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Annual Report & Accounts 2015 - NOTES
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ii. a further grant of options to directors and employees under the existing and already approved ltiP was made on 2 June 2014. Under this scheme, 125,000 options were forfeited during the year and as at 31 december 2015 3,325,000 share options remained outstanding. after the year end, 2,450,000 of these options were cancelled under the arrangements for the acquisition of bwin.party. 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, forfeited or existing at the year end: existing at surrendered existing at exercisable at exercise 1 January Granted in / forfeited 31 december 31 december Vesting date of Grant price 2015 the year in the year 2015 2015 criteria 21 may 2010 213p 1,600,000 - (1,600,000) - - Note a 28 Jan 2012 154.79p 1,600,000 - (1,600,000 - - Note a 28 Feb 2013 233.5p 156,947 - - 156,947 156,947 Note b 02 Jun 2014 1p 3,450,000 - (125,000) 3,325,000 - Note c total all schemes 6,806,947 - (3,325,000) 3,481,947 156,947 the existing share options at 31 december 2015 are held by the following employees: option price 233.5p 1p Grant date 28-feb-13 02-Jun-14 total Kenneth alexander - 1,400,000 1,400,000 Richard Cooper - 700,000 700,000 lee Feldman (note d) - 350,000 350,000 third parties 156,947 - 156,947 employees - 875,000 875,000 156,947 3,325,000 3,481,947 note a: these options were granted under the 2010 scheme. the Company announced on 27 march 2015 that three of its directors surrendered 3,200,000 fully vested and "in the money" share options granted in 2010 and 2012 at the prevailing market price at the time (average of £1.83895). the surrender price was £4.46067, being the average of the middle market closing prices of the Company's shares for the thirty dealing days up to and including the date of surrender. in light of the surrender of share options, described above, by Kenneth alexander, Richard Cooper and lee Feldman (the "senior team"), the Company has implemented a new retention plan for the senior team (the "Retention Plan"). the Retention Plan is focused on ensuring that the senior team are compensated for the surrender of their fully vested share options. accordingly, each member of the senior team will receive cash payments which in total equal the "in-the-money" value of their surrendered share options. this payment of €12,183,000 is at the fair value of the vested equity instruments and is accounted for as a deduction from equity and recognition of the liability. during 2015, the first of the 24 monthly Retention Plan payments was made, but all subsequent payments were put on hold pending the outcome of the proposed deal with bwin.party. the balance and maturity is shown below: 2015 €000's Value of share options surrendered 12,183 Payment in the year (508) Revaluation at 31 december 2015 exchange rate 31 Retention plan balance at 31 december 2015 11,706 liability for cash-settled options under 2014 scheme 70 Balance at 31 december 2015 11,776 split: current liabilities 9,740 non-current liabilities 2,036 note b: these options were granted to third parties 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. GVC HOLDINGS PLC ANNUAL REPORT 2015 77 notes to the consolidated financial statements