Incentive Programs

Option Program 2019/2025

The 2019 Annual General Meeting resolved to adopt a long-term incentive program in the form of an option program comprising the management group. The option program comprise a maximum of 3,971,000 stock options and the participants may vest options free of charge based on performance and continued employment. Each option entitles the holder to subscribe for 0.04 new share in BioInvent during the period from the day of release of the company’s year-end report for the financial year 2022 up to and including December 15, 2025. The subscription price per share shall be SEK 77.25. Subscription price and number of shares that each option entitles to are recalculated pursuant to the rights issue and reverse share split carried out in 2020. 

The CEO vested 1/4 of the options during each of the financial years 2019, 2020, 2021 and 2022, based on performance and continued employment. Other members of the management group will vest 1/3 of the options during each of the financial years 2020, 2021 and 2022, based on performance and continued employment. The performance criteria for the participants will be based on the same criteria as for the annual bonus, which principally are based on fixed technical milepost-criteria in projects, criteria for development of the project portfolio and other pre-determined criteria attributable to the business. The gross benefit under the program is capped to MSEK 15 for the CEO and MSEK 10 for other participants. 

To enable the company’s delivery of shares pursuant to the option program and to secure costs connected therewith, primarily social security charges, the 2019 AGM resolved on a directed issue of maximum of 5,040,000 warrants and approval of transfer of warrants. If fully exercised, Option Program 2019/2025 will represent a dilution of 0.2 percent of the shares in the Company. Vesting in 2019 amounted to 221,619 options, 1,008,141 in 2020, 1,008,141 in 2021 and 1,008,141 in 2022. As of December 31, 2023, 3,246,042 stock options were outstanding.

Option Program 2022/2024

The 2022 AGM resolved to approve the Board’s proposal regarding the implementation of a long-term incentive program in the form of an option program comprising all employees and other key persons in the company. The option program comprise a maximum of 820,000 stock options and the participants may be allotted options free of charge based on performance and continued employment. Each option entitles the holder to subscribe for one new share in BioInvent during the period from the day of release of the company’s year-end report for the financial year 2024 up to and including 28 February 2026. The subscription price per share shall be SEK 56.21. 

Options granted will vest by 1/3 during each of the financial years 2022, 2023 and 2024, based on performance and continued employment with, or assignment for, BioInvent. The performance criteria for vesting will be based on the same criteria as for management’s annual bonus, which principally are based on fixed technical milestone-criteria in projects, criteria for development of the project portfolio and other pre-determined criteria attributable to the business. 

To enable the company’s delivery of shares pursuant to the option program and to secure costs connected therewith, primarily social security charges, the AGM resolved on a directed issue of maximum of 951,200 warrants, and approval of transfer of warrants. If fully exercised, Option Program 2022/2024 will represent a dilution of 1.0 percent of the shares in the Company. Vesting in 2022 amounted to 201,109 options. Vesting in 2023 amounted to 176,148 options. As of December 31, 2023, 567,089 stock options were outstanding.

Option Program 2023/2025

The 2023 AGM resolved to approve the Board’s proposal regarding the implementation of a long-term incentive program in the form of an option program comprising all employees and other key persons in the company. The option program comprise a maximum of 817,500 stock options and the participants may be allotted options free of charge based on performance and continued employment. Each option entitles the holder to subscribe for one new share in BioInvent during the period from the day of release of the company’s year-end report for the financial year 2025 up to and including 28 February 2027. The subscription price per share shall be SEK 34.91. 

Options granted will vest by 1/3 during each of the financial years 2023, 2024 and 2025, based on performance and continued employment with, or assignment for, BioInvent. The performance criteria for vesting will be based on the same criteria as for management’s annual bonus, which principally are based on fixed technical milestone-criteria in projects, criteria for development of the project portfolio and other pre-determined criteria attributable to the business. 

To enable the company’s delivery of shares pursuant to the option program and to secure costs connected therewith, primarily social security charges, the AGM resolved on a directed issue of maximum of 948,300 warrants, and approval of transfer of warrants. If fully exercised, Option Program 2023/2025 will represent a dilution of 1.2 percent of the shares in the Company. Vesting in 2023 amounted to 206,629 options. As of December 31, 2023, 685,649 stock options were outstanding.

Option Program 2024/2026

The 2024 AGM resolved to approve the Board’s proposal regarding the implementation of a long-term incentive program in the form of an option program comprising all employees and other key persons in the company. The option program comprises a maximum of 890,000 stock options and the participants may be allotted options free of charge based on performance and continued employment. Each option entitles the holder to subscribe for one new share in BioInvent during the period from the day of release of the company’s year-end report for the financial year 2026 up to and including 28 February 2028. The subscription price per share shall correspond to 125 per cent of the volume-weighted average price paid for the company’s share on Nasdaq Stockholm during ten trading days as from and including 3 May 2024. 

Options granted will vest by 1/3 during each of the financial years 2024, 2025 and 2026, based on performance and continued employment with, or assignment for, BioInvent. The performance criteria for vesting will be based on the same criteria as for management’s annual bonus, which principally are based on fixed technical milestone-criteria in projects, criteria for development of the project portfolio and other pre-determined criteria attributable to the business. 

To enable the company’s delivery of shares pursuant to the option program and to secure costs connected therewith, primarily social security charges, the AGM resolved on a directed issue of maximum of 1,032,400 warrants and approval of transfer of warrants. If fully exercised, Option Program 2024/2026 will represent a dilution of 1.5 percent of the shares in the Company.