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Annual Report & Accounts 2013 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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9. SHARE OPTION SCHEME The Group has three share option schemes: (a) the 'original' scheme that has been in place since the IPO of GVC Holdings PLC's predecessor Gaming VC Holdings S.A and in which only 26,667 share options are outstanding (b) a 'new' scheme that was approved by shareholders on 21 May 2010 (the "21 May 2010 scheme") under which 1,600,000 share options remain outstanding (c) a further grant of options under the new scheme to three directors, approved by shareholders on 16 November 2011 ("16 November 2011 scheme"). A total of 1,600,000 shares under this scheme were granted on 30 January 2012 at an exercise price of 154.79p. Under the terms of the share option plans the Group can allocate up to 16.8% of the issued share capital although it must take allowance of the 752,923 shares in issue as a consequence of the exercise of share options. The following options to purchase €0.01 ordinary shares in the Company were granted, exercised, lapsed or existing at the year end. Existing Exercisable Existing at at 31 at 31 Exercise 1 January Granted in Bought out Exercised December December Vesting Date of Grant Price 2013 the year in the year in the year 2013 2013 criteria 15 May 2007 129p 31,513 - - (31,513) - - Note a 12 Dec 2008 126p 191,667 - - (165,000) 26,667 26,667 Note a 21 May 2010 213p 1,675,000 - - - 1,675,000 1,675,000 Note b 21 May 2010 1p 100,000 - - (100,000) - - Note c 21 May 2010 1p 100,000 - (100,000) - - - Note d 28 Jan 2012 154.79p 1,600,000 - - - 1,600,000 933,333 Note e 16 Jan 2013 233.5p - 166,666 - - 166,666 166,666 Note f 01 Feb 2013 233.5p - 166,667 - - 166,667 166,667 Note f 28 Feb 2013 233.5p - 166,667 - - 166,667 166,667 Note f Total all schemes 3,698,180 500,000 (100,000) (296,513) 3,801,667 3,135,000 The existing share options at 31 December 2013 are held by the following employees: Option price 126p 213p 154.9p 233.5p 233.5p 233.5p Grant date 12-Dec-08 21-May-10 28-Jan-12 16-Jan-13 01-Feb-13 28-Feb-13 Total Kenneth Alexander - 800,000 800,000 - - - 1,600,000 Richard Cooper 26,667 400,000 400,000 - - - 826,667 Lee Feldman - 400,000 400,000 - - - 800,000 Nigel Blythe-Tinker - 75,000 - - - - 75,000 Third parties - - - 166,666 166,667 166,667 500,000 26,667 1,675,000 1,600,000 166,666 166,667 166,667 3,801,667 Note a: These awards were granted under the original scheme, on the first anniversary of the grant date, 25% of the option vests. Thereafter, the balance of the option vests over three years, at 1/36th per month. Note b: These options were granted under the new scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. Note c: These options were granted under the new scheme; it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. The awards are subject to a performance condition which will require the Company's average share price over a period of 30 dealing days to reach 300p per ordinary share before the initial awards are capable of being exercised. GVC HOLDINGS PLC ANNUAL REPORT 2013 73 COMPANY FINANCIAL STATEMENTS