PBF Energy 2013 Annual Report Download - page 140

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 44
The following table summarizes activity for PBF Energy options for the year ended December 31, 2013 and 2012.
There were no options granted, exercised or forfeited prior to 2012.
Number of
PBF Energy
Class A
Common
Stock Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years)
Stock-based awards, outstanding at January 1, 2012 — $ — —
Granted 682,500 26.00 10.00
Exercised — — —
Forfeited — — —
Outstanding at December 31, 2012 682,500 $ 26.00 9.95
Granted 697,500 $ 27.79 10.00
Exercised — — —
Forfeited (60,000) 25.36 —
Outstanding at December 31, 2013 1,320,000 26.97 9.33
Exercisable and vested at December 31, 2013 158,125 $ 26.00 8.95
Exercisable and vested at December 31, 2012 — $ — —
Expected to vest at December 31, 2013 1,320,000 $ 26.97 9.33
The total estimated fair value of PBF Energy options granted in 2013 and 2012 was $6,499 and $6,327 and the
weighted average per unit value was $9.32 and $9.27. The total intrinsic value of stock options outstanding and
exercisable at December 31, 2013, was $6,756 and $863, respectively.
Unrecognized compensation expense related to PBF Energy options at December 31, 2013 was $10,140, which
will be recognized from 2014 through 2017.
16. EMPLOYEE BENEFIT PLANS
Defined Contribution Plan
The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the
first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of
their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions
at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s
total annual salary. The Company’s contribution to the qualified defined contribution plans was $10,450, $9,969
and $7,204 for the years ended December 31, 2013, 2012 and 2011, respectively.
Defined Benefit and Post Retiree Medical Plans
The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to
fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act
of 1974 (“ERISA”) and Federal income tax laws. In addition, the Company sponsors a supplemental pension plan
covering certain employees, which provides incremental payments that would have been payable from the
Company’s principal pension plan, were it not for limitations imposed by income tax regulations. The funded status
is measured as the difference between plan assets at fair value and the projected benefit obligation which is to be
recognized in the balance sheet. The plan assets and benefit obligations are measured as of the balance sheet date.
The non-union Delaware City employees and all Paulsboro and Toledo employees became eligible to participate
in the Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees