Chrysler 2015 Annual Report Download - page 200

200 2015 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
As a result of these two dilutive events and pursuant to the anti-dilution provisions an anti-dilution adjustment factor
was approved by FCA US’s Compensation and Leadership Development Committee (“Compensation Committee”)
to increase the number of outstanding FCA US Units (excluding performance share units granted under the 2012
LTIP Plan (“LTIP PSUs”)) in order to preserve the economic benefit intended to be provided to each participant. The
value of the outstanding awards immediately prior to the dilutive events was equal to the value of the adjusted awards
subsequent to the dilutive events. No additional expense was recognized as a result of the modifications during 2014.
There were no similar changes of FCA US’s capital structure in 2013 that required an anti-dilution adjustment.
Restricted Stock Unit Plans issued by FCA US
There were no awards outstanding under our FCA US Restricted Stock Unit Plan (“FCA US RSU Plan”) as of
December 31, 2015.
Director RSUs were granted to non-employee members of the FCA US Board of Directors. Under the plan, settlement
of the awards is made within 60 days of the Director’s cessation of service on the FCA US Board of Directors and
awards are paid in cash. On May 7, 2015, the FCA US Board of Directors approved an amendment to the Director
RSU Plan, freezing the Director RSU awards unit value as of December 31, 2015.
The expense recognized in total for both the FCA US RSU Plan and the Directors’ RSU Plan for the years ended
December31, 2015, 2014 and 2013 was approximately €8 million, €6 million and €14 million, respectively. The
corresponding tax benefit for the year ended December 31, 2015 was €3 million and for the years ended December
31, 2014 and 2013, the tax benefit was immaterial. There is no unrecognized compensation expense for both the FCA
US RSU plan and the Directors’ RSU Plan at December 31, 2015.
Changes during 2015, 2014 and 2013 for the FCA US RSU Plan were as follows:
Adjusted for Anti-Dilution
2015 2014 2013
FCA US
Restricted
Stock
Units
Weighted
average fair
value at the
grant date
(€)
FCA US
Restricted
Stock
Units
Weighted
average fair
value at the
grant date
(€)
FCA US
Restricted
Stock
Units
Weighted
average fair
value at the
grant date
(€)
Outstanding shares unvested at
the beginning of the year 1,545,985 4.18 5,550,897 3.14 7,116,320 2.89
Granted — — — — 242,383 4.98
Vested (1,545,985) 4.58 (3,893,470) 3.01 (1,469,075) 1.74
Forfeited — — (111,442) 3.85 (338,731) 3.49
Outstanding shares unvested
at the end of the year — — 1,545,985 4.18 5,550,897 3.14
As Previously Reported
2014 2013
FCA US
Restricted
Stock
Units
Weighted
average fair
value at the
grant date
(€)
FCA US
Restricted
Stock
Units
Weighted
average fair
value at the
grant date
(€)
Outstanding shares unvested at the beginning of the year 4,792,279 3.64 6,143,762 3.35
Granted — — 209,258 5.75
Vested (3,361,366) 3.48 (1,268,303) 2.01
Forfeited (96,211) 4.46 (292,438) 4.05
Outstanding shares unvested at the end of the year 1,334,702 4.84 4,792,279 3.64