2013 Registration document and annual financial report - page 243

Registration Document 2013
241
Financial Statemements
5
Consolidated Financial Statements And Notes
Note 25.3. Share-based payments
Stock option plans
Description of the main plans
The following table summarizes the characteristics of stock options outstanding at December 31, 2013, as well as of options that were
cancelled or expired during the period.
Grant date
Life of
plan
Number
of options
granted
Option exercise date
Number
of
grantees
Exercise
price
Cash-settled or
equity settled
Plan 12 January 9, 2006
7 years 1,840,601 from 01/10/2010 until 01/09/2013
191 €30.60
Equity
Plan 13 March 24, 2006
7 years 963,293 from 03/25/2010 until 03/24/2013
818 €32.56
Equity
Plan 14 March 22, 2007
7 years 2,183,901 from 03/23/2011 until 03/22/2014
958 €45.52
Equity
Plan 15 May 14, 2007
7 years 129,694 from 05/15/2011 until 05/14/2014
11 €47.56
Equity
Plan 16* September 13, 2007 8 years
2,139 from 09/13/2010 until 09/13/2015
40 €40.08
Equity
Plan 17 March 28, 2008
7 years 2,080,442 from 03/29/2012 until 03/28/2015 1,022 €30.81
Equity
Plan 18 September 30, 2008 7 years 110,052 from 10/01/2012 until 09/30/2015
6 €28.32
Equity
Plan 19 March 31, 2009
8 years 1,429,456 from 04/01/2013 until 03/31/2017 1,138 €18.20
Equity
Plan 20 April 2, 2010
8 years 2,618,770 from 04/03/2014 until 04/02/2018 1,020 €26.66
Equity
Plan 21 April 2, 2010
8 years 153,478 from 04/03/2014 until 04/02/2018
10 €26.66
Equity
Plan 22 November 22, 2010 8 years
92,448 from 11/23/2014 until 11/22/2018
5 €30.49
Equity
Plan 23 April 4, 2011
8 years 621,754 from 04/05/2015 until 04/04/2019
783 €31.72
Equity
Plan 24 April 4, 2011
8 years
53,125 from 04/05/2015 until 04/04/2019
8 €31.72
Equity
Plan 25 March 27, 2012
8 years 527,515 from 03/28/2016 until 03/27/2020
390 €26.41
Equity
Plan 26 March 27, 2012
8 years
47,375 from 03/28/2016 until 03/27/2020
8 €26.41
Equity
Plan 27 September 26, 2013 8 years
40,000 from 09/27/2017 until 09/26/2021
1 €30.13
Equity
* Plan 16 is stock savings warrants.
Stock options granted under Plan 15 are performance options.The
stock options vest in four equal tranches in each of the years 2007
to 2010 based on the attainment of performance targets expressed
in terms of growth in the Accor Group’s return on capital employed
(ROCE) and profit after tax and before non-recurring items.
If the performance targets are met at the end of each year, grantees
will receive one quarter of the stock options included in the initial
grant. If only one of the two targets is met, they will receive one
eighth of the options.
For all of the stock options to vest, ROCE and profit after tax and
before non-recurring items will have to increase by around 10% or
more per year. If ROCE and profit after tax and before non-recurring
items increase by less than 10% (but more than 0%), the number
of vested options will be reduced based on the ratio between the
actual increase and 10%.
The performance criteria were met in 2007. The performance
criteria were only partially met in 2008, 2009 and 2010 leading to
the cancellation of 44,615 options.
Stock options granted under Plan 21 are performance options
based on market conditions.The vesting criterion, which concerned
the relative performance of the Accor SA share compared to the
CAC 40 index in 2010, 2011, 2012 and 2013, was adjusted following
the demerger of the Hotels and Services businesses. The options
vest after four years, depending on the annual performance of the
Accor share versus the CAC 40 index. The number of options that
may be exercised after the four-year vesting period may not exceed
100% of the initial award. The performance criteria were met in
2010. In 2011 and 2012, the performance criteria were only partly
met. In 2013, the performance criteria were not met. Grantees will
receive 77,191 stock options in 2014.
Stock options granted under Plan 24, Plan 26 and Plan 27 are
subject to a market-based performance criterion. During each year
of the vesting period (from 2011 to 2014 for Plan 24, from 2012 to
2015 for Plan 26 and from September 2013 to September 2017
for Plan 27) options representing one quarter of the original grant
are subject to an external performance measure based on Accor’s
Total Shareholder Return (TSR) relative to that of eight international
hotel groups. The objectives have been set for four years, with
intermediate rankings. A fixed percentage of options vest each
year for each level in the ranking achieved.
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