Chrysler 2012 Annual Report Download - page 286

285
Fiat S.p.A. - Statutory
Financial Statements
at 31 December 2012
With specific reference to the options granted under the November 2006 Stock Option Plan, for which vesting was subject to the achievement of pre-
established profitability targets, only the first tranche of those rights vested as the profitability targets originally established for the 3-year period 2008-2010
were not met.
A summary of the terms of the stock option plans outstanding at 31 December 2012 is as follows:
Managers Chief Executive Officer
Exercise price (€)
Options
outstanding at
31 December 2012
Options
outstanding at
31 December 2011
Average remaining
contractual life
(years)
Options
outstanding at
31 December 2012
Options
outstanding at
31 December 2011
Average remaining
contractual life
(years)
6.583 -- - 10,670,000 10,670,000 3.0
13.370 1,576,875 1,636,875 1.8 6,250,000 6,250,000 1.8
Total 1,576,875 1,636,875 16,920,000 16,920,000
Changes during the year were as follows:
Managers Chief Executive Officer
Number of options
Average
exercise price (€) Number of options
Average
exercise price (€)
Outstanding at beginning of year 1,636,875 13.37 16,920,000 9.09
Granted - - - -
Forfeited - - - -
Exercised - - - -
Expired (60,000) 13.37 - -
Outstanding at 31 December 2012 1,576,875 13.37 16,920,000 9.09
Exercisable at 31 December 2012 1,576,875 13.37 16,920,000 9.09
Exercisable at 31 December 2011 1,636,875 13.37 16,920,000 9.09
As they were already fully vested at 31 December 2010, there were no costs in 2012 or 2011 in relation to the above plans.
Grants of Fiat S.p.A. and Fiat Industrial S.p.A. ordinary shares
Following the vesting of the rights granted under the plans approved by Shareholders on 27 March 2009 and on 26 March 2010, as amended, at the
beginning of 2012 the Chief Executive Officer was assigned 4,000,000 Fiat S.p.A. ordinary shares and 4,000,000 Fiat Industrial S.p.A. ordinary shares.
On 4 April 2012, Shareholders approved the adoption of a Long Term Incentive Plan (the “Retention LTI”) in the form of stock grants.
On the basis of that shareholder approval, the Company attributed the Chief Executive Officer 7 million rights, representing an equivalent number of Fiat
S.p.A. ordinary shares. The rights vest over a three-year period, with one-third vesting on 22 February 2013, one-third on 22 February 2014 and one-third
on 22 February 2015, subject to the Chief Executive Officer remaining in office.
The Plan is to be serviced through treasury shares with no new shares being issued. The Company has the right to substitute shares vested under the
Plan, in whole or in part, with a cash payment calculated on the basis of the official price of those shares published by Borsa Italiana on the vesting date.