Chrysler 2009 Annual Report Download - page 317

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2009
NOTES
316
The contractual terms of the 2008 plan are as follows:
Strike price Number of Vesting
Plan Recipient Expiry date (€) options granted Vesting date portion
Stock Option Managers 3 November 2014 10.24 1,418,500 1st Quarter 2009 (*) 18%*NMC
July 2008 1st Quarter 2010 (*) 41%*NMC
1st Quarter 2011 (*) 41%*NMC
(*) On approval of the prior year’s Consolidated Financial Statements, subject to the continuation of the professional relationship.
A summary of outstanding stock options at 31 December 2009 is as follows:
Managers compensation Compensation as member of the Board
Exercise Options Options Average remaining Options Options Average remaining
price outstanding at outstanding at contractual life outstanding at outstanding at contractual life
(€) 31 December 2009 31 December 2008 (in years) 31 December 2009 31 December 2008 (in years)
6.583 - - - 10,670,000 10,670,000 6.0
10.24 956,530 1,414,000 4.8 - - -
10.397 845,000 921,500 0.7 - - -
12.699 - - - 500,000 500,000 -
13.370 6,536,875 9,497,500 4.8 8,750,000 10,000,000 4.8
16.526 - 1,044,000 - - - -
24.853 - 50,000 - - - -
Total 8,338,405 12,927,000 19,920,000 21,170,000
Changes during the year were as follows:
Managers compensation Compensation as member of the Board
Average Average
exercise price exercise price
Number of options (€) Number of options (€)
Outstanding at the beginning of the year 12,927,000 13.11 21,170,000 9.93
Granted - - - -
Forfeited (3,494,595) 12.90 (1,250,000) 13.37
Exercised - - - -
Expired (1,094,000) 16.91 - -
Outstanding at 31 December 2009 8,338,405 12.71 19,920,000 9.72
Exercisable at 31 December 2009 845,000 10.397 500,000 12.699
Exercisable at 31 December 2008 2,015,500 13.93 11,170,000 6.86
The options forfeited during the year consist of unvested options for employees who left the Group and options not vesting during the year due to the fact
that certain non-market conditions were not reached for the November 2006 and July 2008 plans.
As discussed under significant accounting policies, the Group applies IFRS 2 to all stock options granted after 7 November 2002 which were not yet vested
at 1 January 2005, namely the July 2004 Revised, November 2006 and July 2008 stock option plans.
Granting of Fiat S.p.A. shares
On 23 February 2009, the Board of Directors of Fiat S.p.A. passed an incentive plan which was subsequently approved by Shareholders in the Annual General
Meeting on 27 March 2009, based on the granting of rights that, subject to achievement of predetermined performance targets (Non-Market Conditions or
“NMC”) for 2009 and 2010 and continuation of a professional relationship with the Group, entitles the CEO of Fiat S.p.A. to receive a total of 2 million ordinary
shares. A maximum of 6 million ordinary shares would also be available for granting, on one or more occasions, to certain managers of the Group selected by
the CEO of Fiat S.p.A.