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This excerpt taken from the ELN 6-K filed Mar 30, 2009. Employee
Equity Purchase Plans
In June 2004, our shareholders approved the Employee Equity
Purchase Plan (EEPP). The EEPP is a qualified plan under
Sections 421 and 423 of the IRC and became effective on
1 January 2005 for eligible employees based in the United
States (the U.S. Purchase Plan). The U.S. Purchase
Plan allows eligible employees to purchase common shares at 85%
of the lower of the fair market value at the beginning of the
offering period or the fair market value on the last trading day
of the offering period. Purchases are limited to $25,000 (fair
market value) per calendar year, 1,000 shares per offering
period, and subject to certain IRC restrictions.
The board of directors, pursuant to the EEPP, subsequently
established the Irish Sharesave Option Scheme 2004 and U.K.
Sharesave Option Plan 2004, effective 1 January 2005, for
employees based in Ireland and the United Kingdom, respectively
(the Sharesave Plans). The Sharesave Plans allow eligible
employees to purchase Ordinary Shares at no lower than 85% of
the fair market value at the start of a
36-month
saving period. No options are currently outstanding under the
Sharesave Plans.
Table of Contents
Notes to the
Consolidated Financial Statements
In May 2006, our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the EEPP.
In total, 3,000,000 shares have been reserved for issuance
under the Sharesave Plans and U.S. Purchase Plan combined.
In 2008, 313,954 (2007: 272,931) shares were issued under the
U.S. Purchase Plan and 29,946 shares were issued under
the Sharesave Plans (2007: Nil). At 31 December 2008,
1,377,603 shares (2007: 1,721,053 shares) were
reserved for future issuance under the EEPP.
The options issued under the Sharesave Plans were granted in
2005 and the estimated fair values of the options were expensed
over the
36-month
saving period from the grant date. The fair value per option
granted under the Sharesave Plans in 2005 was $11.68. The
weighted-average fair value of options granted under the
U.S. Purchase Plan during the 12 months ended
31 December 2008 was $6.40. The estimated fair values of
these options were charged to expense over the respective
three-month offering periods. The estimated fair values of
options granted under the U.S. Purchase Plan in the years
ended 31 December, were calculated using the following
inputs into the Black-Scholes option-pricing model:
This excerpt taken from the ELN 20-F filed Feb 26, 2009. Employee
Equity Purchase Plans
In June 2004, our shareholders approved the Employee Equity
Purchase Plan (EEPP). The EEPP is a qualified plan under
Sections 421 and 423 of the IRC and became effective on
January 1, 2005 for eligible employees based in the United
States (the U.S. Purchase Plan). The U.S. Purchase
Plan allows eligible employees to purchase common stock at 85%
of the lower of the fair market value at the beginning of the
offering period or the fair market value on the last trading day
of the offering period. Purchases are limited to $25,000 (fair
market value) per calendar year, 1,000 shares per offering
period, and subject to certain IRC restrictions.
The board of directors, pursuant to the EEPP, subsequently
established the Irish Sharesave Option Scheme 2004 and U.K.
Sharesave Option Plan 2004, effective January 1, 2005, for
employees based in Ireland and the United Kingdom, respectively
(the Sharesave Plans). The Sharesave Plans allow eligible
employees to purchase Ordinary Shares at no lower than 85% of
the fair market value at the start of a 36-month saving period.
No options are currently outstanding under the Sharesave Plans.
In May 2006, our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the EEPP.
In total, 3,000,000 shares have been reserved for issuance
under the Sharesave Plans and U.S. Purchase Plan combined.
In 2008, 313,954 (2007: 272,931) shares were issued under the
U.S. Purchase Plan and 29,946 shares were issued under
the Sharesave Plans (2007: Nil). As of December 31, 2008,
1,377,603 shares (2007: 1,721,053 shares) were
reserved for future issuance under the EEPP.
