Chrysler 2007 Annual Report Download - page 157

156 Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
A summary of outstanding stock options at December 31, 2007 is as follows:
Managers compensation Compensation as member of the Board
Options Options Average remaining Options Options Average remaining
outstanding at outstanding at contractual life outstanding at outstanding at contractual life
Exercise price (in euros) December 31, 2007 December 31, 2006 (*) (in years) December 31, 2007 December 31, 2006 (in years)
6.583 – – – 10,670,000 10,670,000 3.0
10.397 1,008,500 2,207,000 2.7 –––
12.699 – – – 500,000 1,000,000 2.0
13.370 9,792,500 10,000,000 6.8 10,000,000 10,000,000 6.8
16.526 1,119,000 1,943,500 1.8 –––
23.708 – – – 1,000,000 1,000,000 0.8
24.853 50,000 80,000 1.2 –––
25.459 – – – 250,000 250,000 0.6
26.120 – 241,900 – – – –
28.122 1,051,500 1,051,500 0.1 –––
Total 13,021,500 15,523,900 22,420,000 22,920,000
(*) In connection with the September 2002 plan, which has a strike price of 10.397 euros per share, the number of options indicated in the above table (and therefore also the total number of options held
by managers) differs from that in the published consolidated financial statements at December 31, 2006 by 90,000 options as the result of an erroneous calculation of the options outstanding. Since
these rights relate to plans outside the scope of IFRS 2 (as they proceed November 7, 2002), the fact that this information was erroneous had no effect on the Group’s result for the year ended
December 31, 2006 or its equity at that date.
Changes during the year are as follows:
Managers compensation Compensation as member of the Board
Average exercise Average exercise
Number of options price (in euros) Number of options price (in euros)
Outstanding at the beginning of the year (*) (**) 15,523,900 14.62 22,920,000 10.76
Granted ––––
Forfeited ––––
Exercised (1,904,000) 12.70 (500,000) 12.70
Expired (598,400) 18.16 – –
Outstanding at December 31, 2007 13,021,500 14.65 22,420,000 10.72
Exercisable at December 31, 2007 3,229,000 18.52 1,750,000 20.81
Exercisable at December 31, 2006 (**) 5,523,900 16.93 2,250,000 19.01
(*) At December 31, 2006, this included 20,000,000 stock options (of which 10,000,000 regarding managers and 10,000,000 relating to the Chief Executive Officer), granted by the Board of Directors on
November 3, 2006, and subject at the time to the subsequent approval of stockholders in General meeting on April 5, 2007.
(**) In connection with the number of options granted to managers, both outstanding and exercisable, the amount differs from that in the published consolidated financial statements at December 31,
2006 for the reasons explained in the footnote to the preceding table, to which reference should be made.
The average price of Fiat S.p.A. ordinary shares during the year was 19.742 euros per share.
As discussed under Significant accounting policies, in the case of share-based payments the Group applies IFRS 2 to all stock
options granted after November 7, 2002, which had not yet vested at January 1, 2005, namely the July 2004 and November 2006
stock option plans. For these stock options plans, the total cost recognised in the income statement for stock options amounts to 66
million euros in 2007 (11 million euros in 2006).