DIRECTV 2002 Annual Report Download - page 104

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HUGHES ELECTRONICS CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
common stock on a cumulative basis were authorized for grant, of which 4.6 million shares were
available at December 31, 2002 subject to GM Executive Compensation Committee approval.
The GM Executive Compensation Committee may grant options and other rights to acquire shares
of GM Class H common stock under the provisions of the Plan. The option price is equal to 100% of
the fair market value of GM Class H common stock on the date the options are granted. These
nonqualified options generally vest over two to five years, vest immediately in the event of certain
transactions, expire ten years from date of grant and are subject to earlier termination under certain
conditions.
Changes in the status of outstanding options were as follows:
Shares Under
Option
Weighted-Average
Exercise Price
GM Class H Common Stock
Outstanding at December 31, 1999 ............................. 47,506,068 $13.28
Granted.................................................... 35,538,026 37.06
Exercised .................................................. (5,718,726) 11.88
Terminated ................................................. (10,976,113) 31.47
Outstanding at December 31, 2000 ............................. 66,349,255 23.04
Granted.................................................... 37,971,644 23.34
Exercised .................................................. (1,946,460) 11.44
Terminated ................................................. (6,565,541) 27.66
Outstanding at December 31, 2001 ............................. 95,808,898 23.08
Granted.................................................... 290,000 15.71
Exercised .................................................. (570,855) 13.44
Terminated ................................................. (1,903,967) 21.03
Outstanding at December 31, 2002 ............................. 93,624,076 23.16
The following table summarizes information about the Plan stock options outstanding at
December 31, 2002:
Options Outstanding Options Exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted-
Average
Remaining
Contractual
Life (years)
Weighted-
Average
Exercise
Price
Number
Exercisable
Weighted-
Average
Exercise
Price
$ 3.00 to $8.99 1,246,998 1.8 $7.20 1,246,998 $7.20
9.00 to 16.99 28,412,802 5.1 12.61 27,430,578 12.55
17.00 to 24.99 22,859,726 7.6 19.56 11,393,598 19.09
25.00 to 32.99 17,519,754 8.0 27.80 7,000,140 28.34
33.00 to 41.99 23,584,796 7.3 37.10 7,652,282 40.38
93,624,076 6.8 23.16 54,723,596 19.60
On May 5, 1997, PanAmSat adopted a stock option incentive plan with terms similar to the Plan.
As of December 31, 2002, PanAmSat had 6,765,242 options outstanding to purchase its common
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