The options issued under the Sharesave Plans were granted in
2005 and the estimated fair values of the options were expensed
over the
36-month
saving period from the grant date. The fair value per option
granted under the Sharesave Plans in 2005 was $11.68. The
weighted-average fair value of options granted under the
U.S. Purchase Plan during the 12 months ended
December 31, 2008 was $6.40. The estimated fair values of
these options were charged to expense over the respective
three-month offering periods. The estimated fair values of
options granted
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
under the U.S. Purchase Plan in the years ended
December 31, were calculated using the following inputs
into the Black-Scholes option-pricing model:
This excerpt taken from the ELN 6-K filed Mar 31, 2008. Employee
Equity Purchase Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (U.S. Purchase Plan), under
Sections 421 and 423 of the IRC, which became effective on
1 January 2005 for eligible employees based in the United
States. The plan allows eligible employees to purchase common
stock at 85% of the lower of the fair market value at the start
of the offering period or the fair market value on the last
trading day of the offering period. Purchases are limited to
$25,000 (fair market value) per calendar year, 1,000 shares
per offering period, and are subject to certain IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and U.K. Sharesave Option Plan 2004, effective
1 January 2005, for employees based in Ireland and the
United Kingdom, respectively (the Irish and U.K. Sharesave
Plans). The Irish and U.K. Sharesave Plans allow eligible
employees to purchase Ordinary Shares at no lower than 85% of
the fair market value at the start of the thirty-six month
saving period. The plans allow eligible employees to save up to
€320 per month under the Irish Scheme or 250 pounds
Sterling under the U.K. Plan, which entitles them an option to
buy common stock at a discounted price of $22.29 for a period of
six months from 1 February 2008, the end of the first and
only saving period.
In May 2006, our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the
U.S. Purchase Plan. In total, 3,000,000 shares have
been reserved for issuance under the Irish and U.K. Sharesave
Plans and U.S. Purchase Plan combined. In 2007, 272,931
(2006: 394,533) shares were issued under the U.S. Purchase
Plan and as at 31 December 2007, 1,723,933 shares
(2006: 2,006,966 shares) were reserved for future issuance
under the U.S. Purchase Plan and Irish and U.K. Sharesave
Plans.
Elan Corporation, plc 2007 Annual
Report 109
Table of Contents
The weighted-average fair value of options granted under the
U.S. Purchase Plan during 2007 was $4.31 (2006: $4.42). The
estimated fair values of these options were charged to expense
over the respective three-month offering periods. The options
issued under the Irish and U.K. Sharesave Plans were granted in
2005 and the estimated fair values of the options are being
expensed over the thirty-six month saving period from the grant
date. The fair value per option granted under the Irish and U.K.
Sharesave Plans in 2005 was $11.68. The estimated fair values of
options granted under the U.S. Purchase Plan in the years
ended 31 December, were calculated using the following
weighted-average inputs into the Black-Scholes option-pricing
model:
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Employee
Equity Purchase Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (U.S. Purchase Plan), under
Sections 421 and 423 of the Internal Revenue Code (IRC),
which became effective on January 1, 2005 for eligible
employees based in the United States. The plan allows eligible
employees to purchase common stock at 85% of the lower of the
fair market value at the start of the offering period or the
fair market value on the last trading day of the offering
period. Purchases are limited to $25,000 (fair market value) per
calendar year, 1,000 shares per offering period, and
subject to certain IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and UK Sharesave Option Plan 2004, effective
January 1, 2005, for employees based in Ireland and the
United Kingdom, respectively (the Irish and UK Sharesave Plans).
The Irish and UK Sharesave Plans allow eligible employees to
purchase Ordinary Shares at no lower than 85% of the fair market
value at the start of the 36 month saving period. Eligible
employees could save up to €320 per month under the Irish
Scheme or £250 under the U.K. Plan, which entitles them to
an option to buy common stock at $22.29 for a period of six
months from February 1, 2008.
In May 2006, our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the
U.S. Purchase Plan. In total, 3,000,000 shares have
been reserved for issuance under the Irish and U.K. Sharesave
Plans and U.S. Purchase Plan combined. In 2007,
272,931 shares (2006: 394,533 shares) were issued
under the U.S. Purchase Plan and as of December 31,
2007, 1,723,993 shares (2006: 2,006,966 shares) were
reserved for future issuance under the U.S. Purchase Plan
and Irish and U.K. Sharesave Plans.
Table of Contents
This excerpt taken from the ELN 6-K filed Mar 30, 2007. Employee
Equity Purchase Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (US Purchase Plan), under Sections 421
and 423 of the IRC, which became effective on 1 January
2005 for eligible employees based in the United States. The
plan allows eligible employees to purchase common stock at 85%
of the lower of the fair market value at the start of the
offering period or the fair market value on the last trading day
of the offering period. Purchases are limited to
$25,000 per calendar year, 1,000 shares per offering
period, and are subject to certain IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and UK Sharesave Option Plan 2004, effective
1 January 2005, for employees based in Ireland and the
United Kingdom, respectively (the Irish/UK Sharesave Plans). The
Irish/UK Sharesave Plans allow eligible employees to purchase at
no lower than 85% of the fair market value at the start of the
thirty-six month saving period. The plans allow eligible
employees to save up to €320 per month under the Irish
Scheme or 250 pounds Sterling under the UK Plan and they may
purchase shares anytime within six months after the end of the
saving period.
