Management Report 2020
"
-
Management Report 2020
The number and weighted average share option prices under the share option
program are as follows:
Number of
options
12/31/2019
Weighted av-
erage of the
exercise
12/31/2020
Number of
options
Weighted
average of
the exercise
12/31/2020
12/31/2019
Outstanding at January 1
Granted during the period
R$30.73
1,737,186
R$39.51
R$20.03
637,450
R$14.23
Exercised during the period
R$20.11
(449,725)
R$13.87
Canceled during the period
Capital stock split
Outstanding
R$20.33
(225,030)
R$20.10
R$30.91
R$25.11
1,699,881
535.962
R$30.73
R$22,45
909,893
1,737,186
550,786
Exercisable
912,673
613,750
(699,130)
Options outstanding as of December 31, 2020 have a Strike price in the range
of R$ 20.11 to R$ 30.91 (R$ 13.68 to R$ 39.51 as of December 31, 2019).
The weighted average stock price on the exercise date for stock options exer-
cised in the period ended December 31, 2020 was R$ 25.11 (R$ 22.45 at De-
cember 31, 2019).
b) Restricted Share Plan
In an Extraordinary General Meeting held on April 29, 2015, the Company's
shareholders approved a restricted share plan, to be effective as of November
11, 2015, for the Company's officers and managers. The plan is managed by
the Management Committee, created by the Board of Directors on May 23,
2007.
The total number of Restricted Shares that may be granted annually under the
Plan, in the sum of all active Programs, shall not exceed 1% (one percent) of
the shares representing the total capital stock of the Company.
The beneficiaries of the Restricted Shares Plan shall acquire the rights to the
Restricted Shares to the extent that they remain continuously bound as ad-
ministrator or employee of the Company or other company under its control,
for the period between the Granting Date and the specified dates. The vesting
SLC
Agrícola
period is up to 3 years, with releases of 30% from the first anniversary, 60%
from the second anniversary and 100% from the third anniversary.
Until the rights to the Restricted Shares are fully vested, according to the con-
ditions set forth above, the beneficiary may not pledge, sell, assign, dispose or
transfer, directly or indirectly, the Restricted Shares. Once the conditions es-
tablished are met and provided that the applicable legal and regulatory re-
quirements are complied with, including but not limited to obtaining authori-
zation from the Brazilian Securities and Exchange Commission for private
transfer of shares, the Company will transfer the respective Restricted Shares
to the name of the beneficiary, by means of a term of transfer of the Company's
registered shares in the system of the agent responsible for the bookkeeping
of the shares issued by the Company, at no cost to the beneficiary.
At meetings of the Board of Directors held on November 08, 2017, November
13, 2018, November 13, 2019 and November 06,2020, the Restricted Shares
Award Programs for 2017, 2018, 2019 and 2020 were approved, with the
granting of 93,375 (before the capital split), 48,973 (before the capital split),
153,438 and 159,363 shares, respectively.
Quantity of sharess
Balance on
12/31/2020
Grant
year
Fair value
at grant
(R$)¹
Balance on
12/31/2019
2017
R$ 18.02
2018
R$ 54.60
69,100
67,564
Granted Canceled
(7,000)
(6,925)
Exercised
(62,100)
(25,976)
34,663
2019
2020
R$ 18.46
R$ 27.20
153,438
(14,925)
(41,541)
96,972
159,363
159,363
159,363
(28,850) (129,617)
290,102
290,998
1. The 2017 and 2018 plans have the value of their shares before the capital split.
In compliance with CPC 10 (R1), based on the grace periods presented, the
amounts with restricted share plans were recognized in the statement of in-
come according to the length of the vesting period, with a corresponding entry
in shareholders' equity in a specific capital reserve account. In current liabili-
ties, in a specific account for labor obligations, the amounts of INSS and FGTS
(expenses), as presented below:
141View entire presentation