World Fuel Services 2004 Annual Report Download - page 73

December 31, 2004, the aggregate limit on the shares of common stock which may be issued under the 2001 Plan was 2.8
million shares, of which 1.2 million shares are subject to options already issued and an additional 460 thousand shares have
been issued as restricted common stock grants.
Under the provisions of the 2001 Plan, the Compensation Committee is authorized to grant common stock, which can be
restricted, or stock options which can be "qualified" or "nonqualified" under the Internal Revenue Code of 1986, as amended,
or stock appreciation rights, or other stock or non-stock-based awards, including but not limited to stock units, performance
units, or dividend equivalent payments. The 2001 Plan is unlimited in duration and, in the event of its termination, the 2001
Plan will remain in effect as long as any of the above items granted by the Compensation Committee are outstanding;
provided, however, that no awards may be granted under the 2001 Plan after May 2009. The term and vesting period of
awards granted under the 2001 Plan is established by the Compensation Committee, but in no event shall stock options or
stock appreciation rights remain exercisable after the five-year anniversary of the date of grant. Outstanding options at
December 31, 2004 under the 2001 Plan expire between September 2006 and January 2009.
Beginning in October 2001, we started granting shares of restricted common stock to our employees under our 2001 Plan.
In addition, in April 2004, we granted 38 thousand shares of restricted common stock in connection with our acquisition of
Tramp Oil. Unvested restricted common stock at December 31, 2004, will vest between March 2005 and March 2009.
The following table summarizes the status of our unvested restricted stock outstanding and related transactions for years
ended December 31, 2004 and 2003, and the nine months ended December 31, 2002 (in thousands):
Restricted
Stock
Outstanding
Restricted outstanding at March 31, 2002 50
Granted and issued 192
Vested (12)
Restricted outstanding at December 31, 2002 230
Granted and issued 62
Vested (12)
Restricted outstanding at December 31, 2003 280
Granted and issued 156
Granted and issued in connection with an acquisition 38
Vested (12)
Forfeited (10)
Restricted outstanding at December 31, 2004 452
In 1994, our shareholders approved the 1993 Non-Employee Directors Stock Option Plan (the “Directors Plan”). The
Directors Plan permits the issuance of options to purchase up to an aggregate of 500 thousand shares of our common stock.
Additional options to purchase shares of our common stock may be granted under the Directors Plan for any options that are
forfeited, expired or canceled without delivery of shares of our common stock. Under the Directors Plan, members of the
Board of Directors who are not our employees receive a non-qualified option to purchase ten thousand shares, on a pro-rata
basis, when such person is first elected to the Board of Directors and will receive a non-qualified option to purchase ten
thousand shares each year that the individual is re-elected. Options granted are fully exercisable upon grant. All options under
the Directors Plan expire five years after the date of grant. Outstanding options at December 31, 2004 under the Directors Plan
expire between September 2005 and May 2009.
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