Reebok 2009 Annual Report Download - page 212

208 CONSOLIDATED FINANCIAL STATEMENTS Notes
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38
MANAGEMENT SHARE OPTION PLAN (MSOP)
Tranche I (1999) Tranche II (2000) Tranche III (2001) Tranche IV (2002) Tranche V (2003)
Share price
in € Number Exercise price in € Number Exercise price in € Number Exercise price in € Number Exercise price in € Number Exercise price in €
Originally issued 266,550 335,100 342,850 340,850 88,000
Outstanding as at Jan. 1, 2008 0 — 0 — 8,650 4.00 19,000 4.00 5,900 4.00
Forfeited during the period 0 — 0 — 600 4.00 850 5.20 0 —
Exercised during the period
May 2008 1 ) 173.92 0 — 0 — 4,950 4.00 5,150 4.00 1,000 4.00
Aug. 2008 1 ) 154.44 0 — 0 — 0 — 1,800 6.40 300 4.00
Nov. 2008 1 ) 0.00 0 — 0 — 0 — 0 — 0 —
Expired during the period 0 — 0 — 3,100 4.00 0 — 0 —
Outstanding as at Dec. 31, 2008 0 — 0 — 0 — 11,200 6.40 4,600 4.00
Exercisable as at Dec. 31, 2008 0 — 0 — 0 — 11,200 6.40 4,600 4.00
Outstanding as at Jan. 1, 2009 0 — 0 — 0 — 11,200 6.40 4,600 4.00
Forfeited during the period 0 — 0 — 0 — 300 0.00 500 82.60
Exercised during the period
May 2009 1 ) 0.00 0 — 0 — 0 — 0 — 0 —
Aug. 2009 1 ) 136.48 0 — 0 — 0 — 0 — 4,100 82.60
Nov. 2009 1 ) 0.00 0 — 0 — 0 — 0 — 0 —
Expired during the period 0 — 0 — 0 — 10,900 0.00 0 —
Outstanding as at Dec. 31, 2009 0 — 0 — 0 — 0 — 0 —
Exercisable as at Dec. 31, 2009 0 — 0 — 0 — 0 — 0 —
1) Due to the share split effective May 2006, one option grants the right to purchase four shares. Accordingly, the share price information refers to four shares each.
There are no remaining stock options outstanding at the end of the period.
No stock options were issued during the year under review.
Stock options may only be exercised subject to the attainment of at least one of the following
performance objectives:
(1) Absolute Performance: During the period between the issuance and exercise of the stock
options, the stock market price for the adidas AG share – calculated upon the basis of the “total
shareholder return approach” – has increased by an annual average rate of at least 8%.
(2) Relative Performance: During the same period, the stock market price for the adidas AG share
must have developed by an annual average of 1% more favourably than the stock market prices of
a basket of global competitors of the adidas Group and in absolute terms may not have fallen.
The stock options may only be exercised against payment of the exercise price. The exercise price
corresponds to the arithmetical mean of the closing price of the adidas AG share over the last
20 trading days of the respective exercise period, less a discount, based on the extent to which the
share price at exercise exceeded the absolute and relative performance hurdles outlined above. In
any case, the exercise price shall be at least the lowest issue price as stated in § 9 section 1 of the
German Stock Corporation Act (AktG), currently € 1.00 (i.e. € 4.00 per option).
Option terms and conditions stipulate that the stock options may be used for existing
common shares in lieu of new shares from the contingent capital, or in the place of common
shares the discount is paid in cash.
The new shares participate in profits from the beginning of the year in which they are issued.