196 / 220
190
/
Annual Accounts /
Notes to the Consolidated Accounts
NOTE 43.
PAYMENTS BASED ON SHARES
Stock option plan
In 2006, Cofinimmo launched a stock option plan whereby 8,000 stock
options were granted to the Group’s management. This plan was
relaunched during each of the following years. In 2013, a total of
3,320 stock options were granted.
When they are exercised, the beneficiaries will pay the exercise price
of €88.12 per share for the 2013 plan in exchange for the delivery of the
securities. In the event of the voluntary or involuntary departure (exclud-
ing premature termination for serious reasons) of a beneficiary, the stock
options accepted and vested can only be exercised during the first
exercise window following the date of premature termination of the con-
tract, except in case of retirement. Options which have not been vested
are cancelled. In the event of the involuntary departure of a beneficiary for
serious reasons, all stock options accepted but not exercised, whether
vested or not, are cancelled. These conditions governing the acquisition
and the exercise periods in the event of a departure, whether voluntary
or involuntary, will apply without prejudice to the powers of the Board of
Directors for the members of the Executive Committee or the powers of
the Executive Committee for the other participants to authorise waivers
to these provisions in favour of the beneficiary, based on objective and
relevant criteria.
Evolution of the number of stock options
Year of the plan
2013
2012
2011
2010
2009
2008
2007
2006
AT 01.01
4,095
8,035
5,740
7,215
6,730
7,300
8,000
Granted
3,320
Cancelled
-1,250
-184
-695
-1,800
-1,800
-2,100
Exercised
-2,395
Expired
AT 31.12
925
4,095
6,785
5,556
6,520
4,930
5,500
5,900
Exercisable at 31.12
5,556
6,520
4,930
5,500
5,900
Strike price (in €)
88.12
84.85
97.45
93.45
86.06
122.92
143.66
129.27
Last exercise date
16.06.2023 18.06.2022 14.06.2021
13.06.2020 11.06.2019 12.06.2023
1
12.06.2022
1
13.06.2021
1
Fair value of the options
at the date of granting
(x €1,000)
164.64
168.18
363.9
255.43
372.44
353.12
261.27
216.36
Cofinimmo applies the IFRS 2 standard by recognising over the vesting period (namely three years) the fair value of the stock options at the date of
granting according to the progressive acquisition method. The annual cost of the progressive vesting is recognised under the item “Personnel charges”
of the income statement.
Fair value of the stock options at the date of granting and assumptions used - weighted average
2013
Price valuation model
Black & Scholes
Contractual duration of the options
10 years
Estimated duration
8 years
Strike price (in €)
88.12
Volatility (average last three years)
12.25%
Risk-free interest rate
Euro Swap Annual Rate
Fair value of the options at the date of granting, recognised over three years (x €1,000)
164.64
NOTE 44.
AVERAGE NUMBER OF PEOPLE LINKED BY AN EMPLOYMENT CONTRACT OR
BY A PERMANENT SERVICE CONTRACT
2013
2012
Average number of people linked by an employment contract or by a permanent service contract
111
113
Employees
107
109
Executive management personnel
4
4
FULL TIME EQUIVALENT
105
108
1
In accordance with the “Loi de relance économique”/”Wet van de Economische Heropleving” of 27.03.2009, the exercise period of the stock option plans of 2006 to 2008 was extended
from 10 to 15years.