Mondelez 2013 Annual Report Download - page 107

Table of Contents
The total intrinsic value of options exercised was $79 million in 2013, $93 million in 2012 and $98 million in 2011. Cash received
from options exercised was $139 million in 2013, $205 million in 2012 and $486 million in 2011. The actual tax benefit realized for
the tax deductions from the option exercises totaled $14 million in 2013, $21 million in 2012 and $40 million in 2011.
Restricted and Deferred Stock :
We may grant shares of restricted or deferred stock to eligible employees, giving them, in most instances, all of the rights of
shareholders, except that they may not sell, assign, pledge or otherwise encumber the shares. Shares of restricted and deferred
stock are subject to forfeiture if certain employment conditions are not met. Restricted and deferred shares generally vest on the
third anniversary of the grant date.
Shares granted in connection with our long-term incentive plan vest based on varying performance, market and service conditions.
The unvested shares have no voting rights and do not pay dividends.
The fair value of the restricted and deferred shares at the date of grant is amortized to earnings over the restriction period. We
recorded compensation expense related to restricted and deferred stock of $94 million in 2013, $90 million in 2012 and $95 million
in 2011 in our results from continuing operations. The deferred tax benefit recorded related to this compensation expense was $28
million in 2013, $27 million in 2012 and $28 million in 2011. The unamortized compensation expense related to our restricted and
deferred stock was $125 million at December 31, 2013 and is expected to be recognized over a weighted-average period of
2 years.
Our restricted and deferred stock activity for the year ended December 31, 2013 is reflected below:
In January 2013, we granted 1.5 million shares of stock in connection with our long-term incentive plan, and the market value per
share was $26.24 on the date of grant. In February 2013, as part of our annual equity program, we issued 2.3 million shares of
restricted and deferred stock to eligible employees, and the market value per restricted or deferred share was $27.05 on the date of
grant. During 2013, we issued 1.4 million of additional restricted and deferred shares with a weighted-average market value per
share of $22.47. Included in the 1.4 million of additional shares issued were 0.8 million shares for awards related to long-term
incentive plan awards granted in 2010 which were issued and vested during the first quarter of 2013. The 2010 long-term incentive
plan awards had a weighted-
average market value of $17.97 per share, which is based on the stock price on the grant date in 2010
and adjusted to reflect the Spin-Off and related splitting of the equity awards. In aggregate, we issued 5.2 million restricted and
deferred shares during 2013, including those issued as part of our long-term incentive plan, with a weighted-average market value
of $25.63 per share.
In January 2012, we granted 1.3 million shares of stock in connection with our long-term incentive plan, and the market value per
share was $37.63 on the date of grant. In February 2012, as part of our annual equity program, we issued 2.2 million shares of
restricted and deferred stock to eligible employees, and the market value per restricted or deferred share was $38.00 on the date of
grant. During 2012, we issued 1.5 million of additional restricted and deferred shares with a weighted-average market value per
share of $29.18, primarily in connection with our 2009 long-term incentive plan performance based awards and a special equity
award for our CEO. In aggregate, we issued 5.0 million restricted and deferred shares during 2012, including those issued as part
of our long-term incentive plan, with a weighted-average market value of $35.25 per share.
In January 2011, we granted 1.5 million shares of stock in connection with our long-term incentive plan, and the market value per
share was $31.62 on the date of grant. In February 2011, as part of our annual equity program, we issued 2.6 million shares of
restricted and deferred stock to eligible employees, and the market value per restricted or deferred share was $31.83 on the date of
grant. During 2011, we issued 1.0 million of additional restricted and deferred shares with a weighted-average market value per
share of $33.02. In aggregate, we issued 5.1 million restricted and deferred shares during 2011, including those issued as part of
our long-term incentive plan, with a weighted-average market value of $31.97 per share.
99
Number of
Shares
Weighted
-
Average
Grant Date
Fair Value
Per Share
Balance at January 1, 2013
12,815,911
$
21.55
Granted
5,231,437
25.63
Vested
(5,350,073
)
18.82
Forfeited
(1,048,688
)
23.23
Balance at December 31, 2013
11,648,587
24.48