FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26
SHARE-BASED PAYMENT
Free share awards with or without performance conditions
2011
plan
(1)
2011
plan
(2)
2012
plan
(3)
2012
plan
(4)
2012
plan
(5)
2014
plan
(6)
2014
plan
(7)
2014
plan
(8)
2014
plan
(9)
2015
plan
(10)
Award date
13/04/2011 29/11/2011 13/03/2012 13/03/2012 07/11/2012 24/03/2014 12/05/2014 22/05/2014 07/07/2014 29/04/2015
End of lock-up period
13/04/2015 31/03/2016 13/03/2017 13/03/2017 07/11/2016 24/03/2018 12/05/2018 22/05/2018 07/07/2018 29/04/2018
Number of
free shares
Number of
performance
shares
Number of
performance
shares
Number of
free shares
Number of
free shares
Number of
free shares
Number of
free shares
Number of
free shares
Number of
free shares
Number of
free shares
Outstanding at 1 January 2014
2,500 107,400 49,780 1,000 40,636
–
–
–
–
–
Shares awarded during the year
–
–
–
–
–
9,000 6,000
500 1,500
–
Shares not awarded due to
non-achievement of performance
conditions
– (13,224)
–
–
–
–
–
–
–
–
Shares forfeited during the year
–
(3,027)
–
–
(3,235)
–
–
–
–
–
Shares delivered during the year
– (68,879)
–
– (37,401)
–
–
–
–
–
Outstanding at 31 December 2014
2,500 22,270 49,780 1,000
–
9,000 6,000
500 1,500
–
Share price at delivery date
for shares delivered during the year
–
€22.25
Price at
delivery
date
–
–
€16.02
Price at
delivery
date
–
–
–
–
–
Shares awarded during the year
–
–
–
–
–
–
–
–
–
2,500
Shares not awarded due to
non-achievement of performance
conditions
–
–
–
–
–
–
–
–
–
–
Shares forfeited during the year
–
–
–
–
–
–
–
–
–
–
Shares delivered during the year
(2,500)
(2,620)
(49,780)
(1,000)
–
–
–
–
–
–
OUTSTANDING AT
31 DECEMBER 2015
– 19,650
–
–
–
9,000 6,000 500 1,500 2,500
Share price at delivery date for shares
delivered during the year
€19.86
Price at
delivery
date
€17.37
Price at
delivery
date
€19.87
Price at
delivery
date
€19.87
Price at
delivery
date
–
–
–
–
–
–
(1) Awards decided by the Management Board on 13 April 2011 using the shareholder authorisation given at the Extraordinary General Meeting of 15 May 2008. The vesting period is either two
or four years from the award date. Full vesting is subject to the beneficiary forming part of the Group during the entire vesting period. If beneficiaries opt for the two-year vesting period then this is
followed by a two-year lock-up period.
(2) Awards decided by the Management Board on 29 November 2011 using the shareholder authorisation given at the Extraordinary General Meeting of 5 May 2010. The vesting period is either
two years and four months or four years and four months from the award date. Awarded shares will vest in successive tranches of one third, provided that (i) the beneficiary still forms part of the
Group at the end of the vesting period and (ii) the annual performance targets relating to operating profit have been reached, except for the first one-third tranche. If the beneficiary opts for the
vesting period of two years and four months then this is followed by a two-year lock-up period.
(3) Awards decided by the Management Board on 13 March 2012 using the shareholder authorisation given at the Extraordinary General Meeting of 5 May 2010. The vesting period is three
years from the award date. Awarded shares will vest in successive tranches of one third, provided that (i) the beneficiary still forms part of the Group at the end of the vesting period and (ii)
the annual performance targets relating to consolidated operating margin have been reached, except for the first one-third tranche. A two-year lock-up period applies after the vesting period.
(4) Awards decided by the Management Board on 13 March 2012 using the shareholder authorisation given at the Extraordinary General Meeting of 5 May 2010. The vesting period is three
years from the award date. Awarded shares will vest in successive tranches of one third, provided that the beneficiary still forms part of the Group at the end of the vesting period. A two-year
lock-up period applies after the vesting period.
(5) Awards decided by the Management Board on 7 November 2012 using the shareholder authorisation given at the Extraordinary General Meeting of 5 May 2010. These awards were
made in connection with the three-year company agreement signed by the Group’s subsidiary Assystem EOS regarding the profit sharing premium system introduced in the French Act of
28 July 2011. The vesting period is two years from the award date. Full vesting is subject to the beneficiary forming part of the Group during the entire vesting period. A two-year lock-up
period applies after the vesting period.
(6) Awards decided by the Management Board on 24 March 2014 following the decision of the Supervisory Board on 10 March 2014 to reduce the performance share entitlement of certain
beneficiaries under the 13 March 2012 free share award plan. The vesting period is either two or four years from the award date. Full vesting is subject to the beneficiary forming part of the
Group during the entire vesting period. If beneficiaries opt for the two-year vesting period then this is followed by a two-year lock-up period.
(7) Awards decided by the Management Board on 12 May 2014 following the decision of the Supervisory Board on 10 March 2014 to reduce the performance share entitlement of certain
beneficiaries under the 13 March 2012 free share award plan. The vesting period is either two or four years from the award date. Full vesting is subject to the beneficiary forming part of the
Group during the entire vesting period. If beneficiaries opt for the two-year vesting period then this is followed by a two-year lock-up period.
(8) Awards decided by the Board of Directors on 22 May 2014 using the shareholder authorisation given at the Annual General Meeting of 22 May 2014. The vesting period is either two or
four years from the award date. Full vesting is subject to the beneficiary forming part of the Group during the entire vesting period. If beneficiaries opt for the two-year vesting period then this is
followed by a two-year lock-up period.
(9) Awards decided by the Board of Directors on 7 July 2014 using the shareholder authorisation give at the Annual General Meeting of 22 May 2014. The vesting period is either two or four
years from the award date. Full vesting is subject to the beneficiary forming part of the Group during the entire vesting period. If beneficiaries opt for the two-year vesting period then this is
followed by a two-year lock-up period.
(10) Awards decided by the Board of Directors on 29 April 2015 using the shareholder authorisation give at the Annual General Meeting of 22 May 2014. The vesting period is two years from
the award date. Full vesting is subject to the beneficiary forming part of the Group during the entire vesting period. A two-year lock-up period applies after the vesting period.
ASSYSTEM
FINANCIAL REPORT
2015
116