Ustalanie ceny wykonania w programach opcji menedżerskich - praktyka spółek notowanych na GPW w Warszawie - Biblioteka UMCS

A N N A L E S

8 1 , 9 ( 5 6 , 7$7 , 6   0 $ 5 , $ (   & 8 5 , (  6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$

92/;/9,,, 6(&7,2+ 

8QLZHUV\WHW6]F]HFLĔVNL.DWHGUD8EH]SLHF]HĔL5\QNyZ.DSLWDáRZ\FK

$*1,(6=.$0$-(:6.$

8VWDODQLHFHQ\Z\NRQDQLDZSURJUDPDFKRSFMLPHQHGĪHUVNLFK…

±SUDNW\NDVSyáHNQRWRZDQ\FKQD*3:Z:DUV]DZLH

'HWHUPLQLQJWKHH[HUFLVHSULFHLQHPSOR\HHVWRFNRSWLRQV±WKHSUDFWLFHRIFRPSDQLHV

OLVWHGRQWKH:DUVDZ6WRFN([FKDQJH

6áRZDNOXF]RZHRSFMHPHQHGĪHUVNLHFHQDZ\NRQDQLDSURJUDP\PRW\ZDF\MQH

.H\ZRUGVHPSOR\HHVWRFNRSWLRQVH[HUFLVHSULFHLQFHQWLYHSURJUDPV

:VWĊS

3LHUZV]HSURJUDP\RSFMLPHQHGĪHUVNLFKSRMDZLá\VLĊZ6WDQDFK=MHGQRF]RQ\FK

QDSRF]ąWNXODWXELHJáHJRVWXOHFLDDSRZV]HFKQLHSU]HGVLĊELRUVWZDDPHU\NDĔ- VNLH]DF]Ċá\MHZ\NRU]\VW\ZDüZODWDFK:HGáXJ1DWLRQDO&HQWHUIRU(PSOR\HH

2ZQHUVKLS1&(2RGNRĔFDURNXOLF]EDSUDFRZQLNyZPDMąF\FKRSFMHQDDNFMH

Z]URVáDG]LHZLĊFLRNURWQLH2UJDQL]DFMDV]DFXMHĪHRGURNXG]LHZLĊüPLOLRQyZ

SUDFRZQLNyZRWU]\PDáRRSFMHQDDNFMHDGRGDWNRZRNLONDVHWW\VLĊF\RVyENRU]\VWDáR

]Z\QDJURG]HQLDRSDUWHJRQDSDUW\F\SDFMLNDSLWDáRZRZáDVQRĞFLRZHM

:3ROVFHSRGREQLHMDNZLQQ\FKNUDMDFKHXURSHMVNLFKRSFMHPHQHGĪHUVNLHVWD- á\VLĊEDUG]LHMSRSXODUQHQDSRF]ąWNXREHFQHJRVWXOHFLDF]ĊVWRZZ\QLNXUHIRUP\

SRGDWNyZOXESUDZDVSyáHN>(PSOR\HH6WRFN2SWLRQV« V@-DNRSLHUZV]D

SURJUDP PRW\ZDF\MQ\ RSDUW\ QD XG]LDOH ZH ZáDVQRĞFL SU]HGVLĊELRUVWZD ZSURZD- G]LáDZURNXVSyáND&RPSXWHU/DQGDOH]QDF]ąF\Z]URVWOLF]E\XFKZDORQ\FK

