Just Annual Report and Accounts 2023

Strategic Report | Governance | Financial Statements | 173

13. EMPLOYEE BENEFITS continued During the year to 31 December 2023, awards of DSBPs were made on 23 March 2023. The weighted-average fair value and assumptions used to determine the fair value of options granted during the year under the DSBP are as follows:

Fair value at grant date Option pricing model used Share price at grant date

£0.84

Black–Scholes

£0.84

Exercise price

Nil

Expected volatility

45.43% 3 years

Option life

Dividend yield

Nil Nil

Risk-free interest rate

Expected volatility has been calculated using historic volatility of the Company over the period of time commensurate with the expected award term immediately prior to the date of the grant. Save As You Earn (“SAYE”) scheme The Group operates SAYE plans for all employees, allowing a monthly amount to be saved from salaries over either a three- or five-year period that can be used to purchase shares in the Company at a predetermined price. The employee must remain in employment for the duration of the saving period and satisfy the monthly savings requirement (except in “good leaver” circumstances). Options are exercisable for up to six months after the saving period. The options are accounted for as equity-settled schemes. The number, weighted-average exercise price, weighted-average share price at exercise, and weighted-average remaining contractual life of outstanding options under the SAYE are as follows: Year ended 31 December 2023 Year ended 31 December 2022

Weighted-average exercise price £

Number of options

12,918,140 3,910,005 (646,127) (442,187) (7,794,942)

0.45 0.67 0.56 0.71 0.38 0.92 0.60 0.50

Outstanding at 1 January

14,779,553 1,924,649 (791,758) (526,561) (2,337,700) (130,043) 12,918,140

0.44 0.71 0.46 0.59 0.50 0.79 0.45 0.59

Granted Forfeited Cancelled Exercised

(91,501)

Expired

Outstanding at 31 December Exercisable at 31 December

7,853,387

231,646

233,954

0.84 1.97

Weighted-average share price at exercise (£) Weighted-average remaining contractual life (years)

0.72 1.22

The range of exercise prices of options outstanding at the end of the year are as follows:

2023 Number of options outstanding

2022 Number of options outstanding

2,043,899

£0.38 £0.52 £0.67 £0.71 £0.74 £1.07 £1.18 Total

9,949,082

217,744

395,051

3,647,050 1,380,653

–

1,718,536

562,516

787,780 66,166

–

1,525

7,853,387

12,918,140