Chrysler 2013 Annual Report Download - page 311

310 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
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 1,576,875 13.37 16,920,000 9.09
Granted - - - -
Forfeited - - - -
Exercised (285,000) 13.37 - -
Expired (51,875) 13.37 - -
Outstanding at 31 December 2013 1,240,000 13.37 16,920,000 9.09
Exercisable at 31 December 2013 1,240,000 13.37 16,920,000 9.09
Exercisable at 31 December 2012 1,576,875 13.37 16,920,000 9.09
As the above plans were already fully vested at 31 December 2010, no costs were incurred in relation to those plans in 2013 or 2012.
Grants of Fiat 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.
Under the plan, the Chief Executive Officer was attributed 7 million rights, representing an equivalent number of Fiat S.p.A. ordinary shares. The
rights vest in equal portions over a three-year period (one-third each on 22 February 2013, 22 February 2014 and 22 February 2015) subject
to the Chief Executive Officer remaining in office.
The Company intends to service the plan 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 based on the official price published by Borsa Italiana on the vesting
date.
At 31 December 2013, the principal contractual elements of the Plan were as follows:
Plan Beneficiary Number of shares Vesting date Vesting portion
Retention LTI Chief Executive Officer 7,000,000 Fiat S.p.A.
shares
22 February 2013
22 February 2014
22 February 2015
2,333,333
2,333,333
2,333,333