SURJUDPyZQDVWąSLáSRURNX6WDQRZLáRWRPLĊG]\LQQ\PLZ\QLNXUHJXORZDQLD

Z.RGHNVLHVSyáHNKDQGORZ\FK]URNXDUW†PRĪOLZRĞFL]DNXSXHPL-

WRZDQ\FKSU]H]VLHELHDNFMLNWyUHPDMą]RVWDü]DRIHURZDQHGRQDE\FLDSUDFRZQLNRP

 $*1,(6=.$0$-(:6.$

OXERVRERPNWyUHE\á\]DWUXGQLRQHZVSyáFHOXEVSyáFH]QLąSRZLą]DQHMSU]H]RNUHV

FR QDMPQLHM WU]HFK ODW 5RVQąFD OLF]ED SURJUDPyZ SU]\F]\QLD VLĊ GR SRSUDZ\ LFK

NRQVWUXNFMLMHGQDNZGDOV]\PFLąJXSR]RVWDMąHOHPHQW\G\VNXV\MQH-HGQ\P]QLFK

MHVWFHQDZ\NRQDQLDSRMDNLHMSUDFRZQLF\SU]\VSHáQLHQLXRNUHĞORQ\FKNU\WHULyZ

PRJąQDE\üDNFMHVZRMHJRSU]HGVLĊELRUVWZD

&HOHPDUW\NXáXMHVWSU]HGVWDZLHQLHLRFHQDVSRVREyZXVWDODQLDFHQZ\NRQDQLD

Z\VWĊSXMąF\FK Z SURJUDPDFK RSFML PHQHGĪHUVNLFK ZSURZDG]RQ\FK SU]H] VSyáNL

DNF\MQHQRWRZDQHQD*3:Z:DUV]DZLHGRURNX:RGQLHVLHQLXGRSUDNW\NL

VWRVRZDQHMSU]H]DQDOL]RZDQHVSyáNL]RVWDQLHSRGMĊWDSUyED]DSUH]HQWRZDQLDZáDVQHM

SURSR]\FMLXVWDODQLDFHQ\Z\NRQDQLD

'DQH R SURJUDPDFK PRW\ZDF\MQ\FK ]HEUDQR QD SRVWDZLH UDSRUWyZ URF]Q\FK

UDSRUWyZELHĪąF\FKXFKZDáUDGQDG]RUF]\FKRUD]NRPXQLNDWyZSUDVRZ\FK

(OHPHQW\RSFMLPHQHGĪHUVNLFK

3URJUDP\RSFMLPHQHGĪHUVNLFKVąNRQVWUXRZDQHLQG\ZLGXDOQLHGODGDQHMVSyáNL

:NDĪG\PSU]\SDGNXFKDUDNWHU\]XMąMHQDVWĊSXMąFHHOHPHQW\

• G]LHĔSU]\]QDQLDXSUDZQLHĔF]\OLGDWD]DZDUFLDSU]H]VWURQ\XPRZ\

• F]DVWUZDQLDSURJUDPX

• RVRE\XSUDZQLRQHGRRWU]\PDQLDRSFML

• ZDUXQNL QDE\ZDQLD XSUDZQLHĔ F]\OL ZDUXQNL MDNLH PXVL VSHáQLü RVRED

XSUDZQLRQDDE\PRJáD]UHDOL]RZDüVZRMHSUDZRGRNXSQDDNFML

• RNUHVQDE\ZDQLDXSUDZQLHĔF]\OLF]DVZNWyU\PZV]\VWNLHZDUXQNLQDE\- ZDQLDXSUDZQLHĔPXV]ą]RVWDüVSHáQLRQH

• NXUV Z\NRQDQLD F]\OL FHQD DNFML SR MDNLHM SUDFRZQLF\ EĊGą PLHOL SUDZR

QDE\üXG]LDá\ZVSyáFH

']LHĔSU]\]QDQLDXSUDZQLHĔUR]SRF]\QDF]DVWUZDQLDSURJUDPX:VND]\ZDQHVą

ZyZF]DVRVRE\XSUDZQLRQHGRRWU]\PDQLDRSFMLRUD]RNUHĞODQHNU\WHULDQDE\ZDQLD

XSUDZQLHĔORMDOQRĞFLRZHLHNRQRPLF]QH3URJUDP\RSFMLPHQHGĪHUVNLFKXFKZDORQH

SU]H]VSyáNLQRWRZDQHQD*3:Z:DUV]DZLHNLHURZDQHE\á\GRRVyEVSUDZXMąF\FK

IXQNFMH NLHURZQLF]H F]áRQNyZ ]DU]ąGX G\UHNWRUyZ NDGU\ PHQHGĪHUVNLHM RUD]

NOXF]RZ\FK SUDFRZQLNyZ L RVyE R LVWRWQ\P ]QDF]HQLX GOD VSyáNL 2JyOQLH Vą WR

RVRE\NWyUHSRGHMPXMąLVWRWQHGHF\]MHOXEXF]HVWQLF]ąZLFKSRGHMPRZDQLXDLFK

G]LDáDOQRĞü]QDF]ąFRSU]\F]\QLDVLĊGRUR]ZRMXILUP\

.U\WHULDQDE\ZDQLDXSUDZQLHĔSRZLQQ\NRUHVSRQGRZDü]JáyZQ\PFHOHPZSUR- ZDG]DQLDSURJUDPyZRSFMLPHQHGĪHUVNLFK:LĊNV]RĞüVSyáHNZ3ROVFHZVND]XMHĪH

FHOHPMHVWVWZRU]HQLHPHFKDQL]PyZPRW\ZXMąF\FKSUDFRZQLNyZGRG]LDáDĔ]DSHZ- QLDMąF\FKGáXJRWHUPLQRZ\Z]URVWZDUWRĞFLSU]HGVLĊELRUVWZD>0DMHZVNDV@

=JRGQLH]]DOHFHQLDPLZW\PZ]JOĊG]LHZ\SáDWD]PLHQQ\FKVNáDGQLNyZZ\QDJURG]HQLD

SRZLQQDZNDĪG\PSU]\SDGNXE\üSRZLą]DQD]RNUHĞORQ\PL]JyU\Z\PLHUQ\PL

kryteriami wynikowymi [=DOHFHQLD.RPLVML«SNWV/@-HGQDN



867$/$1,(&(1<:<.21$1,$:352*5$0$&+23&-,0(1('ĩ(56.,&+«

RSUyF] PLHUQLNyZ ILQDQVRZ\FK NWyUH PDMą VSU]\MDü GáXJRWHUPLQRZHM VWDELOQRĞFL

SU]HGVLĊELRUVWZDZDĪQHMHVWXZ]JOĊGQLDQLHNU\WHULyZORMDOQRĞFLRZ\FK

:RGUyĪQLHQLXRGNODV\F]Q\FKRSFMLNWyU\FKF]DVWUZDQLDQDMF]ĊĞFLHMRJUDQLF]D

VLĊGRMHGQHJRURNXRSFMHPHQHGĪHUVNLHQDOHĪąGRLQVWUXPHQWyZĞUHGQLRLGáXJR- RNUHVRZ\FK:\VWĊSXMąF\RNUHVQDE\ZDQLDXSUDZQLHĔLRGURF]RQ\FKDUDNWHUZ\SáDW

GHWHUPLQXMąF]DVLFKWUZDQLD:SURJUDPDFKVSyáHNZ6WDQDFK=MHGQRF]RQ\FKNUDMX

RQDMZLĊNV]\PGRĞZLDGF]HQLXZLFKVWRVRZDQLXQDMF]ĊĞFLHMZ\QRVLRQRGGRODW

>0XQV@:\QLNDWR]IDNWXĪHDE\HIHNW\ZSURZDG]HQLDSURJUDPyZRSFML

PHQHGĪHUVNLFKE\á\]DXZDĪDOQHNRQLHF]QHMHVWVSUDZG]DQLHRVLąJDQ\FKZ\QLNyZ

ZGáXJLPRNUHVLH2GQRV]ąVLĊGRWHJRUyZQLHĪ]DOHFHQLD.RPLVML(XURSHMVNLHMNWyUD

ZVND]XMHĪHXSUDZQLHQLDGRQDE\FLDDNFMLQLHSRZLQQ\QDELHUDüPRF\ZF]HĞQLHMQLĪ

SRXSá\ZLHWU]HFKODWRGF]DVXLFKSU]\]QDQLDZIRUPLHZ\QDJURG]HQLD>=DOHFHQLD

.RPLVML«VHNFMD,,SNWV/@&]DVWUZDQLDRSFMLPHQHGĪHUVNLFK

SU]HGVWDZLDU\VXQHN

CZAS T = 0

Przyznanie instrumentów kapitaáowych 2NUHĞOenie ceny

wykonania 2NUHĞOHQLH kryteriów

nabycia Wyznaczenie ceOów

GáXJRokresowych

T + 1 T + 2 T + 3 T + 4 T + 5

Okres nabywania uprawnieĔ Sprawdzanie wyników

w koOejnych okresach rozOiczeniowych ReaOizDFMDFHOów

ReaOizacja praw z opcji Oub warrantów (kupno akcji)

