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Annual Report & Accounts 2009 - Notes to the Financial Statements
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7. OTHER CREDITORS This amount mainly corresponds to costs incurred by the Company relating to professional fees and external charges. 8. PERSONNEL There were no employees during the year. 9. COMMITMENTS AND CONTINGENCIES On December 2, 2004, the Group established a share option programme that entitles key management personnel and senior employees to purchase shares in the Group. On December 21, 2004, a grant was made to two non-executive directors and on September 28, 2005, a grant was made to other eligible individuals under the programme. On 23 January 2006 and 16 May 2006, grants were made to eligible individuals under the programme. During 2007 and 2008, additional grants were made to eligible individuals under the programme. In accordance with these programmes, options are exercisable at a set price, normally the market price, of the shares at the date of grant. Options vest and become exercisable as to one quarter on the first anniversary of the date of grant with the balance vesting and becoming exercisable in 36 equal monthly installments over the subsequent three years. As of December 31, 2009, 1,954,590 (2,723,359 as of December 31, 2008) share options were outstanding and no share option had been exercised under this programme. 74