles of Association.

The warrants include conditions on accelerated vesting in case of change of control, e.g. a takeover bid, merger or delisting. The theoretical market value of one warrant granted is DKK 1.90 (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of DKK 7.93, an exercise price of DKK 7.93, volatility of 18.11 %, and a risk-free interest rate of 2.43 %.