Zamiana REOiJacji na akcje Nabycie uprawQLHĔdo

UHDOizacji opcji, warrantów, zamiany oEOLJacji

T + N

5\VXQHN&]DVWUZDQLDRSFMLPHQHGĪHUVNLFK ħUyGáRRSUDFRZDQLHZáDVQH

%DGDQLDQDU\QNXDPHU\NDĔVNLPZVND]XMąĪHUHDOL]DFMDSUDZ]RSFML]UHJXá\

QDVWĊSXMHSR]DNRĔF]HQLXRNUHVXQDE\ZDQLDXSUDZQLHĔ-&DUSHQWHU>V±@

DQDOL]XMąFZ\QDJURG]HQLDPHQHGĪHUyZILUPZODWDFK±Z\OLF]\áĪHĞUHGQL

F]DVUHDOL]DFMLRSFMLUyZQ\MHVWURNXSU]\OHWQLPRNUHVLHWUZDQLDSURJUDPX

=EOLĪRQHZ\QLNLX]\VNDOL06$NUHVKL.3+DVVDQ>V±@NWyU]\GODILUP

QRWRZDQ\FKQDU\QNXRGFRQDMPQLHMODWRGQRWRZDOLĞUHGQLF]DVUHDOL]DFMLUyZQ\

URNXZURNXRUD]ZURNX:SU]\SDGNXILUPQRWRZDQ\FKNUyFHM

QLĪODWZDUWRĞFLE\á\RGSRZLHGQLRUyZQHURNXRUD]3yĨQLHMV]HEDGDQLD

SURZDG]RQHPLĊG]\LQQ\PLSU]H]-&%HWWLVD-0%L]MDNDL0//HPPRQD>

V±@SRND]XMąĪH]D]Z\F]DMUHDOL]DFMDQDVWĊSXMHRNRáRGZyFKODWRGQDE\FLD

XSUDZQLHĔLF]WHU\ODWDSU]HGZ\JDĞQLĊFLHPRSFML:SU]\SDGNXVSyáHNQRWRZDQ\FKQD

*3:Z:DUV]DZLHSU]HFLĊWQ\F]DVUHDOL]DFMLXSUDZQLHĔZ\QRVLURNXSU]\ĞUHGQLP

F]DVLH WUZDQLD SURJUDPyZ UyZQ\P  URNX >5\QHN RSFML PHQHGĪHUVNLFK« @

 $*1,(6=.$0$-(:6.$

&HQDZ\NRQDQLDZRSFMDFKPHQHGĪHUVNLFK

2SFMHPHQHGĪHUVNLHGDMąSUDFRZQLNRPSUDZRGRNXSQDDNFMLSU]HGVLĊELRUVWZD

SRRNUHĞORQHMFHQLHZSU]\V]áRĞFLW]ZFHQLHZ\NRQDQLDVWULNHSULFHH[HUFLVHSULFH

JUDQWSULFH=JRGQLH].RGHNVHPVSyáHNKDQGORZ\FKDUW†DNFMHQLHPRJą

E\üREHMPRZDQHSRQLĪHMLFKZDUWRĞFLQRPLQDOQHM:UDPDFKSURJUDPXSUDFRZQLF\

PRJą ZLĊF QDE\ü DNFMH SU]HGVLĊELRUVWZD SR SUHIHUHQF\MQHM FHQLH QLĪV]HM RG U\Q- NRZHM EH] SRQRV]HQLD GRGDWNRZ\FK NRV]WyZ QD SU]\NáDG REFLąĪHĔ SRGDWNRZ\FK

ZPRPHQFLHSU]\]QDQLDRSFML/LWHUDWXUDRGQRV]ąFDVLĊGRGRĞZLDGF]HĔILUPDPHU\- NDĔVNLFKSRGDMHĪHFHQDZ\NRQDQLDQDMF]ĊĞFLHM]EOLĪRQDMHVWGRU\QNRZHMFHQ\DNFML

]DQRWRZDQHMZPRPHQFLHSU]\]QDQLDXSUDZQLHĔ>PLQ+DOO0XUSK\V@

&HQDZ\NRQDQLDZRGQLHVLHQLXGRDNWXDOQHJRNXUVXDNFMLGHF\GXMHRZ\VRNRĞFL

Z\QDJURG]HQLDRWU]\PDQHJRSU]H]SUDFRZQLNDZUDPDFKSURJUDPXRSFMLPHQHGĪHU- VNLFK 2 RSáDFDOQRĞFL UHDOL]DFML RSFML GHF\GXMH ZDUWRĞü ZHZQĊWU]QD NWyUą PRĪQD

SU]\Mąü]DU]HF]\ZLVWąZDUWRĞüRSFML'ODRSFMLNXSQDZ\QRVLRQD

: $572ĝû  :(:1ĉ75=1$  '/$  23&-,  .831$  & (1$  :$/258  %$=2:(*2 ±& (1$  :<.21$1,$

:DUWRĞüZHZQĊWU]QDZUD]]ZDUWRĞFLąF]DVRZąVNáDGDMąVLĊQDSUHPLĊSáDFRQą

]DRSFMĊ

3 5(0,$  : $572ĝû  :(:1ĉ75=1$ : $572ĝû  &=$62:$ 

:RGUyĪQLHQLXRGRSFMLNODV\F]Q\FKZNWyU\FKGODQDE\ZF\SUHPLDMHVWNRV]WHP

MDNLSRQRVLRQVWDMąFVLĊLFKZáDĞFLFLHOHPSUDFRZQLF\RWU]\PXMąF\RSFMHZUDPDFK

SURJUDPyZPRW\ZDF\MQ\FKQLHSRQRV]ąĪDGQHJRNRV]WX2Z\VRNRĞFLLFK]DURENX

GHF\GXMHZDUWRĞüZHZQĊWU]QDRSFML'RSLHURZPRPHQFLH]E\FLDDNFMLRWU]\PDQ\FK

ZZ\QLNXUHDOL]DFMLRSFMLZ\VWĊSXMHNRQLHF]QRĞüRSáDFHQLDSRGDWNXREOLF]DQHJRRG

GRFKRGXEĊGąFHJRUyĪQLFąPLĊG]\VXPąX]\VNDQHJRSU]\FKRGXDNRV]WDPLMHJRX]\- VNDQLD=DVDGDWDMHVW]JRGQD]8VWDZąRSRGDWNXGRFKRGRZ\PRGRVyEIL]\F]Q\FK

