Chrysler 2007 Annual Report Download - page 60

Report on Operations Stock Option Plans 59
purchase, from June 1, 2008, an annual maximum of 2,370,000
shares. From June 1, 2008, he will have the right to exercise,
effective at that date, the residual portion of the options on
3,560,000 shares. Vesting of the last portion of stock options is
subject to the achievement of certain pre-determined
profitability targets in the reference period.
On November 3, 2006 the Fiat S.p.A. Board of Directors
resolved an eight-year stock option plan with twenty million
underlying shares, approved by the Stockholders Meeting on
April 5, 2007, which provides certain managers of the Group
and the Fiat S.p.A. Chief Executive Officer with the right to
purchase a determined number of Fiat S.p.A. ordinary shares
at the fixed price of 13.37 euros per share. In particular, the
10,000,000 options granted to employees and the 5,000,000
options granted to Mr. Marchionne have a vesting period of
four years, with a quarter of the number vesting each year, are
subject to achieving certain pre-determined profitability targets
in the reference period and may be exercised from the date on
which the 2010 financial statements are approved. The
remaining 5,000,000 options granted to the Chief Executive
Officer of Fiat S.p.A. also have a vesting period of four years
with a quarter of the number vesting each year, and may be
exercised from November 2010. Furthermore the exercise of
the options is conditioned upon specific obligations regarding
the duration of the employment relationship or the
continuation of the mandate.
The Board therefore exercised the powers granted to it
pursuant to Article 2443 of the Italian Civil Code for the capital
increase to service the incentive plan. The capital increase is
reserved to employees of the Company and/or its subsidiaries,
within a limit of 1% of the capital stock, i.e. for a maximum of
50,000,000 (fifty million) euros through the issue of a
maximum of 10,000,000 (ten million) ordinary shares with a
par value of 5 (five) euros each, corresponding to 0.78% of the
capital stock and 0.92% of the ordinary capital, at the above
mentioned price of 13.37 euros. The subscription of such
capital increase is conditioned upon the satisfaction of the
terms and conditions of the plan.
In-depth disclosure on all Plans is also available in the Notes to
the Consolidated Financial Statements and the Notes to the
Statutory Financial Statements.
Interests held by Members of the Board of Directors and Control Bodies, General Managers and Executives
with strategic responsibilities (Art. 79 of Consob Regulation, Resolution No. 11971 of May 14, 1999)
(number of shares)
Change
in the number
Number Number of shares
of shares of shares Number of for incoming/ Number of
Description held at bought in shares sold (outgoing) shares held at
First name and last name of investment 12.31.06 2007 in 2007 Executives 12.31.07
Luca Cordero di Montezemolo Fiat ordinary 127,172 - - 127,172
Sergio Marchionne Fiat ordinary 240,000 - - 240,000
Gian Maria Gros-Pietro Fiat ordinary 3,300 - - 3,300
Cesare Ferrero Fiat ordinary 1 - - 1
Executives with strategic responsibilities Fiat ordinary 69,512 *290,750 *279,198 14,079 95,143
Fiat preference - -
Fiat savings 618 618
CNH ordinary 4,212 **1,075 - - 5,287
* Including 274,000 shares in relation to the exercise of stock options.
** Shares partially granted pursuant to CNH Long Term Incentive Plan. Pursuant specific CNH incentive plan, CNH executives have the right to be assignee of further 104,535 CNH shares.