Proper FFmpeg version for 1.4

I get the following error when trying to watch video on iphone or ipad:
2013-12-29 20:22:38,409 WARN [ProcessExecutor] Process ffmpeg has a return code of 1! This is a possible error. Detailed output follows.
Stream #0:3(und): Subtitle: mov_text (text / 0x74786574)
Metadata:
creation_time : 2012-06-10 15:05:52
Unrecognized option 'preset'
Failed to set value 'veryfast' for option 'preset'
2013-12-29 20:22:47,214 WARN [ServiioStatusService] IOException occured. Returning error code 500 to the REST layer. Message: Transcoded file '/media/storage/video/transcode/Serviio/transcoding-temp-686-ios-MEDIUM.stf/playlist.m3u8' cannot be found, FFmpeg execution probably failed

Here's my FFmpeg info:
> ffmpeg -version
ffmpeg version N-42368-gbf53863
built on Dec 24 2012 10:21:44 with gcc 4.4.3
configuration: --enable-libmp3lame
libavutil 51. 64.100 / 51. 64.100
libavcodec 54. 33.100 / 54. 33.100
libavformat 54. 15.102 / 54. 15.102
libavdevice 54. 1.100 / 54. 1.100
libavfilter 3. 1.100 / 3. 1.100
libswscale 2. 1.100 / 2. 1.100
libswresample 0. 15.100 / 0. 15.100

am I missing something or is it just too old to be used with 1.4?

Thanks