Announcement from Readly International AB's (publ) extra general meeting
EMPLOYEE STOCK OPTION PROGRAM
The extra general meeting resolved, in accordance with the board of directors' proposal, to establish an employee stock option program for senior executives, other employees and key individuals in the Company and the group in the United Kingdom, Germany and France through issue and transfer of a maximum 333,000 warrants, which may result in a maximum increase in the Company's share capital of SEK 9,990. The warrants shall entitle to subscription of new ordinary shares in the Company.
The warrants may, with deviation from the shareholders' preferential rights, be subscribed for by the Company or any other group Company. The warrants are issued at no consideration.
Each warrant entitles to subscription of one new share in the Company during the period from registration up to and including 31 December 2025. Each warrant entitles to subscribe for one new share in the Company against cash payment at a subscription price corresponding to 200 percent of the average volume weighted price for the Company's share as quoted on Nasdaq Stockholm during the period from and including 22 June 2022 up to and including 6 July 2022.
The employee stock option program shall be offered, at one or several occasions, to (i) all existing and future senior executives and other employees in the group's British, German, and French business until and including 20 July 2022 and (ii) the existing and future key individuals that (personally or through companies) work in the group's British, German or French business.
The allotted stock options will be vested over a three-year period in accordance with the following:
- 1/3 of the allotted stock options will be vesting on 20 July 2023; and
- 2/3 of the allotted stock options will be vesting in linear quarterly installments from 20 July 2023 up to and including 20 July 2025.
Vesting requires that the participant is still active within the group and that the employment has not been terminated as of the date when the respective vesting occurs.
The stock options shall be governed by separate agreements with each participant.
A new share subscribed for by exercise of a warrant has a right to dividends as of the first record day for dividends following registration of the new share issue with the Companies Registration Office and after the share has been registered in the share register maintained by Euroclear Sweden AB.
For the full proposals regarding the above resolutions at the extra general meeting, please refer to the notice and the complete proposals which are available on the Company's website, www.corporate.readly.com.
For more information:
Rasmus Blomqvist, Head of Investor Relations
+46 70 233 53 67, email@example.com
Johan Adalberth, CFO
+46 72 727 50 70, firstname.lastname@example.org
Readly is the European category leader for digital magazines. The company offers a digital subscription service where customers have unlimited access to 7,500 magazines and newspapers including the catalogue of ePresse. Readly has subscribers in more than 50 countries and content available in 17 different languages. In collaboration with 1200 publishers worldwide, Readly is digitising the magazine and newspaper industry. In 2021, revenues amounted to SEK 466 million. Since September 2020, the Readly share is listed on Nasdaq Stockholm Midcap. For more information, please visit https://corporate.readly.com.