Chrysler 2014 Annual Report Download - page 215

2014 | ANNUAL REPORT 213
Changes during the years ended December 31, 2014, 2013 and 2012 were as follows:
Rights granted to managers
2014 2013 2012
Number of
options
Average
exercise
price (€)
Number of
options
Average
exercise
price (€)
Number of
options
Average
exercise
price (€)
Outstanding shares at the beginning of the year 1,240,000 13.37 1,576,875 13.37 1,636,875 13.37
Granted — — — — — —
Forfeited — — — — — —
Exercised (1,139,375) 13.37 (285,000) 13.37 — —
Expired (100,625) — (51,875) 13.37 (60,000) 13.37
Outstanding shares at the end of the year — — 1,240,000 13.37 1,576,875 13.37
Exercisable at the end of the year — — 1,240,000 13.37 1,576,875 13.37
Rights granted to the Chief Executive Officer
2014 2013 2012
Number of
options
Average
exercise
price (€)
Number of
options
Average
exercise
price (€)
Number of
options
Average
exercise
price (€)
Outstanding shares at the beginning of the year 6,250,000 13.37 6,250,000 13.37 6,250,000 13.37
Granted — — — — — —
Forfeited — — — — — —
Exercised (6,250,000) 13.37 — — — —
Expired — — — — — —
Outstanding shares at the end of the year — — 6,250,000 13.37 6,250,000 13.37
Exercisable at the end of the year — — 6,250,000 13.37 6,250,000 13.37
Stock Grant plans linked to Fiat shares
On April 4, 2012, the Shareholders resolved to approve the adoption of a Long Term Incentive Plan (the “Retention
LTI Plan”), in the form of stock grants. As a result, the Group granted the Chief Executive Officer 7 million rights, which
represented an equal number of Fiat ordinary shares. The rights vest ratably, one third on February 22, 2013, one third
on February 22, 2014 and one third on February 22, 2015, subject to the requirement that the Chief Executive Officer
remains in office.
The Plan is to be serviced through the issuance of new shares. The Group has the right to replace, in whole or in part,
shares vested under the Retention LTI Plan with a cash payment calculated on the basis of the official price of those
shares published by Borsa Italiana S.p.A. on the date of vesting.
Changes in the Retention LTI Plan were as follows:
2014 2013
Number
of Fiat
shares
Average fair
value at the
grant date
(€)
Number
of Fiat
shares
Average fair
value at the
grant date
(€)
Outstanding shares unvested at the beginning of the year 4,666,667 4.205 7,000,000 4.205
Granted — — — —
Forfeited — — — —
Vested 2,333,333 4.205 2,333,333 4.205
Outstanding shares unvested at the end of the year 2,333,334 4.205 4,666,667 4.205
Nominal costs of €2 million were recognized in 2014 for this plan (€6 million in 2013).