Chrysler 2015 Annual Report Download - page 198

198 2015 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
The contractual terms of the plan were as follows:
Plan Recipient Expiry date
Strike
price
(€)
N° of options
vested Vesting date Vestingportion
Stock Option -
November 2006
Chief Executive Officer November 3, 2014 13.37 5,000,000 November2007
November 2008
November 2009
November 2010
25%
25%
25%
25%
Stock Option -
November 2006
Chief Executive Officer November 3, 2014 13.37 5,000,000 1stQuarter2008(*)
1st Quarter 2009(*)
1st Quarter 2010(*)
1st Quarter 2011(*)
25%xNMC
25%xNMC
25%xNMC
25%xNMC
Stock Option -
November 2006
Managers November 3, 2014 13.37 10,000,000 1st Quarter 2008(*)
1st Quarter 2009(*)
1st Quarter 2010(*)
1st Quarter 2011(*)
25%xNMC
25%xNMC
25%xNMC
25%xNMC
(*) On approval of the prior year’s Consolidated Financial Statements; subject to continuation of the employment relationship.
With specific reference to the options 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 had vested as the
profitability targets originally established for the 3-year period 2008-2010 were not met.
Changes during the years ended December 31, 2014 and 2013 were as follows:
Rights granted to managers
2014 2013
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
Exercised (1,139,375) 13.37 (285,000) 13.37
Expired (100,625) — (51,875) 13.37
Outstanding shares at the end of the year — — 1,240,000 13.37
Exercisable at the end of the year — — 1,240,000 13.37
Rights granted to the Chief Executive Officer
2014 2013
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
Exercised (6,250,000) 13.37 — —
Outstanding shares at the end of the year — — 6,250,000 13.37
Exercisable at the end of the year — — 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 ordinary shares. One third of the rights vested on February22, 2013, one third vested
on February22, 2014 and one third vested on February22, 2015, which had been subject to the requirement that the
Chief Executive Officer remain in office. The Plan was serviced in 2015 through the issuance of new shares.