Chrysler 2012 Annual Report Download - page 182

181
Consolidated
Financial Statements
at 31 December 2012
The following table shows the effects of changes in Fiat Group’s interest in its subsidiaries on the Group’s equity:
(€ million) 2012 2011
Profit/(loss) for the period attributable to owners of the parent 348 1,334
Acquisition of 7.5% (fully-diluted) in Chrysler -(83)
Acquisition of 5% (fully-diluted) in Chrysler 35 -
Net transfers from/(to) non-controlling interests 35 (83)
Total Profit/(loss) for the year and transfers from (to) non-controlling interest 383 1,251
25. Share-based compensation
The following share-based compensation plans relating to managers of Group companies and the Chief Executive Officer of Fiat S.p.A. were in place
at 31 December 2012 and 2011.
Stock option plans linked to Fiat S.p.A. and Fiat Industrial S.p.A. ordinary shares
On 26 July 2004, the Board of Directors granted the Chief Executive Officer, as a part of his variable compensation in that position, options to purchase
10,670,000 Fiat S.p.A. ordinary shares at a price of €6.583 per share. Options are vested and exercisable at any time until 1 January 2016. Following the
demerger of Fiat Industrial, the beneficiary now has the right to receive one ordinary Fiat S.p.A. share and one ordinary Fiat Industrial S.p.A. share for each
original option, with the option exercise price remaining unchanged.
At 31 December 2012, the features of the stock option plan are as follows:
Plan Beneficiary
Date of
amendment Expiry date
Strike price
(€)
N° of options
granted Vesting date Vested portion
Stock Options
July 2004 (modified)
Chief Executive
Officer
27 March 2009 1 January 2016 6.583 10,670,000 31 December 2010 100%
On 3 November 2006, the Board of Directors of Fiat S.p.A. approved (subject to the subsequent approval of Shareholders in general meeting, which was
given on 5 April 2007) an eight year stock option plan, which granted certain managers of the Group and the Chief Executive Officer of Fiat S.p.A. the right to
purchase a specific number of Fiat S.p.A. ordinary shares at a fixed price of €13.37 each. More specifically, the 10,000,000 options granted to employees
and the 5,000,000 options granted to the Chief Executive Officer had a vesting period of four years, with an equal number vesting each year, were subject
to achieving certain predetermined profitability targets (Non-Market Conditions or “NMC”) in the reference period and are exercisable from the date on which
the 2010 financial statements were approved. The additional 5,000,000 options granted to the Chief Executive Officer of Fiat S.p.A. also had a vesting
period of four years with an equal number vesting each year and are exercisable from November 2010. The ability to exercise the options is additionally
subject to specific restrictions regarding the duration of the employment relationship or the continuation of the position held. Finally, with regard to the
above incentive plans and in consideration of the proposed Demerger, by applying the rules of the respective plans, on 21 July 2010, the Board approved
the realignment of the plan with respect to the shares underlying the plan in strict relation to the allotment ratio for the Demerger granting to the beneficiary
one ordinary Fiat S.p.A. share and one ordinary Fiat Industrial S.p.A. share for each original option, with the option exercise price remaining unchanged.