Family Dollar 2006 Annual Report Download - page 79

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(4) This option was granted on September 17, 2001, under the 1989 Plan, and no portion of the option could be exercised until
September 17, 2003. Thereafter, the option became exercisable in cumulative installments of not more than 40% of the number
of shares subject to the option on or after September 17, 2003; 70% on or after September 17, 2004; and 100% on or after
September 17, 2005. The option was fully vested as of September 17, 2005, and expired unexercised on September 16, 2006.
(5) This option was granted on September 27, 2002, under the 1989 Plan, and no portion of the option could be exercised until
September 27, 2004. Thereafter, the option became exercisable in cumulative installments of not more than 40% of the number
of shares subject to the option on or after September 27, 2004; 70% on or after September 27, 2005; and 100% on or after
September 27, 2006.
(6) This option was granted on September 29, 2003, under the 1989 Plan, and became fully vested on September 29, 2005, as a result
of the Company’s stock option acceleration program. This program was described on the Company’s Form 8−K report, filed with
the SEC on August 24, 2005.
(7) This option was granted on October 5, 2004, under the 1989 Plan, and no portion of the option could be exercised until October 5,
2006. The option became exercisable in cumulative installments of not more than 40% of the number of shares subject to the
option on or after October 5, 2006, and will continue to vest on the following schedule: 70% on or after October 5, 2007; and
100% on or after October 5, 2008.
(8) This option was granted on September 28, 2005, under the 1989 Plan, and no portion of the option may be exercised prior to
September 28, 2007. Thereafter, the option will become exercisable in cumulative installments of not more than 40% of the
number of shares subject to the option on or after September 28, 2007; 70% on or after September 28, 2008; and 100% on or after
September 28, 2009.
(9) This option was granted on August 18, 2005, under the 1989 Plan in connection with Mr. George’s employment, and no portion
of the option may be exercised prior to August 18, 2007. Thereafter, the option will become exercisable in cumulative
installments of not more than 40% of the number of shares subject to the option on or after August 18, 2007; 70% on or after
August 18, 2008; and 100% on or after August 18, 2009.
(10) This option was granted on January 4, 2004, under the 1989 Plan in connection with Ms. Kelley’s employment, and no portion of
the option could be exercised until January 4, 2006. The option became exercisable in cumulative installments of not more than
40% of the number of shares subject to the option on or after January 4, 2006, and will continue to vest on the following schedule:
70% on or after January 4, 2007; and 100% on or after January 4, 2008.
(11) This option was granted on March 7, 2005, under the 1989 Plan in connection with Ms. Kelley’s promotion to General Counsel,
and no portion of the option could be exercised until March 7, 2007. The option became exercisable in cumulative installments of
not more than 40% of the number of shares subject to the option on or after March 7, 2007, and will continue to vest on the
following schedule: 70% on or after March 7, 2008; and 100% on or after March 7, 2009.
Option Exercises And Stock Vested
The following table sets forth stock option exercises by the NEOs in fiscal 2006 and stock awards earned by the NEOs in
fiscal 2006.
Option Awards Stock Awards
Name
Number of Shares
Acquired on
Exercise (#) Value Realized
on Exercise ($)(1)
Number of Shares
Acquired on
Vesting (#)(2)
Value Realized
on Vesting ($)(3)
Howard R. Levine — — 14,000 411,740
R. James Kelly — — 8,960 263,514
Charles S. Gibson 35,000 100,800 2,800 82,348
Robert George — — 3,268 96,112
Janet G. Kelley — — 1,495 43,968
(1) Reflects the value as calculated by the difference between the market price of the Company’s common stock on the date of
exercise, and the exercise price of the stock options.
(2) Represents shares issued under the one−year PSR program for fiscal 2006 performance.
(3) Determined by reference to the closing price of the Company’s common stock on October 3, 2006, the date such shares vested.
The closing price on such date was $29.41.
64
Source: FAMILY DOLLAR STORES, 10−K, March 28, 2007