World Fuel Services 2008 Annual Report Download - page 79

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(i) attract and retain persons eligible to participate in the 2006 Plan; (ii) motivate participants, by means of
appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are
competitive with those of other similar companies; and (iv) further align participants’ interests with those of
World Fuel’s other shareholders through compensation that is based on the value of our common stock. The goal
is to promote the long-term financial interest of World Fuel and its subsidiaries, including the growth in value of
our equity and enhancement of long-term shareholder return. The persons eligible to receive awards under the
2006 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person
who performs services for us.
The provisions of the 2006 Plan authorize the grant of stock options which can be “qualified” or
“nonqualified” under the Internal Revenue Code of 1986, as amended, stock appreciation rights, restricted stock,
RSUs, other share-based awards, performance shares and performance units. The 2006 Plan is unlimited in
duration and, in the event of its termination, the 2006 Plan will remain in effect as long as any of the above
awards are outstanding. No awards may be granted under the 2006 Plan after June 2016. The term and vesting
period of awards granted under the 2006 Plan are established on a per grant basis, but options or stock
appreciation rights may not remain exercisable after the seven-year anniversary of the date of grant.
Under the 2006 Plan, a total of 1,500,000 shares of common stock are reserved for issuance. Additional
shares of common stock that may be granted under the 2006 Plan include any shares that were available for
future grant under any of our prior stock plans, and any stock or stock options granted under the 2006 Plan or any
prior plans that are forfeited, expired or canceled. Furthermore, any shares purchased by us from employees to
satisfy the Option Award exercise prices and/or withholding taxes due upon vesting of restricted stock or RSUs
and exercise of Option Awards are added to the maximum number of shares that may be issued under the 2006
Plan. As of December 31, 2008, the aggregate number of shares of common stock which may be issued under the
2006 Plan was approximately 2,070,000. As of December 31, 2008, there were 718,000 Option Awards, 214,000
restricted stock and 143,000 RSUs outstanding and/or unvested under the 2006 Plan. As of December 31, 2008,
the outstanding Option Awards will expire between June 2011 and June 2013, unvested restricted stock will vest
between September 2009 and March 2013 and unvested RSUs will vest between March 2011 and December
2013. RSUs granted to non-employee directors under the 2006 Plan will vest equally on a monthly basis over a
one year period. Once vested, the RSUs will remain outstanding until the date that the non-employee director to
whom they were granted ceases, for any reason, to be a member of the Board of Directors.
The following table summarizes the outstanding awards issued pursuant to the plans described above as of
December 31, 2008 and the remaining shares of common stock available for future issuance (in thousands):
Plan name
Option
Awards
Restricted
Stock RSUs
Remaining shares
of common stock
available for
future issuance
2006 Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 718 214 143 985
2001 Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 950 91 — —
1996 Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 129 — — —
1993 Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 98 — — —
1,895 305 143 985
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