Registration Document 2013
Interests and Compensation
Executive officers and other members of the Executive Committee
who receive stock options are banned by the Company from
hedging the related equity risk.
The stock option plans were authorized by shareholders as follows:
2006 and 2007 plans and March 28, 2008 plan: Shareholders’
Meeting of January 9, 2006;
September 30, 2008 plan and 2009, 2010 and 2011 plans:
Shareholders’ Meeting of May 13, 2008;
2012 plans: Shareholders’ Meeting of May 30, 2011;
September 26, 2013 plan: Shareholders’ Meeting of April 25, 2013.
Under the terms of the authorization granted in the twenty-first
resolution of the April 25, 2013 Annual Shareholders’ Meeting,
the total number of options granted under this authorization may
be exercisable for shares representing a maximum of 2.5% of the
Company’s capital as placed on record at the close of the April 25,
2013 Annual Shareholders’ Meeting. This percentage is a blanket
ceiling that covers stock options granted pursuant to the twenty-first
resolution as well as shares granted without consideration under
the twenty-second resolution of the same Shareholders’ Meeting.
Table 6: Stock options granted to executive officers in 2013
on the method used
in the consolidated
Options granted during
the year to the Chairman
and Chief Executive Officer Mr. Bazin
(1) Performance stock options are measured at their theoretical value at the grant date using the Monte-Carlo option pricing model (model used for valuing options with
vesting conditions that are not market conditions), in accordance with the AFEP/MEDEF Code, rather than at the value of the compensation received.
If exercised, the 40,000 options granted to Mr. Bazin in 2013 in his capacity as Chairman and Chief Executive Officer would represent
0.017% of the Company’s capital at December 31, 2013.
No options were exercised by Accor’s executive officers in 2013.