Travelers 2003 Annual Report Download - page 136
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134
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. INCENTIVE PLANS, Continued
The following table summarizes the information about stock options outstanding under Travelers stock option
plans at December 31, 2003 and 2002:
2003 Options outstanding Options exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted
Average
Contractual
Life
R
emaining
Weighted
Average
Exercise
Price
Number
Exercisable
Weighted
Average
Exercise
Price
$ 0.01 - $ 4.99 1,544,448 1.8 years $ 4.05 1,544,448 $ 4.05
$ 5.00 - $ 9.99 24,095 2.3 years 7.89 24,095 7.89
$10.00 - $14.99 19,753,883 4.4 years 11.77 18,005,847 11.75
$15.00 - $19.99 24,516,712 7.8 years 17.98 6,892,462 17.68
$20.00 - $24.99 14,745,824 5.8 years 22.11 10,147,932 22.30
$25.00 - $29.99 9,610,099 6.3 years 25.73 5,062,615 25.87
70,195,061 6.1 years $ 17.85 41,677,399 $ 16.73
2002 Options outstanding Options exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted
Average
Contractual
Life Remaining
Weighted
Average
Exercise
Price
Number
Exercisable
Weighted
Average
Exercise
Price
$ 0.01 - $ 4.99 2,279,909 2.7 years $ 3.99 2,277,419 $ 3.99
$ 5.00 - $ 9.99 26,489 3.4 years 7.90 25,659 7.85
$10.00 - $14.99 23,240,238 5.4 years 11.72 14,980,804 11.63
$15.00 - $19.99 24,085,515 8.9 years 18.09 1,980,742 16.87
$20.00 - $24.99 15,978,375 6.6 years 22.15 8,648,533 22.52
$25.00 - $29.99 10,504,724 7.0 years 25.75 4,054,375 26.03
76,115,250 6.9 years $ 17.63 31,967,532 $ 16.18
Restricted Stock and Deferred Stock Programs
Travelers, through its Capital Accumulation Program (CAP) established pursuant to the 2002 Incentive Plan,
issues shares of Travelers common stock in the form of restricted stock awards to eligible officers and key
employees. Certain CAP participants may elect to receive part of their awards in restricted stock and part in
stock options. The number of shares included in the restricted stock award is calculated at a 25% discount from
the market price at the time of the award and generally vest in full after a three-year period. Except under limited
circumstances, during this period the stock cannot be sold or transferred by the participant, who is required to
render service to Travelers during the restricted period. CAP awards granted to non-U.S. CAP participants are in
the form of deferred stock awards. These deferred stock awards are subject to the same conditions as the
restricted stock awards except that the shares are not issued until the vesting criteria are satisfied.
Prior to the IPO, Travelers participated in Citigroup’s Capital Accumulation Plan (Citigroup CAP) that provided
for the issuance of shares of Citigroup common stock in the form of restricted stock awards to eligible officers
and other key employees with substantially the same terms as Travelers 2002 CAP.