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Annual Report & Accounts 2014 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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9. ShaRe option SChemeS The Group has the following share options schemes for which options remained outstanding at the year end: (a) a scheme was approved by shareholders on 21 May 2010 (the “21 May 2010 scheme”) under which 1,600,000 share options remain outstanding. A further grant of options under scheme to three directors was approved by shareholders on 16 November 2011 (“16 November 2011 scheme”). A total of 1,600,000 shares under this scheme were granted on 28 January 2012 at an exercise price of 154.79p. These options are fully vested. (b) options were granted to third parties on 16 January 2013, 01 February 2013 and 28 February 2013 as part of the Sportingbet PLC acquisition following underwriting commitments made at the time. The awards vested on the grant date and the options have the exercise price reduced by the value of any dividends declared up to the point of exercise. Of the 500,000 granted, 343,053 were exercised during the year. (c) a further grant of options to Directors and employees under the existing and already approved LTIP was made on 2 June 2014 under which 3,450,000 share options remain outstanding. Under the terms of the share option plans the Group can allocate up to 16.8% of the issued share capital (page 345, paragraph 'overall limit' of the prospectus published in January 2013) 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 2014 the year in the year in the year 2014 2014 criteria 12 Dec 2008 126p 26,667 - - (26,667) - - Note a 21 May 2010 213p 1,675,000 - (75,000) - 1,600,000 1,600,000 Note b 28 Jan 2012 154.79p 1,600,000 - - - 1,600,000 1,600,000 Note c 16 Jan 2013 233.5p 166,666 - - (166,666) - - Note d 01 Feb 2013 233.5p 166,667 - - (166,667) - - Note d 28 Feb 2013 233.5p 166,667 - - (9,720) 156,947 156,947 Note d 02 Jun 2014 1p - 3,450,000 - - 3,450,000 - Note e total all schemes 3,801,667 3,450,000 (75,000) (369,720) 6,806,947 3,356,947 The existing share options at 31 December 2014 are held by the following employees: option price 213p 154.9p 233.5p 1p Grant date 21-May-10 28-Jan-12 28-Feb-13 02-Jun-14 total Kenneth Alexander 800,000 800,000 - 1,400,000 3,000,000 Richard Cooper 400,000 400,000 - 700,000 1,500,000 Lee Feldman 400,000 400,000 - 350,000 1,150,000 Third parties - - 156,947 - 156,947 Employees - - - 1,000,000 1,000,000 1,600,000 1,600,000 156,947 3,450,000 6,806,947 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 2010 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 2010 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. GVC HOLDINGS PLC ANNUAL REPORT 2014 75 Company FinanCial StatementS