Management Report 2020
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Management Report 2020
The movements of the shares granted in the 2015, 2016, 2017, 2018, 2019 and
2020 Annual Program and the respective Strike prices, in BRL, are presented as
follows:
Grace periods beginning
as of grant date
As from 11/08/2018
As from- 11/08/2019
Grant
year
Strike
price (R$)1
Balance in
12/31/2019
Granted
Canceled Exercised
Balance in
12/31/2020
2015
R$ 13.79
14,800
2016
R$ 11.64
139,100
2017
R$ 18.02
580,600
2018
R$ 46.25
388,936
2019
R$ 14.23
613,750
(14,800)
(32,200) (92,300)
(82,400) (277,800)
(35,930) (57,100)
(59,700) (22,525)
14,600
2020
R$ 20.03
637,450
1,737,186
637,450
(225,030)
(449,725)
220,400
295,906
531,525
637,450
1,699,881
As from- 11/13/2019
As from- 11/08/2020
As from- 11/12/2020
As from- 11/06/2021
As from- 11/12/2021
As from- 11/06/2022
As from- 11/12/2022
As from- 11/06/2023
SLC Agrícola
% of options released to
be exercised
Maximum quantity
of shares
1%
16,500
3%
53,100
8%
131,356
18%
298,656
32%
535,962
43%
727,197
61%
1,032,046
72%
1,223,281
85%
1,444,901
100%
1,699,881
1. The 2015 to 2018 plans have the value of their shares before the capital split.
The Strike price of the 2015, 2016, 2017, 2018, 2019 and 2020 annual programs
were set based on the average of the 90 closing prices of the Company's shares at
Bovespa, prior to the approval of the plan, with a 20% discount.
The grace periods from the date of granting are as follows:
The Company recognizes the cost of the option plan based on the fair value of the
options granted, considering the fair value of the options at the date of grant. The
model used for pricing the fair value of options is Black-Scholes for the 2015, 2017,
2018, 2019 and 2020 plans. The 2016 plan was priced using the Binomial model.
In determining the fair value of the options plans, the Company adopts the "Level
3" valuation technique.
The weighted average fair value, the premiums considered, and the economic as-
sumptions used for the calculation in the model are presented below:
Weighted average fair value
Awards
Dividends
Volatility of share price
Risk-free rate of return
1st maturity
2015
R$ 21.36
R$ 7.57
1.00%
2016
R$ 17.20
R$ 5.56
33.44%
1.00%
32.39%
2017
R$ 18.02
R$ 6.93
2018
R$ 46.25
R$ 18.16
2019
2020
R$ 14.23
1.00%
1.00%
32.39%
36.80%
R$ 6.05
3.50%
41.45%
R$ 20.03
R$ 8.31
5.80%
41.03%
15.41%
12.27%
7.12%
6.95%
4.57%
3.11%
15.72%
11.49%
8.30%
8.01%
5.14%
4.72%
15.78%
11.27%
9.18%
8.86%
5.68%
5.81%
2nd maturity
3rd maturity
Period expected up to the maturity
1st maturity
366
366
365
365
365
365
2nd maturity
731
731
730
730
730
730
3rd maturity
1,096
1,096
1,095
1,095
1,095
1,095
1. Fair value calculed based on the share price on the grant date of each plan.
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