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Incentive Program

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.

2016 Convertible Program

The 2016 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 570,000 convertible debentures, aimed at all employees in Sweden.

The purpose of the 2016 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 22.5 million through the issue of about 78,000 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 July 2016. 

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 289. Conversion of convertible bonds may occur during the period from June 1, 2019 through May 18, 2020, 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 77,724 through the issue of a maximum of 77,724 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 13, 2020, insofar as conversion has not already been undertaken. 

2015 Convertible Program

The 2015 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 500,000 convertible debentures, aimed at all employees in Sweden.

The purpose of the 2015 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 18.2 million through the issue of about 58,000 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 July 2015.  

The subscribed convertible bonds may be converted to one ordinary share at a price of SEK 314. Conversion of convertible bonds may occur during the period from June 1, 2018 through May 17, 2019, 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 58,035 through the issue of a maximum of 58,035 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 15, 2019, insofar as conversion has not already been undertaken.