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BONESUPPORT has nine ongoing share related incentive programs. Three are employee stock option programs, three are performance share programs and three are warrant programs.

Employee stock options programs

Of the three employee stock option programs, two run over ten years and expire 2022 and 2025 and one program runs over eights years and expires 2024. Each stock option gives the holder the right to acquire 0.2 ordinary shares when exercising the option. The employee stock options are vested according to a schedule in each program. A condition for allotment of options is employment or a contractual relationship with BONESUPPORT at each vesting date. Of the allocated 25.7 million options, 20.4 million options were fully vested before 1 January 2019. As of 30 September 2019, a further 0.7 million options were vested during the year.

Performance share programs

There are two programs for newly recruited employees and one program for three Directors. All programs run over four years; one of the programs that is aimed employees runs until 2022, the other two programs run until 2021. Each savings share gives the opportunity to be allotted a maximum of 2,3 or 4 performance shares without payment depending on share price development and BONESUPPORT’s development in terms of sales and EBITDA during the duration of the program. The performance shares were issued in the form of class C-shares with a subscription price and quota value of SEK 0.625 per share. The program that runs until 2022 has been implemented during 2019.

Employee stock options and performance shares are valued at fair value at the date of allocation. The total cost is distributed over the vesting period. The cost is accounted for as personnel cost and is credited to equity. The social security cost is revalued at fair value. When the options are exercised, BONESUPPORT issues new shares. Payments received on behalf of the shares issued are credited to equity.

Warrant programs

There are three warrant programs where the latest program was executed in 2018. Warrants in the first two programs give the holder the right to acquire 0.2 ordinary shares and the third program 1 share.

Further information on these programs is presented in notes 12, 23 and 25 in the annual report for 2018.

Employee stock option programs

No of options[1]

Equal to no of shares

WAEP[2]

Balance 1 January 2019

6,180,190

1,236,038

9.92

Exercised

-761,500

-152,300

0.63

Returned

-88,545

-17,709

5.50

Balance 30 September 2019

5,330,145

1,066,029

11.35

       

Performance share programs

 

 

Right to no of shares

Balance 1 January 2019

   

505,000

Issued[3]

   

225,000

Balance 30 September 2019

   

730,000

 

 

 

 

Warrant programs

No of options

Equal to no of shares

WAEP[2]

Balance 1 January 2019

4,606,664

1,210,210

20.87

Balance 30 September 2019

4,606,664

1,210,210

20.87



[1] Not allocated options amounted to 3,912,880

[2] Weighted Average Exercise Price per Share (SEK)

[3] Additional allocation may be done during the remaining allocation period until 31 December 2019.