If vested share options are not exercised within the two-year exercise period, they will lapse without compensation. The exercise price of the first grant under the LTIP will be DKK 165 (being the offer price in the IPO plus 10%). Each vested share option entitles the holder to purchase one share in Nets at a specific exercise price. Upon vesting, each vested share option may be exercised over a two-year period during open trading windows following publication of Nets' financial reports. These two financial targets will be weighted equally and vesting will take place on a sliding scale depending on the level of target achievement however, a minimum level of performance will have to be achieved for vesting to take place. The financial targets for the first grant of share options will be compounded organic growth and accumulated EBITDA before special items. Accordingly, the first performance period under the LTIP will be less than three years in total as performance will be measured over the course of the financial years 2016, 20. The first grant of share options has taken place on 23 September 2016 in connection with the initial public offering and admission to trading and official listing of Nets' shares on Nasdaq Copenhagen A/S (the IPO). Generally, the share options will vest over a three-year performance period based on achievement of certain financial targets as determined by the Board of Directors. ![]() ![]() A maximum of 0.75% of Nets' share capital may be granted in the form of share options annually in connection with the annual general meeting. ![]() Under the LTIP, the Executive Committee and certain other employees may be eligible to receive share options free of payment. Additionally, Nets plans to award a number of shares to certain employees across the Nets group (the Employee IPO Award). With reference to the offering circular published by Nets A/S (Nets) on 13 September 2016 and in accordance with Nets' Remuneration Policy and Incentive Guidelines, as adopted at the extraordinary general meeting held on 9 September 2016, Nets has today implemented a new long-term incentive programme (the LTIP) and a retention programme (the Retention Programme) for the Executive Committee and certain other employees.
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