Donkey Republic: Grant of warrants
Company Announcement No. 20-2026
Today, the board of directors has exercised part of its current authorisation to issue a total of 1,150,000 warrants to the management, and senior managers in DonkeyRepublic.
The warrants are an essential part of securing long-term incentive for management and talents in DonkeyRepublic to drive the ambitious growth plan and to ensure long-term value for all Donkey stakeholders.
Thor Möger Pedersen, CEO, has been granted 600,000 warrants, Signe Storgaard Sørensen, COO has been granted 300,000 warrants and a total of 250,000 warrants were granted to key senior managers.
The warrants and the exercise price are distributed as follows:
| Warrant holder | Number of warrants | Exercise price (DKK) | Theoretical market value per warrant (DKK) |
| CEO | 600,000 | 6.60 | 3.50 |
| COO | 300,000 | 6.60 | 3.72 |
| Senior managers | 250,000 | 7.65 | 3.65 |
The applicable exercise prices reflect the market price of the Company's shares at the time of assuming the current managerial accountability for each warrant holder. The total theoretical market value of the 1,150,000 warrants amounts to DKK 4,125,329.The theoretical market value of one warrant is calculated using the Black Scholes model. The key assumptions for the calculation are a share price of DKK 8.65 as of 02 September 2026, a diluted share price of DKK 8.55, volatility ranging from 43.77% to 45.79%, and a risk-free interest rate ranging from 3.50% to 3.72%.
Each warrant entitles the holder to subscribe for one share of nominally DKK 0.10 in DonkeyRepublic Holding A/S at the strike price.
The warrants are subject to customary leaver and exit acceleration provisions.
Vested warrants can be exercised in periods of four weeks starting the day after the publication of the Company's annual report and half-year report, respectively and in case of an exit event.
Warrants will vest over a period until 31 March 2030 and shall mature on 30 September 2030 Warrants that have not been exercised at maturity will lapse automatically.
The warrants are issued in accordance with article 4.3 of the Articles of Association in which the board of directors is authorized to issue up to a total of 2,200,000 warrants to board members, management and employees.