CORPORATE GOVERNANCEINCENTIVE PROGRAM

Long term incentive program – Warrant program 2021/2024

The Annual General Meeting held on 19 May 2021 resolved to implement a long term incentive program (Warrant program 2021/2024) for employees and consultants in the Company.

The warrant program comprises of 300,000 warrants which, if all warrants are utilized for subscription of new shares, corresponds to a dilution of approximately 0,8 per cent of the Company´s share capital and votes after full dilution. Each warrant entitles to subscription of one new share in Polygiene and shall correspond to 200 per cent of the volume weighted average price for the Polygiene share according to Nasdaq First North Growth Market’s official price list during the period from and including 20 May 2021 to and including 28 May 2021.

These warrants may be excercised during the period from 1 to 30 June 2024 for an exercise price of SEK 68.28 per share.

There are currently additional incentive programs in the form of the following outstanding warrants programs:

Warrant program 2019/2022 and 2020/2023

There are corresponding warrant programs for 2019/2022 and 2020/2023 for employees and consultants in the Company.

The Warrant program 2020/2023 comprises 300,000 warrants and each warrant entitles to subscription of one share in the Company. The warrants may be excercised during the period from 1 to 30 June 2023 for an excercise price of SEK 22.36 per share.

The Warrant program 2019/2022 comprises 300,000 warrants and each warrant entitles to subscription of one share in the Company. The warrants may be excercised during the period from 1 to 30 June 2022 for an excercise price of SEK 12.90 per share.

The number of shares in the Company amounts to 35,549,585 and if all proposed and existing warrant programs are exercised in full, in the aggregate 900,000 shares will be issued, which corresponds to a dilution of approximately 2.5 per cent of Polygiene´s share capital and votes after full dilution.

The Company has no other costs for the warrant programs than administrative costs regarding advisors etc. in connection with the preparation of the documentation and the resolution to issue the warrants.

The Warrant program adopted by the Annual General Meeting held on 4 May 2018 expired in June 2021.