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NOTES
Consolidated financial statements • 87
Average exercise
Executive
Other
price per
Management
employees
Total
option, DKK
2016
Share options outstanding at 1 January
194,262
629,305
823,567
2.34
Share options granted during the year
17,864
87,801
105,665
8.50
Share options exercised during the year
-20,010
1
-314,867
-334,877
1.25
Share options lapsed during the year
-
-13,103
-13,103
6.18
Share options outstanding at 31 December
192,116
389,136
581.252
4.07
2015
Share options outstanding at 1 January
210,278
1,172,522
1,382,800
1.10
Share options granted during the year
32,061
139,617
171,678
5.00
Share options exercised during the year
-48,077
1
-670,088
-718,165
0.52
Share options lapsed during the year
-
-12,746
-12,746
3.19
Share options outstanding at 31 December
194,262
629,305
823,567
2.34
1
Former CDO Steen Daugaard was granted the right to exercise his share options according to his severance agreement.
Share options outstanding have the following expiry dates and exercise prices
Share options
Share options
Grant date
Expiry date
Exercise price
31 December 2016
31 December 2015
May 2012
2017
0.52
76,816
76,816
February 2013
2016
1.25
-
312,732
February 2013
2018
1.25
34,061
54,070
February 2014
2017
2.99
181,652
183,859
February 2014
2019
2.99
31,314
31,314
March 2015
2018
5.00
123,334
132,715
March 2015
2020
5.00
32,061
32,061
March 2016
2019
8.50
84,150
-
March 2016
2021
8.50
17,864
-
Total number of share options outstanding
581,252
823,567
Weighted average remaining contractual life of share options outstanding at the end of the period was 1.1 years (2015: 2.0 years).
SHARE-BASED PAYMENTS
The decision to grant share options is made by the Board
of Directors in accordance with general guidelines on
incentive payments for PANDORA. Share options have
The total cost of share-based payments was DKK 76 million
(2015: DKK 75 million). The cost of share-based payments
is included in staff costs. In the remaining vesting periods,
an amount of DKK 86 million (2015: DKK 86 million) is
expected to be recognised in respect of the current share
option programmes.
For options exercised in 2016, the average share price
was DKK 801 at the time of vesting.
been granted to members of the Executive Management and
other employees in PANDORA.
Granted in 2016
In 2016, PANDORA granted a total of 105,665 share
options. The market value was DKK 86 million at the grant
date. The value of the programmes is recognised over the
vesting period based on the likelihood that targets for
Group revenue and EBITDA for 2018 will be reached and
that the share options will vest. Two programmes have been
released. One is for the Executive Management comprising
2.4
SECTION 2: RESULTS FOR THE YEAR, CONTINUED