>DUWXVW@NWyUDSU]HZLGXMHĪHGRFKyGVWDQRZLąF\QDGZ\ĪNĊPLĊG]\ZDUWRĞ- FLąU\QNRZąDNFMLREMĊW\FKSU]H]RVRE\XSUDZQLRQHQDSRGVWDZLHXFKZDá\ZDOQHJR

]JURPDG]HQLDDZ\GDWNDPLSRQLHVLRQ\PLQDLFKREMĊFLHQLHSRGOHJDRSRGDWNRZDQLX

ZPRPHQFLHREMĊFLDW\FKDNFML3RZ\ĪV]D]DVDGDQLHPD]DVWRVRZDQLDGRGRFKRGX

RVLąJQLĊWHJR]H]E\FLDDNFML>DUWXVW@

= NROHL GOD SU]HGVLĊELRUVWZD ]JRGQLH ] $6&  >@ RUD] 066) 

>VWDQGDUGSáDWQRĞFLZIRUPLHDNFML±,)65@RSFMHPHQHGĪHUVNLHMDNRF]ĊĞüSUR- JUDPXDNFMLSUDFRZQLF]\FK]DOLF]DQHVąGRMHJRNRV]WyZSU]H]FRREQLĪDMąZ\QLN

ILQDQVRZ\ 2ELH UHJXODFMH ZVND]XMą ĪH LFK NRV]W SRZLQLHQ RGSRZLDGDü ZDUWRĞFL

JRG]LZHMNWyUąXVWDODVLĊQDG]LHĔSU]\]QDQLD=JRGQLH]PHWRGRORJLąZ\FHQ\RSFML

MHGHQ]F]\QQLNyZZSá\ZDMąF\FKQDLFKZDUWRĞüVWDQRZLZáDĞQLHFHQDZ\NRQDQLD

-HĞOLSU]\MąüSR]RVWDáHF]\QQLNLQDVWDá\PSR]LRPLHPLĊG]\FHQąZ\NRQDQLDDZDU-



867$/$1,(&(1<:<.21$1,$:352*5$0$&+23&-,0(1('ĩ(56.,&+«

WRĞFLąRSFMLZ\VWĊSXMHRGZURWQD]DOHĪQRĞü:SU]\SDGNXXVWDOHQLDFHQ\QDEDUG]R

QLVNLP SR]LRPLH Z SRUyZQDQLX GR DNWXDOQHJR NXUVX DNFML NRV]W ZSURZDG]DQ\FK

SURJUDPyZ PRW\ZDF\MQ\FK LVWRWQLH VLĊ ]ZLĊNV]D = WHJR Z]JOĊGX ZDĪQH MHVW MHM

RGSRZLHGQLHRNUHĞOHQLH

$QDOL]DFHQZ\NRQDQLDZSURJUDPDFKPRW\ZDF\MQ\FK

VSyáHNQRWRZDQ\FKQD*3:Z:DUV]DZLH

$QDOL]Ċ FHQ Z\NRQDQLD SU]HSURZDG]RQR QD ED]LH GDQ\FK RGQRV]ąF\FK VLĊ GR

SURJUDPyZPRW\ZDF\MQ\FKXFKZDORQ\FKZODWDFK±SU]H]VSyáNLQRWRZDQH

QD*3:Z:DUV]DZLH0LPRRERZLą]NXLQIRUPDF\MQHJRVSyáHNQLHLVWQLHMąMHGQROLWH

VWDQGDUG\ XMDZQLDQLD LQIRUPDFML GRW\F]ąF\FK GRGDWNRZHJR Z\QDJUDG]DQLD NDGU\

PHQHGĪHUVNLHMFRF]ĊVWRXWUXGQLDSR]\VNLZDQLHRGSRZLHGQLFKGDQ\FK:DQDOL]LH

XZ]JOĊGQLRQRZ\áąF]QLHSURJUDP\GODNWyU\FKLQVWUXPHQWHPUR]OLF]HQLRZ\PE\á\

ZDUUDQW\VXEVNU\SF\MQHQDMSRSXODUQLHMV]\LQVWUXPHQWZ\NRU]\VWDQ\SU]H]RNRáR

VSyáHNRUD]REOLJDFMH]DPLHQQHLRSFMH6SRĞUyGSURJUDPyZQLH]EĊGQH

LQIRUPDFMHX]\VNDQRGOD

:LĊNV]RĞü SURJUDPyZ  PLDáD FHQĊ Z\NRQDQLD XVWDORQą MDNR RNUHĞORQD

ZDUWRĞüSU]\F]\PQDMF]ĊĞFLHMZSU]\SDGNDFKRGSRZLDGDáDRQDZDUWRĞFLQR- PLQDOQHMDNFML-HVWWRPLQLPDOQDFHQDSRMDNLHMPRĪQDQDE\üDNFMHL]JRGQLH]DUW

.RGHNVXVSyáHNKDQGORZ\FKQLHPRĪHE\üRQDQLĪV]DQLĪJURV]5\VXQHN

SU]HGVWDZLDFHQ\Z\NRQDQLDRGSRZLDGDMąFHZDUWRĞFLQRPLQDOQHMDNFML:ZLĊNV]RĞFL

SU]\SDGNyZZ\QRVLáDRQD]á

0 5 10 15 20 25

:\EUDQHVWDW\VW\NL

opisowe:

0HGLDQD 

.ZDUW\O 

.ZDUW\O 

5\VXQHN:DULDQW\FHQ\Z\NRQDQLDUyZQHZDUWRĞFLQRPLQDOQHMDNFML

ħUyGáRRSUDFRZDQLHZáDVQH

 $*1,(6=.$0$-(:6.$

:SURJUDPyZFHQ\Z\NRQDQLDXVWDORQRQDQDMQLĪV]\PPRĪOLZ\PSR]LR- PLHRGSRZLDGDMąF\PZDUWRĞFLQRPLQDOQHMDNFMLFRVSUDZLDĪHRSFMHPHQHGĪHUVNLH

QDOHĪ\WUDNWRZDüZ\áąF]QLHMDNRHOHPHQWGRGDWNRZHJRZ\QDJURG]HQLDSUDFRZQLNyZ

3RQDGWRZSU]\SDGNXEUDNXOXEZ\VWĊSRZDQLDáDJRGQ\FKNU\WHULyZQDE\FLDXSUDZ- QLHĔSUDFRZQLF\EH]]DDQJDĪRZDQLDRWU]\PXMąHNZLZDOHQWSLHQLĊĪQ\ZSRVWDFLDNFML

