UBI Banca Group

it is calculated on the basis of the fair value of the UBI share on the grant date 1 multiplied
by the number of shares that it is estimated will be vested.
More specifically, the fair value of the equity instruments granted is calculated with
account taken of the circumstance that they will be delivered, as planned, in 2014 and
2016. That estimate, based on the market price of the shares, does not include the effect
of any dividends that may be distributed in the period and in general it adequately weights
the terms and conditions governing the grant of the instruments.
The total cost total of the scheme estimated on that basis is €622 thousand, divided as
follows:
‐ an up-front portion consisting of 110,812 shares to be delivered in 2014, equivalent to
€373 thousand;
‐ a deferred portion consisting of 73,875 shares to be delivered in 2016 (if the conditions
to which the deferment is subject are met) equivalent to €249 thousand.
In accordance with the vesting conditions hypothesised (profit and/or service) the cost of
the scheme reported above is spread over the whole vesting period of the scheme, with the
portion for the year recognised in the income statement, which for the reporting year
amounted to €159 thousand. Furthermore, any change in the cost will only occur if the
vesting requirements are not met because the result conditions for vesting set by the plan
on the basis of which the number of shares that will actually be delivered is decided are
not satisfied, while changes will not be based on changes in the fair value of the UBI
shares
1
In this case, this is the date on which the treasury shares are repurchased, because it is only on that date that the
number of financial instruments needed to meet the obligation assumed by the company can be estimated.
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