284
Annual Report -
2013
-
Vivendi
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 22. Share-based compensation plans
Information on stock options as of December 31, 2013 is as follows:
Range of strike prices
Outstanding stock options
Vested stock options
Number
(in thousands)
Weighted average
strike price
(in euros)
Weighted average
remaining contractual
life
(in years)
Number
(in thousands)
Weighted average
strike price
(in euros)
Under €15
2,792
12.5
8.3
8
12.4
€15-€17
12,363
16.8
5.7
12,363
16.8
€17-€19
10,787
17.6
2.1
8,147
17.5
€19-€21
7,868
20.0
1.3
7,868
20.0
€21-€23
6,699
21.3
4.3
6,699
21.3
€23-€25
6,099
24.1
2.3
6,099
24.1
€25-€27
6,227
26.1
3.3
6,227
26.1
€27 and more
-
-
-
-
-
52,835
19.7
3.6
47,411
20.2
■
■
Cash-settled instruments
As of December 31, 2013, the remaining outstanding SAR amounted
to 2,980 thousand (compared to 5,064 thousand as of December 31,
2012). Following the sale of Activision Blizzard on October 11, 2013,
the payment obligations, incurred by Vivendi, with respect to the
1,925 thousand SAR have been transferred to Activision Blizzard.
All rights related to SAR were vested and their total intrinsic value
amounted to $2 million. As of December 31, 2013, the amount accrued
for these instruments was €1 million (compared to €2 million as of
December 31, 2012).
22.3.
UMG long-term incentive plan
Effective January 1, 2010, UMG implemented long-term incentive
arrangements under which certain key executives of UMG are awarded
phantom equity units and phantom stock appreciation rights whose
value is intended to reflect the value of UMG. These units are simply
units of account and do not represent an actual ownership interest in
either UMG or Vivendi. The equity units are notional grants of equity
that will be payable in cash upon settlement no later than 2015 or
earlier under certain circumstances. The stock appreciation rights are
essentially options on those notional shares that provide additional
compensation tied to any increase in value of UMG over the term. The
SAR’s are also settled in cash only no later than 2014 or earlier under
certain circumstances. There is a guaranteed minimum payout of
$25 million.
Payouts under the plan generally coincide with terms of employment,
but can be accelerated or reduced under certain circumstances. The
values for both payouts are based upon third party valuations. While
the participants’ rights vest at the end of a fixed vesting period,
compensation expense is recognized over the vesting period as services
are rendered. At each closing date, the expense is recognized based
on the portion of the vesting period that has elapsed and the fair
value of the units calculated using an appropriate grant date model in
accordance with IFRS 2.
As of December 31, 2013, the amount accrued under these arrangements
was €26 million (€22 million as of December 31, 2012). There have been
no payments made to date.
