Details of BSAX
|
Date of grant (Board of Directors) |
01/21/2009 | 01/21/2009 | 01/21/2009 | 01/21/2009 | 06/25/2010 | 06/25/2010 | 06/25/2010 | 06/25/2010 | ||||||||||||||||||||||||
|
Vesting period (years) |
1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | ||||||||||||||||||||||||
|
Plan expiration date |
01/20/2019 | 01/20/2019 | 01/20/2019 | 01/20/2019 | 06/24/2020 | 06/24/2020 | 06/24/2020 | 06/24/2020 | ||||||||||||||||||||||||
|
Number of BSAX granted |
77 | 77 | 77 | 75 | 457 | 457 | 456 | 455 | ||||||||||||||||||||||||
|
Share entitlement per BSAX(1) |
15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | ||||||||||||||||||||||||
|
Exercise price (in euros) |
65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | ||||||||||||||||||||||||
|
Valuation method used |
Black - Scholes | |||||||||||||||||||||||||||||||
|
Grant date share fair value (in euros) |
70 | 70 | 70 | 70 | 70 | 70 | 70 | 70 | ||||||||||||||||||||||||
|
Expected volatility |
40 | % | 40 | % | 40 | % | 40 | % | 40 | % | 40 | % | 40 | % | 40 | % | ||||||||||||||||
|
Average life of BSAX (in years) |
5.5 | 6.0 | 6.5 | 7.0 | 5.5 | 6.0 | 6.5 | 7.0 | ||||||||||||||||||||||||
|
Discount rate(2) |
2.71 | % | 2.98 | % | 2.98 | % | 3.11 | % | 2.04 | % | 2.23 | % | 2.23 | % | 2.50 | % | ||||||||||||||||
|
Expected dividends |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||
|
Performance conditions |
NA | NA | NA | NA | NA | NA | NA | NA | ||||||||||||||||||||||||
|
Fair value per BSAX (in euros) |
30.32 | 31.89 | 33.05 | 33.45 | 29.47 | 30.88 | 31.99 | 33.44 | ||||||||||||||||||||||||
| (1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSAX warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSAX plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans. |
| (2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSAX. |