Starwood 2007 Annual Report Download - page 45

Name
Grant
Date
Number of
Securities
Underlying
Unexercised
Options-
Exercisable
(#) (1) (2)
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#) (1) (2)
Option
Exercise Price
($) (1)
Option
Expiration
Date
Number of
Shares or
Units of Stock
That Have
Not Vested
(#) (1)
Market Value
of Shares
or Units of
Stock That
Have Not
Vested
($)
Option Awards Stock Awards
Gellein .............. 10/01/2002 7,637 18.42 10/01/2010
12/23/2002 24,440 20.36 12/23/2010
10/01/2003 15,274 28.99 10/1/2011
2/18/2004 61,650 30,550 31.71 2/18/2012
2/10/2005 38,188 38,187 48.39 2/10/2013
2/23/2006 70,696 52.25 2/23/2014
2/28/2007 40,295 65.15 2/28/2015
2/10/2005 25,457(3) 1,120,872
3/01/2006 2,080(5) 91,582
3/01/2007 5,071(5) 223,276
Duncan ............ 5/24/2007 22,113 22,113 67.84 5/24/2015
5/24/2007 7,371(3) 324,545
(1) In connection with the Host Transaction, Starwood’s stockholders received 0.6122 Host shares and $0.503 in
cash for each of their Class B Shares. Holders of Starwood employee stock options and restricted stock did not
receive this consideration while the market price of the Company’s publicly traded shares was reduced to reflect
the payment of this consideration directly to the holders of the Class B Shares. In order to preserve the value of
the Company’s restricted stock and options immediately before and after the Host Transaction, the Company
increased the number of shares of restricted stock and adjusted its stock options to reduce the strike price and
increase the number of stock options using the intrinsic value method based on the Company’s stock price
immediately before and after the transaction. The stock and option information above reflects the number of
shares and options granted and the option exercise prices after these adjustments were made.
(2) These options generally vest in equal installments on the first, second, third and fourth anniversary of their
grant. For options granted in 2006 and 2007, if the grantee is eligible for retirement, the options vest upon the
completion of 18 months of continuous service from the grant date. For options granted prior to 2006, if the
grantee is eligible for retirement, the options continue to vest following retirement (subject to compliance with a
non-compete covenant) with the exercise period limited to five years from retirement (or the remainder of the
option term if less).
(3) These shares of restricted stock or restricted stock units granted prior to 2007 generally vest upon the third
anniversary of their grant date. For awards granted in 2007, the restricted stock or restricted stock units
generally vest 50% on each of the third and fourth anniversaries of their grant date. For awards granted in 2006
and 2007, if the grantee is eligible for retirement, the shares vest upon the completion of 18 months of
continuous service from the grant date. For awards granted prior to 2006, if the grantee is eligible for retirement,
the shares continue to vest following retirement subject to compliance with a non-compete covenant.
(4) These deferred restricted stock units vest in equal installments on the first, second and third fiscal year-ends
following the date of grant, subject to acceleration in the event certain performance criteria are met.
(5) These shares of restricted stock generally vest in equal installments on the first and second anniversary of their
grant.
VII. OPTION EXERCISES AND STOCK VESTED
The following table discloses, for each Named Executive Officer, (i) shares of Company stock acquired
pursuant to exercise of stock options during 2007, (ii) shares of restricted Company stock that vested in 2007, and
(iii) shares of Company stock acquired in 2007 on account of vesting of restricted stock units. The table also
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