6SyáNLXPRĪOLZLDMąFSUDFRZQLNRPQDE\FLHDNFMLSRPLQLPDOQHMFHQLHQLHXZ]JOĊG- QLDMąRJyOQHJRFHOXSURJUDPyZPRW\ZDF\MQ\FKNWyU\QDMF]ĊĞFLHMZUHJXODPLQDFK

RNUHĞODMą MDNR VWZRU]HQLH PHFKDQL]PyZ PRW\ZXMąF\FK SUDFRZQLNyZ GR G]LDáDĔ

]DSHZQLDMąF\FKGáXJRWHUPLQRZ\Z]URVWZDUWRĞFLSU]HGVLĊELRUVWZD

&HQD Z\NRQDQLD RGSRZLDGDMąFD ZDUWRĞFL QRPLQDOQHM DNFML VSUDZLD ĪH RSFMH

]DZV]HVąLQWKHPRQH\3U]\VSHáQLHQLXNU\WHULyZQDE\ZDQLDXSUDZQLHĔZ\VRNRĞü

Z\QDJURG]HQLDSUDFRZQLNyZRGSRZLDGDZDUWRĞFLZHZQĊWU]QHMRSFML,VWRWQHMHVWZyZ- F]DVRGQLHVLHQLHVLĊGRUHODFMLFHQ\Z\NRQDQLDLDNWXDOQHJRNXUVXDNFML3U]\MPXMąF

ĪHQDE\FLHXSUDZQLHĔGRUHDOL]DFMLRSFMLZDUUDQWyZREOLJDFML]DPLHQQ\FKQDVWĊSXMH

ZRVWDWQLPURNXWUZDQLDSURJUDPXSRVáXĪRQRVLĊSU]HFLĊWQ\PNXUVHPDNFMLGODWHJR

RNUHVX:WDEHOLSU]HGVWDZLRQRRGVHWHNSURJUDPyZRGSRZLDGDMąF\UyĪQ\PUHODFMRP

FHQ\Z\NRQDQLDXVWDORQHMZDUWRĞFLRZRZSRUyZQDQLXGRSU]HFLĊWQHJRNXUVXDNFML

7DEHOD&HQDZ\NRQDQLDXVWDORQDZDUWRĞFLRZRZSRUyZQDQLXGRSU]HFLĊWQHJRNXUVXDNFML

3U]HFLĊWQ\NXUVDNFML

ZSRUyZQDQLXGRFHQ\

wykonania

&HQDZ\NRQDQLDUyZQDFHQLH

nominalnej

&HQDZ\NRQDQLDZ\ĪV]D

od ceny nominalnej Liczba

SURJUDPyZ

2GVHWHNZSURJUDPDFK

]FHQąZ\NRQDQLDXVWD- ORQąZDUWRĞFLRZR

Liczba SURJUDPyZ

2GVHWHNZSURJUDPDFK

]FHQąZ\NRQDQLD

XVWDORQąZDUWRĞFLRZR

:\ĪV]\NLONDG]LHVLąWUD]\    

:\ĪV]\NLONDQDĞFLHUD]\ 8   

:\ĪV]\NLONDUD]\   7 

&HQ\]EOLĪRQH 7   

Brak realizacji opcji 3   

ħUyGáRRSUDFRZDQLHZáDVQH

:ĞUyGZV]\VWNLFKDQDOL]RZDQ\FKSURJUDPyZZF]WHUQDVWX]QLFKNXUVSRMDNLP

RVRE\XSUDZQLRQHPRJá\QDE\üDNFMHE\áNLONDG]LHVLąWUD]\QLĪV]\RGSU]HFLĊWQHM

FHQ\ U\QNRZHM :V]\VWNLH SU]\SDGNL RGQRVLá\ VLĊ GR FHQ\ Z\NRQDQLD XVWDORQHM

ZDUWRĞFLRZR1LHZąWSOLZLHWDNDNRQVWUXNFMDRSFMLPHQHGĪHUVNLFKMHVWIRUPąQDJURG\

DQLHSURJUDPHPPRW\ZDF\MQ\P3RQDGWREXG]LWRZąWSOLZRĞFLPQLHMV]RĞFLRZ\FK

DNFMRQDULXV]\NWyU]\QLHPDMą]E\WGXĪHJRZSá\ZXQDGHF\]MĊRSU]\]QDZDQLXSUDZD

GRDNFML.XUVU\QNRZ\NLONDQDĞFLHUD]\Z\ĪV]\RGFHQ\Z\NRQDQLDZ\VWąSLáZ

SURJUDPyZ1DMF]ĊĞFLHMFHQĊDNFMLXVWDODQRQDSR]LRPLHPDNV\PDOQLHNLOND

UD]\QLĪV]\PRGU\QNRZHJRDZSURJUDPyZE\á\RQHQD]EOLĪRQ\PSR]LRPLH



867$/$1,(&(1<:<.21$1,$:352*5$0$&+23&-,0(1('ĩ(56.,&+«

: SU]\SDGNX FHQ\ Z\NRQDQLD XVWDORQHM SRZ\ĪHM FHQ\ QRPLQDOQHM D QLH]QDF]QLH

UyĪQLąFHM VLĊ RG U\QNRZHM Z WUDNFLH QDE\ZDQLD XSUDZQLHĔ Z RNRáR SRáRZLH SUR- JUDPyZRSFMHVWDá\VLĊRXWRIWKHPRQH\'RW\F]\áRWRJáyZQLHSURJUDPyZ

XFKZDODQ\FKZF]DVLHKRVV\QDJLHáG]LHSU]HGSRMDZLHQLHPVLĊNU\]\VXILQDQVRZHJR

NWyU\FKRNUHVQDE\ZDQLDXSUDZQLHĔREHMPRZDáODWD±

:REHF]PLHQLDMąF\FKVLĊZDUXQNyZU\QNRZ\FKNRU]\VWQLHMV]\PUR]ZLą]DQLHP

MHVWZ\UDĪHQLHFHQ\Z\NRQDQLDRNUHĞORQąIRUPXáąXZ]JOĊGQLDMąFą]PLDQ\FHQQDU\Q- NX%H]ZVND]\ZDQLDNRQNUHWQHMZDUWRĞFLOHF]]DSRPRFąRSLVXVáRZQHJRXVWDORQR

