211
1
st Window (2014)
2nd Window (2015)
3rd Window (2016)
Grant date
13 November 2013
13 November 2013 13 November 2013
Share purchase date
19 May 2014
19 May 2015
19 May 2016
End of retention period
19 May 2017
19 May 2018
19 May 2019
Residual life at grant date (in years)
0.35
1.35
2.35
Share price at grant date (Euro)
18.30
18.30
18.30
Expected volatility
29.27%
30.11%
36.79%
Risk-free interest rate
0.03%
0.05%
0.20%
Expected dividend %
2.83%
2.83%
2.83%
Option fair value at grant date (Euro)
18.04
17.54
17.11
The information memorandum, prepared under art. 114-bis
of Legislative Decree 58/98 and describing the characteristics
of the above incentive plan, is publicly available on the
Company’s website at
/
,
from its registered offices and from Borsa Italiana S.p.A.
As at 31 December 2013, there are no outstanding loans or
guarantees by the Parent Company or its subsidiaries to any
of the directors, senior managers or statutory auditors.
The fair value of the options has been determined using the Montecarlo binomial pricing model, based on the following
assumptions:
At 31 December 2013, the overall cost recognised in the income statement under “Personnel costs” in relation to the fair value of
the options granted under this plan is Euro 1 million.
The following table provides additional details about the movements of the plan:
Number of options
Options at start of year
-
Granted (*)
300,682
Cancelled
-
Exercised
-
Options at end of year
300,682
of which vested at end of year
-
of which exercisable
-
of which not vested at end of year
300,682
(*) The number of options has been determined on the basis of the number of shares expected to be bought by employees in the three purchase windows.
