Note 4 - Management remuneration
Executive Management
2010 2009
Remuneration         DKK million DKK million  
Salaries 19  19 
Cash bonuses
Pensions
Stock-based payments         20  19   
Total remuneration 52  49 
The remuneration comprises a fixed base salary (base salary and pension contribution), a cash bonus, and a stock option program. No member of Executive Management has a fixed base salary exceeding DKK 6 million. The variable part of the total remuneration (cash bonus and stock option program) is relatively large compared to the fixed base salary and is dependent on achievement of individual targets and the company’s targets for financial, social, and environmental results. The maximum cash bonus is equivalent to five months’ fixed base salary. General guidelines for remuneration of Executive Management are approved by the Annual Shareholders’ Meeting, and more detailed information is available at www.novozymes.com. The amount relating to stock-based payments is the value calculated in the vesting period for the previously allocated stock option programs, using the Black–Scholes model.
Members of Executive Management have contracts of employment containing standard conditions for members of Executive Management of Danish listed companies, including the periods of notice that both parties are required to give and competition clauses. If the executive officer's contract of employment is terminated by the company without there having been misconduct on the part of the executive officer, the executive officer has the right to compensation, which, depending on the circumstances, may amount to a maximum of three years' salary and pension contributions.

Stock options Shares
Options at Additions Exercised Options at Market
January 1, during during Dec. 31, value in
Stock options and shares of stock 2010  the year  the year 2010 DKK million Number
Steen Riisgaard 165,322    -  (7,700) 157,622  58.3 12,715 
Per Falholt 94,801    -    -  94,801  32.5   - 
Benny D. Loft 98,160    -  (1,979) 96,181  33.1 452 
Peder Holk Nielsen 103,681    -    -  103,681  38.0   - 
Thomas Nagy 67,121    -    -  67,121  25.1 100 
Thomas Videbæk 67,121    -    -  67,121  25.1   - 
Total stock options and shares of stock 596,206    - (9,679) 586,527  212.1 13,267 
     
In 2007 a new four-year stock option program was adopted with annual allocations to Executive Management. A general condition for the annual allocations was that the budget for the coming year would in all probability lead to revenue of DKK 10 billion in 2010. Additionally, the allocation was based on achievement of financial and nonfinancial targets set each year. The exercise price was calculated on the basis of the average closing price on NASDAQ OMX Copenhagen A/S on the first five trading days after the publication of the financial statements. The annual allocation for 2010 was canceled as the general conditions for the allocation had not been met.
The program contains a maximum clause that allows the Board of Directors to limit the number of stock options that are allocated to Executive Management over the four years. This limitation can be implemented if the intrinsic value of the total allocated stock option programs exceeds DKK 200 million at the time of computation in January 2011.
The intrinsic value of the allocated stock options at the date of computation, January 21, 2011, is slightly in excess of DKK 200 million, and the Board of Directors has decided to implement the limitation of the number of stock options allocated. The limitation will reduce the number of allocated stock options by 2,988 options.

Board of Directors and Audit Committee
Board of Audit 2010 Board of Audit 2009
Remuneration   Directors Committee DKK thousand Directors Committee DKK thousand  
Henrik Gürtler 833    -  833  833    -  833 
Kurt Anker Nielsen 500  333  833  500  333  833 
Paul Petter Aas 333    -  333  333    -  333 
Jerker Hartwall 333  167  500  333  167  500 
Søren Henrik Jepsen 333    -  333  333    -  333 
Lars Bo Køppler* 28    -  28    -   -    -
Ulla Morin 333    -  333  333    -  333 
Michael Munksø* 305    -  305  333    -  333 
Walther Thygesen 333  167  500  333  167  500 
Mathias Uhlén   333    -  333  333    -  333   
Remuneration 3,664  667  4,331  3,664  667  4,331 
     
* Michael Munksø has left the Board of Directors and has been replaced by Lars Bo Køppler as of December 1, 2010.

Shares at Additions Sold Shares at Market
January 1, during during Dec. 31, value in
Shares of stock     2010  the year  the year 2010 DKK million
Henrik Gürtler   -    -    -    -    - 
Kurt Anker Nielsen 10,439  450  (920) 9,969   7.8
Paul Petter Aas   -    -    -    -    - 
Jerker Hartwall   -    -    -    -    - 
Søren Henrik Jepsen 410  30    -  440   0.3
Lars Bo Køppler   -    -    -    -    - 
Ulla Morin 416    -    -  416   0.3
Walther Thygesen 4,300    -  (1,300) 3,000   2.3
Mathias Uhlén       -    -    -    -    - 
Shares of stock 15,565  480  (2,220) 13,825   10.7
The employee-elected board members also hold stock options in Novozymes A/S, granted in connection with stock option allocations in previous years covering all employees in Novozymes on the relevant dates.