FHQĊDNFMLZSURJUDPyZ:WDNLFKSU]\SDGNDFKQDMF]ĊĞFLHMRGQRV]RQRVLĊGR

a) ĞUHGQLHMFHQ\]GDQHJRRNUHVXSRáRZDSU]\SDGNyZ

b) ZDUWRĞFLFHQ\U\QNRZHMDNFML]RNUHĞORQHJRGQLDQSGQLDSU]\]QDQLDRSFML

SU]\SDGNyZ

:RGQLHVLHQLXGRW\FKSURJUDPyZGZDQDĞFLH]DNRĔF]\áRVLĊHPLVMąDNFML

F]WHU\±EUDNLHPUHDOL]DFMLGODGZyFKEUDNE\áRGDQ\FK

&HQD Z\NRQDQLD RNUHĞORQD MDNR ZDUWRĞü SU]HFLĊWQD MHVW ] UHJXá\ Z\]QDF]DQD

QD SRGVWDZLH FHQ ]DPNQLĊFLD SU]HG GQLHP XFKZDOHQLD SURJUDPX :ĞUyG RSLVyZ

WU]\NURWQLHSRZWyU]\áRVLĊRGQLHVLHQLHFHQ\Z\NRQDQLDGRĞUHGQLHMFHQ\U\QNRZHM

]RNUHVXPLHVLĊF\SU]HGPRPHQWHPXFKZDOHQLDSURJUDPXSRPQLHMV]RQHMR

:\VWąSLá\UyZQLHĪSU]\SDGNLXZ]JOĊGQLHQLDLGQLVHV\MQ\FK=NROHLG\VNRQWR

ZRGQLHVLHQLXGRFHQ\U\QNRZHMQDMF]ĊĞFLHMZ\QRVLáRRUD]FKRüSRMDZLá\VLĊ

ZDUWRĞFLRUD]:VXPLHIRUPXáĊ]G\VNRQWHPFHQ\U\QNRZHMSU]HGGQLHP

XFKZDOHQLDSURJUDPyZ]DVWRVRZDQRZEOLVNRSRáRZLHSURJUDPyZZ\NRU]\VWXMąF\FK

RSLVVáRZQ\ZV]\VWNLFK

:\]QDF]DQLHĞUHGQLHMQDSRGVWDZLHNXUVyZSU]HGZSURZDG]HQLHPSURJUDPyZ

V]F]HJyOQLHW\FKGáXJROHWQLFKPRĪHVNXWNRZDüEUDNLHPUHDOL]DFMLFRZ\QLND]]HUR- ZHMZDUWRĞFLZHZQĊWU]QHMRSFMLPLPRVSHáQLHQLDSR]RVWDá\FKNU\WHULyZ3RZ\ĪV]H

RJUDQLF]HQLHQLHEĊG]LHZ\VWĊSRZDáRSU]\RNUHĞOHQLXFHQ\Z\NRQDQLDQDSRGVWDZLH

NXUVyZREHMPXMąF\FKRNUHVQDE\ZDQLDXSUDZQLHĔ7DNLHUR]ZLą]DQLH]DVWRVRZDáD

VSyáND,1&6$ ^ NWyUDFHQĊDNFMLRNUHĞOLáDMDNRSRáRZĊĞUHGQLHMFHQ\JLHáGRZHMXVWDORQHM

QDSRGVWDZLHGQLVHV\MQ\FKRGGQLDSRSRGMĊFLXXFKZDá\RZSURZDG]HQLXSURJUDPX

GRGQLDSRSU]HG]DMąFHJRG]LHĔ]DRIHURZDQLDDNFML:\NRU]\VWDQDNRQVWUXNFMDSRZR- GXMHĪHSU]\]PLDQLHZDUXQNyZU\QNRZ\FKFHQDZ\NRQDQLDQLHEĊG]LH]QDF]ąFR

RGELHJDüRGU\QNRZHMDSUDFRZQLF\PDMąFĞZLDGRPRĞüĪHEĊGąPRJOLQDE\üDNFMH

SRQLĪV]HMFHQLHRGDNWXDOQHMSRZLQQLE\ü]DDQJDĪRZDQLZVZRMąSUDFĊ

:ĞUyGDQDOL]RZDQ\FKSURJUDPyZZGZyFKSU]\SDGNDFKFHQĊZ\NRQDQLDZ\- ]QDF]RQRQDSRGVWDZLHĞUHGQLFKFHQZDĪRQ\FK=DVWRVRZDQHIRUPXá\WR

• ĞUHGQLDZDĪRQDZROXPHQHPREURWXDNFMDPLSURJUDP)HUUR6$

• ĞUHGQLD FHQD NRU\JRZDQD SURFHQWRZą ]PLDQą LQGHNVX :,* SURJUDP ,QWHU

&DUV6$



 :PRPHQFLHXFKZDODQLDSURJUDPXVSyáNDIXQNFMRQRZDáDSRGQD]Zą,QYHVWFRQ*URXS6$2EHFQD

QD]ZDRERZLą]XMHRGOXWHJRURNX

 $*1,(6=.$0$-(:6.$

:REXNRQVWUXNFMDFKĞUHGQLąFHQĊDNFMLZ\]QDF]RQRQDSRGVWDZLHQRWRZDĔSU]HG

GQLHPZSURZDG]HQLDSURJUDPXQDWRPLDVW]PLDQDLQGHNVX:,*ZSURJUDPLH,QWHU

&DUV6$REHMPRZDáDRNUHVQDE\ZDQLDXSUDZQLHĔ=DWHPZVSyáF]\QQLNNRU\JXMąF\

XZ]JOĊGQLDá DNWXDOQH ZDUXQNL U\QNRZH 2 SRWU]HELH LQGHNVDFML FHQ QDE\FLD DNFML

ZSURJUDPDFKRSFMLPHQHGĪHUVNLFKSLV]H$5DSSDSRUW>V±@=MHGQHM

VWURQ\ FKURQL WR PHQHGĪHUyZ SU]H] ZVWU]ąVDPL QD U\QNX ] GUXJLHM VWDQRZL LFK

UR]OLF]HQLH]HVNXWHF]QRĞFLG]LDáDĔV]F]HJyOQLHZSU]\SDGNXWUHQGyZZ]URVWRZ\FK

QD U\QNDFK 3RPLPR W\FK ]DOHW LQGHNVRZDQLH FHQ\ Z\NRQDQLD Z\VWĊSXMH EDUG]R

U]DGNR&KFąFXZ]JOĊGQLüZDUXQNLU\QNRZHPRĪQD]DVWRVRZDüMHGHQ]LQGHNVyZ

JLHáGRZ\FK*LHáGD3DSLHUyZ:DUWRĞFLRZ\FKZ:DUV]DZLHSXEOLNXMHLQGHNVyZ

-HGQą]PRĪOLZRĞFLMHVWZ\NRU]\VWDQLHVXELQGHNVyZVHNWRURZ\FKNWyUHRG]ZLHUFLHG- ODá\E\V\WXDFMĊZVHNWRU]HJRVSRGDUF]\PZNWyU\PIXQNFMRQXMHVSyáND0RĪQDWHĪ

