Ubisoft 2009 Annual Report Download - page 115
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111
19th
plan
20th
plan
21s
t
plan TOTAL
Total number of shares granted
(1)
3,073,400 119,755 4,500
Start of exercise period 05.12.10 05.12.10 06.18.10 12.15.10
End of exercise period 05.11.14 05.11.14 06.17.14 12.14.14
Strike price of options
(1)
14.92 €
(France)
14.92 €
(world)
15.60 €
(France)
16.90 €
(world)
10.04 €
Maturity (years) 5 5 5 5 5
Volatility 30% 30% 30% 30% 30%
Risk-free interest rate 2.42% 2.42% 2.61% 2.61% 2.23%
Estimated dividend rate 0% 0% 0% 0% 0%
Annual turnover rate 5% 5% 5% 5% 5%
Fair value of options after stock
split(1) (€/share)
3.54 €
(France)
2.68 €
(world)
5.22 €
(France)
3.37 €
(world)
2.64 €
Options as of April 1, 2009 (1) - - -
9,509,468
Options granted during the period 3,073,400 119,755 4,500
3,197,655
Options exercised during the
period
- - - 327,961
Options cancelled during the
period
32,500 8,150 - 375,270
Options outstanding as of
03.31.10
3,040,900 111,605 4,500
12,003,892
(1) Following the two-for-one stock split on December 11, 2006 and November 14, 2008
(2) Limitation of the exercise period approved by the Board of Directors on November 2, 2005 to ensure compliance with the maximum
period allowed by US law.
The average price of options exercised during the period was €5.46.
Bonus share grants
Bonus share grants, which are subject to performance conditions, are locked in for a four-year period following the
grant date. As the shares granted are ordinary shares in the same category as the old shares that comprise the
company's equity, employee-shareholders receive dividends and voting rights on all of their shares at the end of
the vesting period.
The employee benefit expense corresponds to the value of instruments received by the beneficiary, which is
equal to the value of shares being received, with the discounted value of dividends expected over the vesting
period being zero.