Nets A/S: Grant of share options under the long-term incentive programme

Grant of share options under the long-term incentive programme

The Board of Directors of Nets A/S (Nets) has decided to grant 456,094 share options to the Executive Committee and 1,046,960 share options to certain other employees under Nets' long-term incentive programme (LTIP). The share options have been granted free of payment and on terms and conditions in accordance with Nets' Remuneration Policy and Incentive Guidelines.

The share options will vest over a three-year performance period based on achievement of financial targets pertaining to compounded organic growth and accumulated EBITDA before special items, as determined by the Board of Directors. 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.

Upon vesting, each vested share option may be exercised over a two-year period during open trading windows following publication of Nets' financial reports. Each vested share option entitles the holder to purchase one share in Nets at an exercise price of DKK 133.2 per share option. If vested share options are not exercised within the two-year exercise period, they will lapse without compensation. The total number of share options, which may be exercised corresponds to 0.75 % of Nets' total share capital; however, in case of over-performance in terms of target achievement, the total number of share options, which may be exercised can be up to 20 % higher.

The theoretical market value of the share options granted is DKK 20.1 million (calculated using the Black Scholes model). The key assumptions for the calculation of the theoretical market value are; peer group volatility of 25%, average duration of 4 years, risk free interest rate of 0.46%, dividend yield of 0.80% and average retention rate of 80%.

Nets will cover its obligation to deliver shares upon exercise of vested share options by using shares held in treasury.
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Source: Nets A/S via Globenewswire

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