SRVáXĪ\üVLĊLQGHNVHPFHQRZ\PZNWyUHJRVNáDGZFKRG]LGDQDVSyáNDQS:,*

:,*P:,*:,*F]\:,*

:REHFZ\VWĊSXMąF\FKRJUDQLF]HĔFHQZ\NRQDQLDRNUHĞODQ\FKQDSR]LRPLHFHQ\

QRPLQDOQHMDNFMLZVND]DQHMHVWVWRVRZDQLHIRUPXáXZ]JOĊGQLDMąF\FKZDUXQNLU\Q- NRZH2GQRV]HQLHVLĊGRSU]HFLĊWQHJRNXUVXDNFMLPDX]DVDGQLHQLHMHGQDNZDĪQH

MHVWZVND]DQLHRGSRZLHGQLHJRRNUHVXQDSRGVWDZLHNWyUHJR]RVWDMHRQZ\]QDF]RQ\

3UDNW\ND VWRVRZDQD SU]H] ZLĊNV]RĞü VSyáHN SRND]XMH ĪH Z\]QDF]DMą RQH ĞUHGQL

NXUVQDED]LHGDQ\FKVSU]HGZSURZDG]HQLDSURJUDPXRSFMLPHQHGĪHUVNLFK:NRQ- WHNĞFLHGáXJRWHUPLQRZHJRFKDUDNWHUXSURJUDPyZSRGHMĞFLHWDNLHQLHMHVWZáDĞFLZH

-DNLHNROZLHN]DZLURZDQLDQDU\QNXPRJąVSRZRGRZDüĪHFHQDZ\NRQDQLDPRĪH

]QDF]QLHRGELHJDüRGU\QNRZHM5R]ZLą]DQLHVWDQRZLMDNZSU]\SDGNX,1&6$Z\EyU

RNUHVXRGXFKZDOHQLDSURJUDPXGRGQLDSRSU]HG]DMąFHJRG]LHĔQDE\FLDXSUDZQLHĔ

:LĊNV]RĞü SURJUDPyZ RIHURZDáR QDE\FLH DNFML ] SHZQ\P ] JyU\ XVWDORQ\P

G\VNRQWHP.ZHVWLąG\VNXV\MQąSR]RVWDMHMHJRZ\VRNRĞü$XWRUVNąSURSR]\FMąMHVW

]DVWRVRZDQLHMDNRG\VNRQWDZVSyáF]\QQLND]PLHQQRĞFL:yZF]DVEĊG]LHRQRX]D- OHĪQLRQHRGU\]\NDLQZHVW\FMLZDNFMHGDQHMVSyáNL'RGDWNRZRVWRVXMąFLQGHNVDFMĊ

RJyOQąIRUPXáĊFHQ\Z\NRQDQLDPRĪQDSU]HGVWDZLü]DSRPRFąZ]RUX

0

( )

i

X P I V I

 gdzie:

P ±ĞUHGQLDDU\WPHW\F]QDZ\]QDF]RQDQDSRGVWDZLHNXUVyZ]DPNQLĊFLDDNFML

]RNUHVXQDE\ZDQLDXSUDZQLHĔ

ı±]PLHQQRĞü FHQDNFML]RNUHVXQDE\ZDQLDXSUDZQLHĔ

I

±SR]LRPRNUHĞORQHJRLQGHNVXJLHáGRZHJR]RVWDWQLHJRGQLDVHV\MQHJRNRĔF]ą- FHJRRNUHVQDE\ZDQLDXSUDZQLHĔ

I

±SR]LRPRNUHĞORQHJRLQGHNVXJLHáGRZHJR]SLHUZV]HJRGQLDVHV\MQHJRUR]-

SRF]\QDMąFHJRRNUHVQDE\ZDQLDXSUDZQLHĔ



867$/$1,(&(1<:<.21$1,$:352*5$0$&+23&-,0(1('ĩ(56.,&+«

:SURSRQRZDQHMIRUPXOHFHQDZ\NRQDQLDZSU]HFLZLHĔVWZLHGRRSFMLNODV\F]- Q\FKQLHMHVWZDUWRĞFLąVWDáą-HMZ\VRNRĞü]DOHĪ\RG]PLDQQDU\QNXRUD]U\]\ND

LQZHVW\FMLZDNFMHGDQHMVSyáNL'XĪH]QDF]HQLHPDXZ]JOĊGQLHQLHRNUHVXQDE\ZD- QLDXSUDZQLHĔSU]\Z\]QDF]DQLXZDUWRĞFL]PLHQQ\FKRSLVXMąF\FKFHQĊZ\NRQDQLD

:SU]\SDGNXURF]Q\FKRNUHVyZUR]OLF]HQLRZ\FKQDOHĪ\SU]\MąüOLF]EĊGQLVHV\MQ\FK

ZURNX.ROHMQ\PHWDSHPEDGDĔEĊG]LHWHVWRZDQLH]DSURSRQRZDQHMIRUPXá\

=DNRĔF]HQLH

3UDNW\NDRNUHĞODQLDFHQ\Z\NRQDQLDZSURJUDPDFKRSFMLPHQHGĪHUVNLFKSU]H]

