Share-based  payment The Carlsberg Group has set up share-based  incentive programmes to attract, retain and  motivate the Group’s executive directors  and other levels of management personnel  and to align their interests with those of the  shareholders. No share-based incentive pro- gramme has been set up for Carlsberg A/S’s  Supervisory Board. The current programmes are the Share op- tion programme, the long-term incentive  programme (LTI) and the long-term incen- tive plan (performance shares) introduced  in 2013. All programmes are equity-settled  programmes. The fair value at 31 December 2013 was DKK 363m (2012: DKK 322m), which is DKK 41m higher than at year-end 2012. Upon resignation, a proportion of the op- tions may be exercised within one to three  months unless special severance terms are  agreed. Special terms and conditions apply  in the case of retirement, illness, death or  changes in Carlsberg A/S’s capital resources. The three individual programmes are shown  on the next page. Consolidated financial statements SECTION 7: STAFF COSTS AND REMUNERATION 119 Carlsberg Group Annual Report 2013 Share option  programme Long-term incentive  programme Long-term incentive plan (performance shares) 2013 2012 2013 2012 2013 2012 Total share options granted 91,000 131,500 - 218,508 372,049 - Number of employees 2 2 - 319 336 - DKK million Fair value at grant date 15 19 - 112 103 - Total cost of options granted in the year  recognised in the income statement 3 5 - 37 17 - Total cost of options granted 2009-2012 (2008-2011) 12 17 25 37 - - Not recognised in respect of share options expected to vest 20 19 30 75 60 - GENERAL TERMS AND CONDITIONS FOR THE THREE PROGRAMMES