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NOTES
88 • Consolidated financial statements
PANDORA ANNUAL REPORT 2016
SECTION 2: RESULTS FOR THE YEAR, CONTINUED
SHARE-BASED PAYMENTS, CONTINUED
2.4
17,864 share options, with a market value of DKK 15 million
and a five-year vesting period, while the other programme is
for other employees comprising 87,801 shares, with a market
value of DKK 71 million and a three-year vesting period. The
financial targets are the same in the two programmes.
Granted in 2015
In 2015, PANDORA granted a total of 171,678 share
options. The market value at the grant date was DKK 105
million. The value of the programmes is recognised over
the vesting period based on the likelihood that targets for
Group revenue and EBITDA for 2017 will be reached and
that the share options will vest. Two programmes have been
released. One is for the Executive Management comprising
32,061 share options with a five-year vesting period, while
the other programme is for other employees comprising
139,617 share options and with a three-year vesting period.
The financial targets are the same in the two programmes.
Granted in 2014
In 2014, PANDORA granted a total of 227,555 share options.
The market value at the grant date was DKK 78 million. The
value of the programmes is recognised over the vesting period
based on the likelihood that targets for Group revenue and
EBITDA for 2016 will be reached and that the share options
will vest. The 2014 programmes are split into a programme for
the Executive Management comprising 40,452 share options
with a five-year vesting period and a three-year programme
for other employees comprising 187,103 share options.
Granted in 2013
In 2013, PANDORA granted a total of 540,523 share
options in three different share-based programmes. The
first programme comprises 103,295 share options with
a vesting period of only one year and a market value at
the grant date of DKK 14 million. The programme vested
in 2014. The second share-based programme is for the
Executive Management and comprises 84,441 share options
with a vesting period of five years. The last programme, for
other employees, comprises 352,787 share options with
a three-year vesting period. The financial targets are the
same for the second and third programmes and are based
on Group revenue and EBITDA for 2015. Both targets were
reached and the three-year programme vested in 2016. The
recognised value for the last two programmes was DKK 64
million at grant date.
Number of shares in PANDORA A/S
Purchase of
Sale
Market value
1
2015
shares
of shares
2016 DKK million
Executive Management
Anders Colding Friis
13,820
1,800
-
15,620
14.4
Peter Vekslund
3,027
-
-
3,027
2.8
Total number of shares
16,847
1,800
-
18,647
17.2
Board of Directors
Peder Tuborgh, Chairman
2,630
1,517
-
4,147
3.8
Christian Frigast, Deputy Chairman
46,000
-
-
46,000
42.5
Allan Leighton, Deputy Chairman
2
12,380
-
-12,380
-
-
Anders Boyer-Søgaard
4,121
-
-
4,121
3.8
Andrea Alvey
6,107
-
-
6,107
5.6
Birgitta Stymne Göransson
-
500
- 500 0.5
Bjørn Gulden
10,014
-
-
10,014
9.3
Michael Hauge Sørensen
600
600
-
1,200
1.1
Per Bank
1,923
-
-
1,923
1.8
Ronica Wang
4,070
441
-
4,511
4.2
Total number of shares
87,845
3,058
-12,380
78,523
72.6
1
Calculation of the market value is based on the quoted share price of DKK 924 at the end of the year.
2
Allan Leighton sold his shares at hand during 2016. The obligation to own shares is fulfilled by share options appointed to him as part of the severance agree-
ment in 2014.