106 Elan
Corporation, plc 2006 Annual Report
Table of Contents
Notes to the
Consolidated Financial Statements
In May 2006, our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the US
Purchase Plan. In total, 3,000,000 shares have been
reserved for issuance under the Irish/UK Sharesave Plans and US
Purchase Plan combined. In 2006, 394,533 (2005: 542,429) shares
were issued under the US Purchase Plan and as at
31 December 2006, 2,006,966 shares (2005:
957,571 shares) were reserved for future issuance under the
US Purchase Plan and Irish/UK Sharesave Plans.
The weighted-average fair value of options granted under the US
Purchase Plan during 2006 was $4.42 (2005: $3.56). The estimated
fair values of these options were charged to expense over the
respective three-month offering periods. The options issued
under the Irish/UK Sharesave Plans were granted in 2005 and the
estimated fair values of the options are being expensed over the
thirty-six month saving period from the grant date. The fair
value per option granted under the Irish/UK Sharesave Plans in
2005 was $11.68. The estimated fair values of options granted
under the US Purchase Plan and Irish/UK Sharesave Plans were
calculated using the following weighted-average inputs into the
Black-Scholes option-pricing model:
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Employee
Equity Purchase Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (US Purchase Plan), under Sections 421
and 423 of the Internal Revenue Code (IRC), which became
effective on January 1, 2005 for eligible employees based
in the United States. The plan allows eligible employees to
purchase common stock at 85% of the lower of the fair market
value at the start of the offering period or the fair market
value on the last trading day of the offering period. Purchases
are limited to $25,000 per calendar year, 1,000 shares
per offering period, and subject to certain IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and UK Sharesave Option Plan 2004, effective
January 1, 2005, for employees based in Ireland and the
United Kingdom, respectively (the Irish/UK Sharesave Plans). The
Irish/UK Sharesave Plans allow eligible employees to purchase
shares at no lower than 85% of the fair market value at the
start of the thirty-six month saving period. The plan allows
eligible employees to save up to €320 per month under
the Irish Scheme or 250 pounds Sterling under the UK Plan and
they may purchase shares anytime within six months after the end
of the saving period.
In May 2006 our shareholders approved an increase of
1,500,000 shares in the number of shares available to
employees to purchase in accordance with the terms of the US
Purchase Plan. In total, 3,000,000 shares have been
reserved for issuance under the Irish/UK Sharesave Plans and US
Purchase Plan combined. In 2006, 394,533 shares (2005:
542,429 shares) were issued under the US Purchase Plan and
as of December 31, 2006, 2,006,966 shares (2005:
957,571 shares) were reserved for future issuance under the
US Purchase Plan and Irish/UK Sharesave Plans.
This excerpt taken from the ELN 6-K filed Mar 31, 2006. Employee Equity Purchase
Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (U.S. Purchase Plan), under
Sections 421 and 423 of the Internal Revenue Code (IRC),
which became effective on 1 January 2005 for eligible
employees based in the United States. The plan allows eligible
employees to purchase common stock at 85% of the lower of the
fair market value at the start of the offering period or the
fair market value on the last trading day of the offering
period. Purchases are limited to $25,000 per calendar year,
1,000 shares per offering period, and are subject to
certain IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and U.K. Sharesave Option Plan 2004, effective
1 January 2005, for employees based in Ireland and the
United Kingdom, respectively (the Irish/ U.K. Sharesave Plans).
In total, 1,500,000 shares were reserved for issuance under
the Irish/ U.K. Sharesave Plans and U.S. Purchase Plan
combined. The Irish/ U.K. Sharesave Plans allow eligible
employees to purchase at no lower than 85% of the fair market
value at the start of the thirty-six month savings period. The
plans allow eligible employees to save up to 320 Euro per month
under the Irish Scheme or 250 pounds Sterling under the U.K.
Plan and they may purchase shares anytime within six months
after the end of the savings period.
In 2005, 542,429 shares (2004: Nil) were issued under the
U.S. Purchase Plan, and at 31 December 2005,
957,571 shares (2004: 1,500,000) were reserved for future
issuance under the U.S. Purchase Plan and Irish/ U.K.
