Porsche 2008 Annual Report Download - page 200
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To our shareholders The Company
198
Stock option plan
The stock option plan entitles the optionees – the Board of Management of Volkswagen AG, group
senior executives and management, as well as employees of Volkswagen AG covered by collective
pay agreements – to purchase options for shares of Volkswagen AG by subscribing for convertible
bonds at a price of €2.56 each. Each bond is convertible into ten ordinary shares.
The exercise price and conversion period following the expiry of the first five tranches are shown
in the following table.
Changes in the rights to stock options granted are shown in the following table:
€ 6th tranche 7th tranche 8th tranche
Base exercise price per share 38.68 37.99 58.18
Exercise price
as from publication of VW interim report for Jan. - Sept. 2008 48.35 45.59 66.91
as from publication of VW interim report for Jan. - Sept. 2009 – 47.49 69.82
as from publication of VW interim report for Jan. - Sept. 2010 – – 72.73
Beginning of conversion period 10 July 2006 9 July 2007 8 July 2008
End of conversion period 2 July 2009 1 July 2010 30 June 2011
Nominal value of
convertible bonds
Number of
conversion rights
Number of potential
ordinary shares
€ Number Number
As of 5 January 2009 43,540.48 17,008 170,080
In fiscal year
exercised 4,034.56 1,576 15,760
returned – – –
As of 30 June 2009 39,505.92 15,432 154,320