Fannie Mae 2006 Annual Report Download - page 204

determined by the Board are the amounts that would have been paid if our performance had met threshold goals, we
have shown these amounts in the table.
(11)
As described in “Compensation Discussion and Analysis,” the Board determined in June 2007 that our performance
during this cycle did not meet the threshold performance level for the financial goal and was between the threshold
and target performance levels for the qualitative goals. In accordance with SEC rules, because the payment amounts
determined by the Board exceed the amounts that would have been paid if our performance had met threshold goals,
we have shown in this table the amount of common stock that would have been paid if our performance had met
target levels.
Option Exercises and Stock Vested in 2006
The following table shows information regarding stock option exercises by and vesting of restricted stock and
restricted stock unit awards held by the named executives during 2006.
Name
Number of
Shares Acquired on
Exercise (#)
Value Realized on
Exercise ($)
(1)
Number of
Shares Acquired on
Vesting (#)
Value Realized on
Vesting ($)
(2)
Option Awards Stock Awards
Daniel Mudd . . . . . . . . . . . . . . . . . . — — 31,904 $1,717,392
— — 10,588 569,952
Robert Blakely . . . . . . . . . . . . . . . . . — — — —
Robert Levin . . . . . . . . . . . . . . . . . . — — 730 38,734
— — 18,050 971,632
30,680 $566,736 — —
Peter Niculescu . . . . . . . . . . . . . . . . . — — 11,516 619,906
— — 1,000 57,900
Beth Wilkinson . . . . . . . . . . . . . . . . . — — — —
Michael Williams . . . . . . . . . . . . . . . — — 12,671 682,080
13,310 245,869 — —
Julie St. John . . . . . . . . . . . . . . . . . . 12,430 234,399 — —
— — 11,516 619,906
— — 11,516 692,342
— — 5,419 325,790
(1)
The value realized on exercise has been determined by multiplying the number of shares exercised by the difference
between the fair market value of our common stock at the time of exercise and the per share exercise price of the
options.
(2)
The value realized on vesting has been determined by multiplying the number of shares of stock or units by the fair
market value of our common stock on the vesting date.
Pension Benefits
The table below sets forth information on the pension benefits for the named executives under each of the
following pension plans:
Fannie Mae Retirement Plan
The Federal National Mortgage Association Retirement Plan for Employees Not Covered Under Civil Service
Retirement Law, which we refer to as the Retirement Plan, provides benefits for those eligible employees,
including the named executives, who are not covered by the federal Civil Service retirement law. Normal
retirement benefits are computed on a single life basis using a formula based on final average annual earnings
and years of credited service. Participants are fully vested when they complete five years of credited service.
Since 1989, provisions of the Internal Revenue Code of 1986, as amended, have limited the amount of annual
compensation that may be used for calculating pension benefits and the annual benefit that may be paid. For
2006, the statutory compensation and benefit caps were $220,000 and $175,000, respectively. Before 1989,
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