Econocom - 2019 Universal registration document

226 2019 annual report 06 consolidated financial statements notes to the consolidated financial statements The fair values of the options were measured at the grant date using the Black-Scholes-Merton mathematical option pricing model. The table below shows the measurements along with the main assumptions used: General information Initial measurement assumptions (IFRS ژ 2) Plan Year granted Options outstanding Fair value Volatility Vesting period Estimated future dividend in ژ % RFIR (1) 2013 2013 250,000 1.21 24% 4 ژ years 2% 1.14% 2014 2014 1,599,620 0.73 28% 4 ژ years 2% 0.32% 2015 356,800 1.00 28% 4 ژ years 2% 0.35% 2016 85,000 1.65 30% 4 ژ years 2% 0.02% 2017 2017 90,000 1.08 29% 4 ژ years 2% 0.13% RFIR: risk-free interest rate. (1) Options are measured at fair value at the grant date in accordance with IFRS ژ 2. Volatility is calculated by an actuary based on a four-year record of daily prices preceding the option grant date, in line with the maturity of the options. A detailed description of these stock option plans can be found in section 5.10 of the Management Report. Free share plan 15.3.1.2. In 2019, the Econocom Board of Directors did not award free shares. Vesting may be subject to the achievement of individual and/or collective objectives, that may be internal and/or external to the Econocom Group. As at 31 ژ December 2019, 790,000 free shares had not been exercised.