VSyáNLQRWRZDQHQD*3:Z:DUV]DZLHZVND]XMHĪHQDMF]ĊĞFLHMZ\NRU]\VWXMąRQH

QDMSURVWV]HUR]ZLą]DQLHRNUHĞODMąFMHMZDUWRĞüQDSR]LRPLHFHQ\QRPLQDOQHMDNFML

7DNLH SRGHMĞFLH SRZRGXMH ĪH SUDFRZQLF\ QDE\ZDMą DNFMH SR FHQLH PLQLPDOQHM

'RGDWNRZRSU]\áDJRGQ\FKNU\WHULDFKQDE\ZDQLDXSUDZQLHĔSURJUDP\RSFMLPHQH- GĪHUVNLFKNWyUHSRZLQQ\E\üSRZLą]DQH]HIHNWDPLSUDF\LVWDQRZLüGáXJRWHUPLQRZH

ERGĨFHZ\QDJURG]HQLDVWDMąVLĊGODSUDFRZQLNyZIRUPąQDJURG\=NROHLXVWDOHQLH

ZDUWRĞFLFHQ\Z\NRQDQLDSRZ\ĪHMFHQ\QRPLQDOQHMPRĪHVNXWNRZDüEUDNLHPUHD- OL]DFMLSURJUDPX3U]\QLHVSU]\MDMąF\FKZDUXQNDFKU\QNRZ\FKL]DFKRZDQLXQDZHW

QDMZLĊNV]HMVWDUDQQRĞFLSU]H]SUDFRZQLND]SRZRGX]HURZHMZDUWRĞFLZHZQĊWU]QHM

RSFMLQLHRSáDFDOQDEĊG]LHLFKUHDOL]DFMD

:REHF]PLHQLDMąF\FKVLĊZDUXQNyZU\QNRZ\FKQDMOHSV]\PUR]ZLą]DQLHPMHVW

XVWDODQLHFHQ\QDE\FLDDNFMLZRGQLHVLHQLXGRU\QNX3RVWĊSXMHWDNQLHZLHOHVSyáHN

QRWRZDQ\FK QD *3: Z :DUV]DZLH :\]QDF]DQLH FHQ\ QD SRGVWDZLH RNUHĞORQ\FK

SDUDPHWUyZ U\QNRZ\FK HOLPLQXMH SUREOHP RSFML JáĊERNRLQWKHPRQH\ Z NWyU\FK

UyĪQLFDPLĊG]\FHQąU\QNRZąDZ\NRQDQLDMHVWEDUG]RZ\VRND3RQDGWRREQLĪDWR

Z\VRNLHNRV]W\ILUP]W\WXáX]UHDOL]RZDQ\FKRSFMLQDDNFMH

%LEOLRJUDILD

 $NUHVK06+DVVDQ.36WRFN&RPSHQVDWLRQ$FFRXQWLQJXQGHU)$6:KDW:H¶YH

/HDUQHG³-RXUQDORI&RUSRUDWH$FFRXQWLQJDQG)LQDQFH´6XPPHUV±

 %HWWLV-&%L]MDN-0/HPPRQ0/([HUFLVH%HKDYLRU9DOXDWLRQDQGWKH,QFHQWLYH

(IIHFWVRI(PSOR\HH6WRFN2SWLRQV³-RXUQDORI)LQDQFLDO(FRQRPLFV´0D\V±

 (PSOR\HH6WRFN2SWLRQV7KHOHJDODQGDGPLQLVWUDWLYHHQYLURQPHQWIRU(PSOR\HH6WRFN2SWLRQV

LQWKH(8)LQDO5HSRUWRIWKH([SHUW*URXS(XURSHDQ&RPPLVVLRQ-XQH

 +DOO%-0XUSK\.-2SWLPDO([HUFLVH3ULFHVIRU([HFXWLYH6WRFN2SWLRQV³7KH$PHULFDQ

(FRQRPLF5HYLHZ´YROQR3DSHUVDQG3URFHHGLQJVRIWKH2QH+XQGUHG7ZHOIWK$QQXDO

0HHWLQJRIWKH$PHULFDQ(FRQRPLF$VVRFLDWLRQ0D\V±

 .RGHNVVSyáHNKDQGORZ\FK8VWDZD]GQLDZU]HĞQLDU']81USR]

 0DMHZVND$,QVWUXPHQW\SRFKRGQHMDNRQDU]ĊG]LDZVSRPDJDMąFH]DU]ąG]DQLHU\]\NLHP

ZSU]HGVLĊELRUVWZLH:\GDZQLFWZR9ROXPLQDSO6]F]HFLQ

 0XQ-9DOXLQJ(PSOR\HH6WRFN2SWLRQV-RKQ:LOH\ 6RQV

 $*1,(6=.$0$-(:6.$

 5DSSDSRUW$1HZ7KLQNLQJRQ+RZWR/LQN([HFXWLYH3D\ZLWK3HUIRUPDQFH +DUYDUG

%XVLQHVV5HYLHZ0DUFK$SULO

 5\QHNRSFMLPHQHGĪHUVNLFKZ3ROVFH7ULR0DQDJHPHQW

 =DOHFHQLH.RPLVML]GQLDNZLHWQLDUX]XSHáQLDMąFH]DOHFHQLD:(L:(

ZVSUDZLHV\VWHPXZ\QDJURG]HĔG\UHNWRUyZVSyáHNQRWRZDQ\FKQDU\QNXUHJXORZDQ\P

']LHQQLN8U]ĊGRZ\8QLL(XURSHMVNLHM

'HWHUPLQLQJWKHH[HUFLVHSULFHLQHPSOR\HHVWRFNRSWLRQV±WKHSUDFWLFHRIFRPSDQLHV

OLVWHGRQWKH:DUVDZ6WRFN([FKDQJH

(PSOR\HHVWRFNRSWLRQVKDYHEHFRPHPRUHSRSXODULQ3RODQGVLQFHWKHEHJLQQLQJRIWKLVFHQWXU\

7KHSDSHUVKRZVKRZFRPSDQLHVOLVWHGRQWKH:DUVDZ6WRFN([FKDQJHGHWHUPLQHWKHH[HUFLVHSULFH

LQHPSOR\HHVWRFNRSWLRQV7KHSXUSRVHRIWKHDUWLFOHLVFULWLFDOUHIHUHQFHWRPHWKRGVE\XVLQJDQDO\VHG

FRPSDQLHV7KHDXWKRUSURSRVHVWKHPHWKRGZKLFKFDQEHXVHGWRGHWHUPLQHWKHH[HUFLVHSULFH7KH

IRUPXODVKRZVWKHJUDQWSULFHDVQRWDFRQVWDQWYDOXH,WGHSHQGVRQFKDQJHVLQWKHPDUNHWDQGVWRFNV

YRODWLOLW\