Sharesave Plans.
106 Elan Corporation, plc 2005 Annual Report
Table of Contents
The binomial option-pricing model is used to estimate the fair
value of our share options because it better reflects the
possibility of exercise before the end of the options’
life. The binomial option-pricing model also integrates possible
variations in model inputs such as risk-free interest rates and
other inputs, which may change over the life of the options.
Options issued under our employee equity purchase plans have
relatively short contractual lives, or must be exercised within
a short period of time after the vesting date, and the input
factors identified above do not apply. Therefore, the
Black-Scholes option-pricing model produces a fair value that is
substantially the same as a more complex binomial option-pricing
model for our employee equity purchase plans.
We recognised total expenses of $36.6 million and
$15.1 million related to equity-settled share-based payment
transactions during 2005 and 2004, respectively, calculated in
accordance with the transition rules of IFRS 2,
“Share-based Payment,” (IFRS 2). IFRS 2 requires that
the fair value of share-based payments is expensed over the
period that the related services are received, together with a
corresponding increase in equity. In accordance with the
exemption allowed on transition to IFRS, the fair value
calculations have only been applied to share options granted
after 7 November 2002 that had not vested by 1 January
2005. The expenses have been recognised in the following line
items in the consolidated income statement:
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Employee
Equity Purchase Plans
In June 2004, our shareholders approved a qualified Employee
Equity Purchase Plan (U.S. Purchase Plan), under
Sections 421 and 423 of the Internal Revenue Code (IRC),
which became effective on January 1, 2005 for eligible
employees based in the United States. The plan allows eligible
employees to purchase common stock at 85% of the lower of the
fair market value at the start of the offering period or the
fair market value on the last trading day of the offering
period. Purchases are limited to $25,000 per calendar year,
1,000 shares per offering period, and subject to certain
IRC restrictions.
The board of directors approved the Irish Sharesave Option
Scheme 2004 and U.K. Sharesave Option Plan 2004, effective
January 1, 2005, for employees based in Ireland and the
United Kingdom, respectively (the
Irish/U.K.
Sharesave Plans). In total, 1,500,000 shares were reserved
for issuance under the Irish/U.K. Sharesave Plans and
U.S. Purchase Plan combined. The Irish/U.K. Sharesave Plans
allow eligible employees to purchase at no lower than 85% of the
fair market value at the start of the thirty-six month saving
period. The plan allows eligible
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
employees to save up to 320 Euro per month under the Irish
Scheme or 250 pounds Sterling under the U.K. Plan and they may
purchase shares anytime within six months after the end of the
saving period.
In 2005, 542,429 shares were issued under the
U.S. Purchase Plan (2004: Nil) and as of December 31,
2005, 957,571 shares (2004: 1,500,000 shares) were
reserved for future issuance under the U.S. Purchase Plan
and
Irish/U.K.
Sharesave Plans.
This excerpt taken from the ELN 6-K filed Apr 11, 2005. Employee Equity Purchase Plans In June 2004, our shareholders approved a qualified Employee Equity Purchase Plan (“U.S. Purchase Plan”), under Sections 421 and 423 of the Internal Revenue Code (“IRC”), which became effective on 1 January 2005 for eligible employees based in the U.S. The plan allows eligible employees to purchase common stock at 85% of the lower of the fair market value at the start of the offering period or the fair market value on the last trading day of the offering period. Purchases are limited to $25,000 per calendar year, 1,000 shares per offering period, and subject to certain IRC restrictions.
Notes Relating to Financial Statements The board of directors approved the Irish Sharesave Option Scheme 2004 and U.K. Sharesave Option Plan 2004, effective 1 January 2005, for employees based in Ireland and the United Kingdom, respectively (“the Irish/U.K. Sharesave Plans”). In total, 1,500,000 shares have been reserved for issuance under the Irish/U.K. Sharesave Plans and U.S. Purchase Plan combined. The Irish/U.K. Sharesave Plans allow eligible employees to purchase at no lower than 85% of the fair market value at the start of the thirty-six month offering period. The plans allow eligible employees to save up to 320 Euro per month under the Irish Scheme or 250 pounds Sterling under the U.K. Plan and they may purchase shares anytime within six months after the end of the savings period. As at 31 December 2004, 1,500,000 shares were reserved for future issuance under the U.S. Purchase Plan and Irish/U.K. Sharesave Plans. | EXCERPTS ON THIS PAGE:
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