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2022-09-22

Bulletin from Storytel's Extraordinary General Meeting

The Extraordinary General Meeting  ("EGM") of Storytel AB (publ) ("Storytel" or the "Company") was held today on 22 September 2022, where the following resolutions were passed by the shareholders. The EGM was carried out through postal voting only, without physical presence.

Election of Board members and remuneration
The EGM resolved, in accordance with the Nomination Committee's proposal, that the fee to resigning Board members shall be paid for each commenced calendar month of the term between the 2022 AGM and the EGM and that the new Board members each shall receive SEK 145,000 (corresponding to approximately 7/12 of the remuneration resolved at the 2022 AGM).
The EGM resolved, in accordance with the Nomination Committee's proposal, to change in the composition of the Storytel Board whereby Jonas Sjögren, Rustan Panday and Richard Stern were replaced by Jared Grusd, Lina Brouneus and Lutz Finger as new Board members.
Restricted stock unit program for the new CEO and directed issue of warrants as well as approval of transfer of warrants
The EGM resolved, in accordance with the Board's proposal, to implement a restricted stock unit ("RSU") program for the new CEO in the Company (LTIP 2022/2026:2).
A maximum of 600,000 RSUs may be allotted to the CEO. The allotted RSUs vests linearly by each quarter, over four years, from the date of allotment to 30 September 2026, (the "Vesting Period"). Vesting is subject to the participant's continued employment with Storytel, in accordance with the full terms and conditions for the program that the Board establishes. Exercise of the RSUs is conditional upon fulfillment of a performance hurdle regarding share price (including the value corresponding to reinvested dividends) on Storytel's B-shares. For the performance target to be considered fulfilled, the share price on Storytel's B-shares on Nasdaq First North Growth Market (or relevant marketplace) together with reinvested dividends shall amount to at least SEK 89.50 by the end of the Vesting Period.
In order to enable the Company's delivery of shares under LTIP 2022/2026:2, the EGM resolved on a directed issue of a maximum of 600,000 warrants as well as approved transfer of the warrants. The warrants may be exercised for subscription of shares during the time period 1 October 2026 to 28 February 2027. Each warrant entitles to subscription of one (1) B-share at a subscription price corresponding to the quota value of the share. If all warrants issued within LTIP 2022/2026:2 are exercised for subscription of shares of series B, the number of shares of series B and votes in the Company will increase with 600,000 (with reservation for any recalculation in accordance with the warrant terms and conditions).
FNCA Sweden AB is the company's certified adviser.
For more information, please contact:
Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com
Dan Panas, Head of Global Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com
About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime. The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets. The headquarters is located in Stockholm, Sweden.

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