Remuneration for the Board of Directors is resolved at the general meeting. Remuneration for senior management may consist of salary, variable remuneration, pension as well as other benefits.
Salary and other fringe benefits to the senior management are considered to be in accordance with market practice and are based on senior management’s competence and experience as well as performance of their duties.
LTIP 2020
At the annual general meeting held on April 20, 2020 it was resolved to issue 3,965,000 warrants to transfer to employees and other key persons within InDex. The warrants had an exercise price of SEK 20 per share and can be exercised during May-October 2023. The Board allocated in July 2020 958,388 warrants to employees and other key persons that were purchased for SEK 0.2522 per warrant. A total of 13 employees and other key persons were offered to subscribe for warrants and 12 of these individuals subscribed for their full allotment. After the completed rights issue in February 2021 the exercise price and the number of shares that each warrant represents have been recalculated in accordance with the applicable terms. The new exercise price amounts to SEK 7.804 and each warrant entitles the holder to subscribe for 2.5627 shares. The remaining warrants have been terminated. The total number of outstanding warrants to employees and other key persons within InDex amounts 832,276 at end of the reporting period. Remaining warrants have been terminated.
LTIP 2021
At the annual general meeting held on June 3, 2021 it was resolved to issue 7,200,000 employee stock options to transfer to employees and other key persons within InDex. In addition, 2,262,240 warrants were issued to cover potential cash flow effects from social security costs arising from allotted employee stock options. The options have a strike price of SEK 4 per share and can be exercised during July-December 2024. In July 2021 the Board allocated 5,731,800 options to employees and other key persons free of charge. A total of 13 employees and other key persons were offered and subsequently subscribed for their allotted employee stock options. In October 2021 the Board allocated an additional 676,000 employee stock options to two new employees. The total number of outstanding employee stock options to employees and other key persons within InDex amounts 3,517,867 at end of the reporting period. Remaining employee stock options have been terminated.
LTIP 2021 is accounted for in accordance with IFRS 2 –Share-based payments. IFRS 2 stipulates that the employee stock options should be expensed as personnel costs over the vesting period. Personnel costs in accordance with IFRS 2 do not affect the company’s cash flow. Social security costs will in accordance with UFR 7 be expensed in the income statement during the vesting period.
LTIP 2022
At the annual general meeting held on June 1, 2022 it was resolved to issue 8,000,000 employee stock options to transfer to employees and other key persons within InDex. In addition, 2,513,600 warrants were issued to cover potential cash flow effects from social security costs arising from allotted employee stock options. The options have a strike price of SEK 4 per share and can be exercised during July-December 2025. In July 2022 the Board allocated 5,500,200 options to employees and other key persons free of charge. A total of 15 employees and other key persons were offered and subsequently subscribed for their allotted employee stock options. In December 2022 the Board allocated an additional 1,930,700 employee stock options to the incoming CEO, which were subscribed in January 2023. The total number of outstanding employee stock options to employees and other key persons within InDex amounts 5,982,600 at end of the reporting period. Remaining employee stock optioins have been terminated.
LTIP 2022 is accounted for in accordance with IFRS 2 – Share-based payments. IFRS 2 stipulates that the employee
stock options should be expensed as personnel costs over the vesting period. Personnel costs in accordance with IFRS 2 do not affect the company’s cash flow. Social security costs will in accordance with UFR 7 be expensed in the income statement during the vesting period.
LTIP 2023
At the annual general meeting held on May 24, 2023 it was resolved to issue 8,000,000 employee stock options to transfer to employees and other key persons within InDex. In addition, 2,513,600 warrants were issued to cover potential cash flow effects from social security costs arising from allotted employee stock options. The options have a strike price of SEK 4 per share and can be exercised during July-December 2026. In July 2023 the Board allocated 6,658,600 options to employees and other key persons free of charge. A total of 15 employees and other key persons were offered and subsequently subscribed for their allotted employee stock options. The remaining employee stock options not allocated during 2023 will be terminated together with the employee stock options not to be vested.
LTIP 2023 is accounted for in accordance with IFRS 2 –Share-based payments. IFRS 2 stipulates that the employee stock options should be expensed as personnel costs over the vesting period. Personnel costs in accordance with IFRS 2 do not affect the company’s cash flow. Social security costs will in accordance with UFR 7 be expensed in the income statement during the vesting period.