SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2021

Share-based payment arrangements [Abstract]

Schedule of Inputs to the Model Used for PSUs Granted

The following table lists the inputs to the valuation model used for the PSUs granted in May 2021:

May 2021 PSUs

Fair value at grant date (in euros)

21.84

Share price at grant date (in euros)

13.90

Dividend yield

—

Expected volatility (A)

71%

Risk-free interest rate (US government bond yield)

0.31%

Model used

Monte Carlo

(A)Volatility in the share prices of the Company and companies included in indices were estimated based on observed historical volatilities over a period equal to the PSU vesting period.

The PSUs granted in May 2018 were vested in May 2021 and achieved a TSR performance of 182.9%. 1,161,718 shares related to this vesting were delivered to beneficiaries.

Schedule of Number and Movement of Potential Shares


	Performance-Based RSU	Restricted Stock Units		Equity Award Plans	Total potential shares






At December 31, 2020	2,594,327		2,231,911		32,912	4,859,150
Granted (A)	614,555		534,499		—	1,149,054
Over-performance (B)	526,551		—		—	526,551
Vested	(1,161,718)		(520,064)		(32,912)	(1,714,694)
Forfeited (C)	(9,970)		(30,815)		—	(40,785)
At June 30, 2021	2,563,745		2,215,531		—	4,779,276

(A)For PSUs, the number of potential shares granted is presented using a vesting multiplier of 100%.

(B)When the achievement of TSR performance exceeds the vesting multiplier of 100%, the additional potential shares are presented as over-performance shares.

(C)For potential shares related to PSUs, 9,970 were forfeited following the departure of certain beneficiaries and none were forfeited in relation to the non-fulfilment of performance conditions.