239
The following table provides further details about the plan:
(*) The number of options shown has been determined under the assumption that the objective achieved is a mean between the Target and the Adj. EBITDA
upper limit.
At 31 December 2012, the options have an average remaining
life of 1 year.
At 31 December 2012, the overall cost recognised in the income
statement under “Personnel costs” in relation to the fair value
of the options granted is Euro 17 million.
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 2012, there are no loans or guarantees by
the Parent Company or its subsidiaries to any of the directors,
senior managers or statutory auditors.
(in Euro)
For consideration
For no consideration
Number of options (*)
Exercise price
Number of options (*)
Exercise price
Options at start of year
2,131,500
0.10
2,017,223
-
Granted
-
0.10
5,772
-
Cancelled
-
-
(132,120)
-
Exercised
-
-
-
-
Options at end of year
2,131,500
0.10
1,890,875
-
of which vested at end of year
-
-
-
-
of which exercisable
-
-
-
-
of which not vested at end of year
2,131,500
0.10
1,890,875
-
Options for
Options for no
consideration
consideration
Grant date
2 September 2011
2 September 2011
Residual life at grant date (in years)
2.33
2.33
Exercise price (Euro)
0.10
-
Expected volatility
45.17%
45.17%
Risk-free interest rate
1.56%
1.56%
Expected interest rate
3.96%
3.96%
Option fair value at grant date (Euro)
10.53
10.63
The fair value of the options has been determined using the Cox-Ross-Rubistein binomial pricing model, based on the following
assumptions:
