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Long-Term Retention Plan |
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Arrangements: |
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Year of grant |
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2013 |
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2014 |
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2015 |
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2016 |
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2017 |
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Number of CPOs or CPOs equivalent granted |
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39,000 |
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39,000 |
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39,000 |
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39,000 |
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37,000 |
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Contractual life |
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3 years |
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3 years |
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3 years |
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3 years |
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3 years |
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Assumptions: |
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Dividend yield |
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0.54% |
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0.39% |
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0.33% |
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0.38% |
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0.38% |
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Expected volatility (1) |
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24% |
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19.07% |
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26.92% |
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27.60% |
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24.58% |
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Risk-free interest rate |
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4.79% |
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4.68% |
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4.61% |
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4.83% |
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7.04% |
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Expected average life of awards |
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3.00 years |
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3.00 years |
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3.00 years |
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3.00 years |
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2.96 years |
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(1) |
Volatility was determined by reference to historically observed prices of the Company’s CPOs. |