Long Term Incentive Plans for Executive Management and Other Key Employees in Pandora

Today, Pandora A/S (“Pandora”) announces the annual grant of performance shares for 2024 under its Long-term incentive plan (“LTIP”), in accordance with its Remuneration Policy.

The LTIP provides for a target grant of 16,613 shares (maximum: 33,226 shares) to Pandora’s Executive Management, conditional on performance (i.e., the grant is in the form of Performance shares units (“PSUs”)).  In total, considering all participants (Executive Management and key employees) a target grant of 120,000 shares (maximum: 240,000 shares) is provided under the LTIP in 2024.  The maximum grant of shares to all participants under the LTIP in 2024 will only be made if the performance conditions set by the Board are achieved at or above stretch targets.  Based on the reference share price of DKK 1091.4 (the average closing price of Pandora’s shares on Nasdaq Copenhagen A/S in the five trading days after the full year financial results ), the target grant to all participants is valued at DKK 131.0 million (maximum: DKK 261.9 million).  Pandora intends to use treasury shares to meet its obligations to deliver shares under the LTIP.

The PSUs will vest and be awarded as shares on the 1st of March 2027, subject to fulfilment of the performance conditions in the range 0 – 200% of the target achievement.

For Executive Management the performance conditions are set out in the table below:

LTIP 2024 for Executive Management:		Weight	Vesting % for achievement of performance conditions
			Below threshold	At threshold	At target	At or above stretch
Performance conditions	EPS1	75%	0%	50%	100%	200%
	Sustainability2	25%	0%	50%	100%	200%
	Total	100%	0%	50%	100%	200%
Shares awarded			0	8,307	16,613	33,226
Value at the reference share price			0	DKK