2013 Registration document and annual financial report - page 156

Registration Document 2013
154
Corporate Governance
3
Interests and Compensation
Lock-up conditions
In accordance with the French Commercial Code and the AFEP/
MEDEF Code, when executive officers or other Executive
Committee members acquire shares under performance share
plans set up since May 14, 2007, a certain proportion of these
shares, as set by the Board of Directors, may not be sold until
the grantee either leaves the Accor Group or ceases to hold the
position of executive officer or Executive Committee member,
as applicable. The lock-up conditions vary depending on the plan
concerned, as shown in the table below.
Table 11: Lock-up conditions for vested performance shares owned by executive officers and other
members of the Executive Committee
Grant date
Lock-up conditions applicable
to executive officers
Lock-up conditions applicable
to other Executive Committee members
03/31/2009 The following percentages of shares may not be sold
until the grantee ceases to hold an executive officer’s
position:
20% of the shares that vest upon fulfillment of
the performance conditions. In addition, the grantee
must purchase Accor shares corresponding to 3%
of the number of vested shares.
OR
25% of the shares that vest upon fulfillment
of the performance conditions.
25% of the shares that vest upon fulfillment
of the performance conditions may not be sold until
the grantee ceases to be a member of the Executive
Committee.
04/04/2011 The following percentages of shares may not be sold
until the grantee ceases to hold an executive officer’s
position:
20% of the shares that vest upon fulfillment of the
performance conditions. In addition, the grantee
must purchase Accor shares corresponding to 3%
of the number of vested shares.
OR
25% of the shares that vest upon fulfillment of the
performance conditions.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, the only lock-up
condition is that the executive officer must purchase
Accor shares corresponding to 3% of the number of
vested shares.
The following percentages of shares may not be sold
until the grantee ceases to be a member of the Executive
Committee:
20% of the shares that vest upon fulfillment
of the performance conditions. In addition, the grantee
must purchase Accor shares corresponding to 3%
of the number of vested shares.
OR
25% of the shares that vest upon fulfillment
of the performance conditions.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, none of the vested
shares will be subject to lock-up conditions.
03/27/2012 The following percentages of shares may not be sold
until the grantee ceases to hold an executive officer’s
position:
25% of the shares that vest upon fulfillment
of the performance conditions.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, the only lock-up
condition is that the executive officer must purchase
Accor shares corresponding to 3% of the number of
vested shares.
The following percentages of shares may not be sold
until the grantee ceases to be a member of the Executive
Committee:
25% of the shares that vest upon fulfillment
of the performance conditions.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, none of the vested
shares will be subject to lock-up conditions.
04/15/2013 25% of the shares that vest upon fulfillment of the
performance conditions may not be sold until the grantee
ceases to be a senior manager of the Accor Group.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, the only lock-up
condition is that the executive officer must purchase
Accor shares corresponding to 3% of the number of
vested shares.
25% of the shares that vest upon fulfillment
of the performance conditions may not be sold until
the grantee ceases to be a member of the Executive
Committee.
However, if the value of the shares exceeds two years
of the grantee’s fixed compensation, none of the vested
shares will be subject to lock-up conditions.
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