As reported in NORDEN’s annual report of 9 March 2010, NORDEN has established an option programme for leading employees and other key employees, in total 59 employees. Each share option entitles the recipient to acquire one share denominated DKK 1 in NORDEN. This year, the programme has been reduced to 0.78% of the share capital (against 0.85% the previous year). The share options may be exercised in the period from 9 March 2013 to 9 March 2016.
The exercise price of the options is determined as the five-day average of the market price following 9 March 2010, less all dividend payments after 9 March 2010 and plus an effective interest rate of 8% p.a. until any exercise. These are the same conditions which apply to the option programme which the Company established for 56 employees in March 2009.
According to section 28A of the Danish Securities Trading Act, the Company shall report the following information about the Company’s senior executives’ and their closely related parties’ transactions with the Company’s shares an relevant securities: