First Data 2013 Annual Report Download - page 99
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Fair value of stock—The Company relied in part upon a third-party valuation firm in determining the fair value of Holdings stock. All key
assumptions and valuations were determined by and are the responsibility of management.
A summary of Holdings stock option activity for the year ended December 31, 2013 is as follows:
Outstanding as of January 1, 2013 77.6 $3.00
Granted 51.3 $ 3.50
Exercised (5.6) $ 3.00
Cancelled / Forfeited (32.4) $ 3.01
Outstanding as of December 31, 2013 90.9 $3.28 8 years
Options exercisable as of December 31, 2013 30.3 $3.02 6 years
The total intrinsic value and amount paid related to stock options exercised during the twelve months ended December 31, 2013 and 2012 was $2.8
million and $0.2 million, respectively. There were no options exercised during 2011.
Restricted stock awards and units were granted under the stock plan during 2013, 2012 and 2011. Grants were made as incentive awards. The
restrictions on the awards granted subsequent to the modifications described above will lapse upon a qualified public offering, a change in control or certain
employment termination or liquidity events. The Company is continuing to recognize expense on the restricted stock awards granted prior to the modifications
described above based on the original grant date fair value amortized over the remaining original vesting schedule. As of December 31, 2013 there was
approximately $56 million of total unrecognized compensation expense related to restricted stock. Approximately $9 million will be recognized over a period of
approximately two years with the remainder recognized upon the occurrence of certain liquidity or employment termination events.
During 2013, 2012, and 2011, the Company paid $5.5 million, $1.5 million, and $0.5 million, respectively, to repurchase stock awards from
employees that terminated employment with the Company.
A summary of Holdings restricted stock award and restricted stock unit activity for the year ended December 31, 2013 is as follows:
Non-vested as of January 1, 2013 13.6 $ 3.00
Granted 9.7 $3.50
Vested (5.1) $ 3.33
Cancelled / Forfeited (1.3) $ 3.06
Non-vested as of December 31, 2013 16.9 $3.18
The total fair value of shares vested (measured as of the date of vesting) during the twelve months ended December 31, 2013, 2012 and 2011 was $17.9
million, $2.5 million, and $0.5 million, respectively.
In 2014, Holdings expanded participation in the plan by granting restricted stock awards to substantially all of the Company’s employees. The
restrictions on a majority of these awards will lapse upon the later of three years or following an initial public offering or upon certain employment termination
events. For the remainder of these awards, the restrictions will lapse following an initial public offering or upon certain employment termination events.
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