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Incentive Program

2020 Convertible Program

The 2020 Annual General Meeting resolved that JM would raise a debenture loan with a maximum nominal value of SEK 230,000,000 by issuing a maximum of 645,000 convertible debentures, aimed at all employees in Sweden. 

The purpose of the 2020 Convertible Program is to enhance and strengthen employees’ interest in JM’s operations and future financial performance through an ownership commitment. Increased employee motivation and participation in JM’s operations is in the interest of the Company, the employees and existing shareholders. 

Upon expiry of the subscription period the loan amounts to about SEK 34 million through the issue of about 157,000 convertible debentures. In accordance with IAS 32 the liability and equity components of the convertible debenture loan are reported separately, which means that the debenture loan is reported in the balance sheet as a liability initially with the nominal amount excluding the equity component. The convertible debenture loan was settled against cash in June 2020. 

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 217. Conversion of convertible bonds may occur during the period from June 1, 2023 through April 24, 2024, with the exclusion of the period January 1 through the record date for dividends each year, or if the Annual General Meeting should not resolve on a dividend during a year, the day that falls three Banking Days after the Annual General Meeting. 

Through conversion of convertibles, JM’s share capital could increase by a maximum of SEK 157,067 through the issue of a maximum of 157,067 ordinary shares, each with a quota value of SEK 1. This corresponds with dilution of about 0.2 percent of shares and votes in the Company. 

The convertible debenture loan falls due for payment on May 27, 2024, insofar as conversion has not already been undertaken.

2019 Convertible Program

The 2019 Annual General Meeting resolved that JM would raise a debenture loan with a maximum nominal value of SEK 160,000,000 by issuing a maximum of 700,000 convertible debentures, aimed at all employees in Sweden. 

The purpose of the 2019 Convertible Program is to enhance and strengthen employees’ interest in JM’s operations and future financial performance through an ownership commitment. Increased employee motivation and participation in JM’s operations is in the interest of the Company, the employees and existing shareholders. 

Upon expiry of the subscription period the loan amounts to about SEK 33 million through the issue of about 153,800 convertible debentures. In accordance with IAS 32 the liability and equity components of the convertible debenture loan are reported separately, which means that the debenture loan is reported in the balance sheet as a liability initially with the nominal amount excluding the equity component. The convertible debenture loan was settled against cash in June 2019. 

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 212. Conversion of convertible bonds may occur during the period from June 1, 2022 through April 21, 2023, with the exclusion of the period January 1 through the record date for dividends each year, or if the Annual General Meeting should not resolve on a dividend during a year, the day that falls three Banking Days after the Annual General Meeting. 

Through conversion of convertibles, JM’s share capital could increase by a maximum of SEK 153,778 through the issue of a maximum of 153,778 ordinary shares, each with a quota value of SEK 1. This corresponds with dilution of about 0.2 percent of shares and votes in the Company. 

The convertible debenture loan falls due for payment on May 22, 2023, insofar as conversion has not already been undertaken.

2018 Convertible Program

The 2018 Annual General Meeting resolved that JM would raise a debenture loan with a maximum nominal value of SEK 160,000,000 by issuing a maximum of 640,000 convertible debentures, aimed at all employees in Sweden.

The purpose of the 2018 Convertible Program is to enhance and strengthen employees’ interest in JM’s operations and future financial performance through an ownership commitment. Increased employee motivation and participation in JM’s operations is in the interest of the Company, the employees and existing shareholders.

Upon expiry of the subscription period the loan amounts to about SEK 45 million through the issue of about 195,900 convertible debentures. In accordance with IAS 32 the liability and equity components of the convertible debenture loan are reported separately, which means that the debenture loan is reported in the balance sheet as a liability initially with the nominal amount excluding the equity component. The convertible debenture loan was settled against cash in June 2018.

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 229. Conversion of convertible bonds may occur during the period from June 1, 2021 through May 18, 2022, with the exclusion of the period January 1 through the record date for dividends each year, or if the Annual General Meeting should not resolve on a dividend during a year, the day that falls three Banking Days after the Annual General Meeting.

Through conversion of convertibles, JM’s share capital could increase by a maximum of SEK 195,930 through the issue of a maximum of 195,930 ordinary shares, each with a quota value of SEK 1. This corresponds with dilution of about 0.3 percent of shares and votes in the Company.

The convertible debenture loan falls due for payment on June 6, 2022, insofar as conversion has not already been undertaken.

2017 Convertible Program

The 2017 Annual General Meeting resolved that JM would raise a debenture loan with a maximum nominal value of SEK 160,000,000 by issuing a maximum of 450,000 convertible debentures, aimed at all employees in Sweden.

The purpose of the 2017 Convertible Program is to enhance and strengthen employees’ interest in JM’s operations and future financial performance through an ownership commitment. Increased employee motivation and participation in JM’s operations is in the interest of the Company, the employees and existing shareholders.

Upon expiry of the subscription period the loan amounts to about SEK 14.5 million through the issue of about 35,500 convertible debentures. In accordance with IAS 32 the liability and equity components of the convertible debenture loan are reported separately, which means that the debenture loan is reported in the balance sheet as a liability initially with the nominal amount excluding the equity component. The convertible debenture loan was settled against cash in July 2017. 

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 409. Conversion of convertible bonds may occur during the period from June 1, 2020 through May 18, 2021, with the exclusion of the period January 1 through the record date for dividends each year, or if the Annual General Meeting should not resolve on a dividend during a year, the day that falls three Banking Days after the Annual General Meeting.

Through conversion of convertibles, JM’s share capital could increase by a maximum of SEK 35,520 through the issue of a maximum of 35,520 ordinary shares, each with a quota value of SEK 1. This corresponds with dilution of about 0.1 percent of shares and votes in the Company.

The convertible debenture loan falls due for payment on June 19, 2021, insofar as conversion has not already been undertaken.