Share transactions - Leading employees


Statement of leading employees’ transactions with NORDEN shares and related securities As stated in NORDEN’s annual report of 2 March 2011, NORDEN has established a share option programme for leading employees and other key employees, in total 65 employees (against 59 employees last year). Each share option entitles the recipient to acquire 1 NORDEN share denominated in DKK. Like last year, the programme constitutes 0.78% of the share capital. The share options may be exercised in the period from 2 March 2014 to 2 March 2017.

The exercise price of the options is determined as the five-day average of the market price following 2 March 2011, less all dividend payments after 2 March 2011 plus an addition of 20%. Previously, 8% p.a. was added up to any exercise less all dividend payments. With the exception of the addition, these conditions are identical with those established by the Company for 59 employees in March 2010. According to section 28A of the Danish Securities Trading Act, the Company shall report the following information about the transactions of leading employees and their closely related parties in the Company’s shares and related securities.


Announcement no. 13