On 1 January 2015, Twentitle Limited granted 100 share options to each of its 250 employees, with each of the share options being conditional upon the employee working for Twentitle Limited until 31 December 2017. At the grant date, the fair value of each share option was €12.00.

During 2015, 10 employees left Twentitle Limited and the company’s directors estimated that a total of 10% of the 250 employees would leave during the three-year period 2015-17.

At the beginning of 2016, Twentitle Limited modified the terms and conditions of the share option by reducing the exercise price. This had the effect of increasing the fair value of a share option at the beginning of 2016 by €7.00.

During 2016, a further six employees left the company and the directors revised their estimate of the total number of the 250 employees to 8% that would leave the company during the three-year period 2015-17.

During 2017, a further five employees left the company.

Requirement Calculaté the remuneration expense that should be recognised in Twentitle Limited’s financial statements in respect of the share-based payment agreement for each of the three years 2015-17.