32.Share-based payments

32.1.Option plans

As of December 31, 2018, the Group has the following outstanding option plans:


	2012 Employee Stock Option Plan	2015 Restricted Stock Unit Plan
	(ESOP)	(RSU Plan)
Adoption date	October, 2012	July, 2015
Type of shares	class B shares	class B shares
Number of options or RSUs reserved	Up to 7 % of total amount of shares	Up to 7 % of total amount of shares
Exercise price	Granted during:	Granted during:
	Year 2012: U.S. $ 13.65	Year 2016: n/a
	Year 2013: U.S. $ 41.24 - 46.57	Year 2017: n/a
	Year 2014: U.S. $ 34.09 - 37.89	Year 2018: n/a
	Year 2017: U.S. $ 23.94
Exercise basis	Shares	Shares
Expiration date	December 2020	December 2022
Vesting period	Up to 4 years	Three vesting during up to 2 years
Other major terms	The options are not transferrable	- The units are not transferrable
		- All other terms of the units under 2015 RSU Plan are to be determined by the Company's BOD or the CEO, if so resolved by the BOD, acting as administrator of the Plan

In April 2018, QIWI plc established QIWI Employees Trust, which owns shares reserved for ESOP and RSU plans and transfers them to employees who exercise their options. The Trust is not a legal entity and major decisions relating to its activities are determined by QIWI plc. In these financial statements it is regarded as an extension of QIWI plc.

32.2.Changes in outstanding options

The following table illustrates the movements in share options during the year ended December 31, 2018:


	As of		Forfeited	Exercised	As of
	December 31,	Granted during	during the	during the	December 31,
	2017	the period	period	period	2018
2012 ESOP	1,528,140	—	(11,159)	—	1,516,981
2015 RSU Plan	545,378	807,300	(20,800)	(518,859)	813,019
Total	2,073,518	807,300	(31,959)	(518,859)	2,330,000

As of December 31, 2018 the Company has 1,516,981 options outstanding, all of which are vested, and 813,019 RSUs outstanding, of which 126,067 are vested and 686,952 are unvested.

The weighted average price for share options exercised under RSU plan was nil.

32.3.Valuations of share-based payments

The valuation of all equity-settled options granted are summarized in the table below:

Weighted

average

Number

Weighted

fair value

Risk-free

Expec-

average

per option/

Option plan/

options/

Dividend

Volatility,

interest

ted term,

share price

RSU (U.S.

Valuation

Grant date

RSUs

yield,%

rate, %

years

(U.S. $)

method

2012 ESOP

4,128,521

0-5.03%

28%-49.85%

0.29%-3.85%

2 - 4

28.10

7.14

Black-Scholes-Merton

2015 RSU Plan

1,903,008

0-5.70%

44.43%-64.02%

2.89%-4.34%

0 - 2

15.15

14.47

Binominal

The forfeiture rate used in valuation models granted during the period is from 11.35 to 16%. It is based on historical data and current expectations and is not necessarily indicative of forfeiture patterns that may occur.

The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

32.4.Share-based payment expense

The amount of expense arising from equity-settled share-based payment transactions for the year ended December 31, 2018 was 635 (2017 – 398, 2016 – 224).