Euronext - 2020 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

EBITDA 1 performance relative to budgeted EBITDA 1 and the total cost for the performance RSUs could be adjusted accordingly. Grant- date fair value of RSUs granted under the LTI Plans 2018, 2019 and 2020 reflect the present value of expected dividends over the vesting period.

The grant-date fair value of performance shares with a TSR performance condition was adjusted for the possible outcomes of this condition. This has been assessed by applying a Monte Carlo simulation to model possible share prices of Euronext and its peer companies. At the end of each reporting period, the number of vesting performance shares is reconsidered based on the Group’s

Movements in the number of shares granted as awards is as follows:

In 2019

Fair value at grant date per share (in €)

Year of grant

1 January

Performance adjustment

31 December 2019

Plan

2019 Granted

Vested Forfeited

LTI, with performance

2016

76,352

–

3,907

(79,749)

(510)

–

€35.48

LTI, no performance

2016

29,982

–

–

(27,304)

(2,678)

–

€34.70

LTI, with performance

2017

72,187

–

–

–

(7,519)

64,668

€45.40

LTI, no performance

2017

35,703

–

–

–

(3,944)

31,759

€42.19

LTI, with performance

2018

88,184

–

–

–

(5,783)

82,401

€56.55

LTI, no performance

2018

46,943

–

–

–

(3,942)

43,001

€49.64

LTI, with performance

2019

–

75,477

–

–

(3,178)

72,299

€68.30

LTI, no performance

2019

–

56,576

–

–

(1,563)

55,013

€57.94

TOTAL

349,351

132,053

3,907 (107,053)

(29,117)

349,141

In 2020

Fair value at grant date per share (in €)

Year of grant

1 January

Performance adjustment

31 December 2020

Plan

2020 Granted

Vested Forfeited

LTI, with performance

2017

64,668

–

29,250

(92,425)

(1,493)

–

€45.40

LTI, no performance

2017

31,759

–

–

(30,800)

(959)

–

€42.19

LTI, with performance

2018

82,401

–

–

–

(4,751)

77,650

€56.55

LTI, no performance

2018

43,001

–

–

–

(2,956)

40,045

€49.64

LTI, with performance

2019

72,299

–

–

–

(4,783)

67,516

€68.30

LTI, no performance

2019

55,013

–

–

–

(3,725)

51,288

€57.94

LTI, with performance

2020

–

69,184

–

–

(1,763)

67,421

€110.64

LTI, no performance

2020

–

48,358

–

–

(1,473)

46,885

€81.30

TOTAL

349,141

117,542

29,250 (123,225)

(21,903)

350,805

Euronext has taken into consideration the fact that the employees will not receive dividends during the vesting period of three years. The fair value has been adjusted taking into account the financial loss for the participants to not receive the payment of the dividends during the vesting period.

Share-based payment expenses recognised in the income statement for shares granted for all plans to directors and selected employees in 2020 amounted to €8.5 million (2019: €6.9 million), see Note 9.

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2020 UNIVERSAL REGISTRATION DOCUMENT