Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
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The fair value of <strong>Rexel</strong>’s shares granted to key employees is based upon the stock price at the grant date.<br />
The restrictions attached to the dividends until the delivery date of the shares to the beneficiaries are<br />
computed as a reduction of the fair value.<br />
Plans issued in 2009 and before<br />
In 2009, 2008 and 2007, <strong>Rexel</strong> entered into several bonus share plans for its senior executives and key<br />
employees for a total of 8,036,308 shares. Depending on local regulations, these employees and executives<br />
will be eligible to receive <strong>Rexel</strong> shares, either after a period of two years from the grant dates, with a<br />
restriction on their sale for an additional two year period, or after a period of four years from the grant date<br />
with no subsequent restrictions on their sale.<br />
The actual transfer of these free shares is subject to the service and performance conditions of the schemes.<br />
Maximum number of shares granted initially ……………….<br />
Shares cancelled…………………………………………………………….<br />
Shares delivered…………………………………………………………….<br />
"<br />
Maximum number of shares allocated as of December 31, 2010 and "<br />
not yet delivered……………………………………………………… "<br />
Shares cancelled in 2011 ………………………………….…………………… "<br />
Shares delivered in 2011 ………………………………………………………… "<br />
"<br />
Maximum number of shares allocated as of December 31, 2011 and "<br />
not yet delivered………………………………………………………. "<br />
Plans issued in<br />
2009<br />
"<br />
"<br />
"<br />
"<br />
Plans issued in<br />
2008<br />
Plans issued in<br />
2007<br />
1,372,166 1,607,961 5,056,181<br />
(319,333) (1,080,455) (275,169)<br />
- (147,763) (2,159,291)<br />
1,052,833 379,743 2,621,721<br />
(16,002) - (6,633)<br />
(268,416) - (2,615,088)<br />
768,415 379,743 -<br />
Share fair value at the grant date…………………………………………. €6.42 €7.88 €16.5<br />
The fair value of <strong>Rexel</strong>’s shares granted to key employees was based upon the stock price at the grant date.<br />
The impact of restrictions attached to dividends relating to these shares for the period until their delivery to<br />
beneficiaries has been deducted.<br />
15.2 | Stock option plans<br />
Plans issued by <strong>Rexel</strong> in 2005<br />
On October 28, 2005, <strong>Rexel</strong> established a share option subscription program that entitles key management<br />
personnel to purchase <strong>Rexel</strong> shares, on May 31, 2006 and October 4, 2006, further options were granted to<br />
new management personnel. On November 30, 2005, a share option subscription arrangement was set up<br />
for a broader circle of key employees of the Group with vesting conditions based on a four-year service<br />
period or the occurrence of certain events including in particular admission of the Company’s shares to<br />
trading on a regulated market. On May 31, 2006, this plan was extended to new entrants.<br />
Options granted under these plans were vested in full upon the Initial Public Offering of <strong>Rexel</strong> shares in April<br />
2007.<br />
These options are exercisable by the beneficiaries at the fair value of the shares at the date of grant for a<br />
period of 10 years from grant date. These plans are qualified as equity-settled transactions.<br />
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