Norden Ltd grants to each of its 10 executives a choice
Task One Norden Ltd grants to each of its 10 executives a choice of receiving a cash payment equivalent to 1000 shares or receiving 1200 shares. The grant is conditional on the completion of 3 years’ service with the company. If the share alternative is chosen, the shares must be held for 2 years after vesting date. At the grant date the company’s share price is $25 per share. At the end of years 1, 2 and 3 the share price is $27, $28 and $30 respectively. The company does not expect to pay dividends in the next 3 years. After taking into account the effects of post-vesting transfer restrictions, the company estimates that the grant-date fair value of the share alternative is $24 per share.…
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