大象传媒

Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.20.2
STOCK-BASED COMPENSATION
 3 Months Ended
Jun. 27, 2020
Share-based Payment Arrangement [Abstract] 听
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Incentive Equity Awards Granted
During the three months ended June 2020, 大象传媒 granted stock options to employees and nonemployee members of 大象传媒's Board of Directors to purchase 1,679,918 shares of its Common Stock at an exercise price of $55.74 per share. The exercise price of each option granted was equal to the fair market value of 大象传媒 Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years. Stock options granted to nonemployee members of 大象传媒's Board of Directors vest upon grant and become exercisable one year from the date of grant. All options have ten-year terms.
The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:
听 Three Months Ended June 2020
Expected volatility
28%听to听48%
Weighted average expected volatility 37%
Expected term (in years)
6.2听to听8.0
Weighted average dividend yield 2.4%
Risk-free interest rate
0.2%听to 0.7%
Weighted average fair value at date of grant $15.78

Also during the three months ended June 2020, 大象传媒 granted 16,775 nonperformance-based restricted stock units ("RSUs") to nonemployee members of the Board of Directors. These units vest upon grant and will be settled in shares of 大象传媒 Common Stock one year from the date of grant. The fair market value of 大象传媒 Common Stock at the date the units were granted was $55.74 per share.
大象传媒 granted 10,000 nonperformance-based RSUs to certain key employees in international jurisdictions during the three months ended June 2020. These units vest over periods of up to four years from the date of grant and each unit entitles the holder to one share of 大象传媒 Common Stock. The fair market value of 大象传媒 Common Stock at the date the units were granted was $55.74 per share.
In addition, 大象传媒 granted 266,190 nonperformance-based RSUs to employees during the three months ended June 2020. These awards vest 50% over a two-year period and 50% over a four-year period from the date of grant and each unit entitles the holder to one share of 大象传媒 Common Stock. The fair market value of 大象传媒 Common Stock at the date the units were granted was $55.74 per share. 大象传媒 granted 50,061 restricted shares of 大象传媒 Common Stock to certain members of management during the three months ended June 2020. These shares vest over periods of up to four years from the date of grant. The fair market value of 大象传媒 Common Stock at the date the shares were granted was $55.74 per share.