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Stock options scheme
With a view to emphasising the company's long-term share price development, a revolving share-based remuneration scheme was set up for the Group Management in 2002. The share options replace articipation in existing bonus schemes.
The first allocation of options took place as at 1 April 2002 with a right to acquire 9,575 shares in total, divided into 5,319 share options for the Management and 1,064 share options for each of the other members of Group Management. The market value of the share options allocated in 2002 amounts to approximately DKK 100,000.
As at 1 April 2003 share options have been allocated again. The allocation price is 154.71 calculated as a weighted average of the market price during the period from the publication of the notification of the annual report and up to and including 1 April 2003.
The striking price will be the allocation price indexed to an increase of 3% p.a. The underlying number of shares at the allocation will be approximately 12,000 shares divided into 6,700 shares for the Management and 5,300 shares to be divided evenly amoung the other members of the Group Management.
The share options may be exercised unconditionally from 2-5 years after the allocation within the usual trading windows, with the exception of the period from the publication of the notification of annual accounts until the annual general meeting and subject to the usual provisions governing insider trading.
The market price of the share options, which were allocated in 2003 is, by the Investment Bank Carnegie Bank A/S, estimated to be 14% of the value of the shares. Subject to the current market price and the said numner of share options, this corresponds to DKK 270,000. The calculations have taken into account that the striking price will not be adjusted by payment of dividend.