Fannie Mae 2009 Annual Report Download - page 229

(1)
O indicates stock options and RS indicates restricted stock.
(2)
Except as otherwise indicated, all awards of options and restricted stock listed in this table vest in four equal annual
installments beginning on the first anniversary of the date of grant. Amounts reported in this table for restricted stock
represent only the unvested portion of awards. Amounts reported in this table for options represent only the
unexercised portions of awards.
(3)
The stock options vested 100% on January 23, 2004.
(4)
The initial award amount vests in four equal annual installments beginning on January 24, 2007. In connection with
the stock awards with a grant date of March 22, 2006, some of our named executives also received a cash award
payable in four equal annual installments beginning on January 24, 2007. As of December 31, 2009, the unpaid
portions of these cash awards were as follows: Mr. Williams, $414,068; Mr. Bacon, $166,403; and Mr. Benson,
$77,384.
(5)
This option award had special vesting provisions: 3,860 options vested immediately upon grant, 9,080 vested on
August 31, 2002, 4,370 vested on January 31, 2003, 1,610 vested on January 31, 2004 and 1,160 vested on
January 31, 2005.
Option Exercises and Stock Vested in 2009
The following table shows information regarding vesting of restricted stock held by the named executives
during 2009. We have calculated the value realized on vesting by multiplying the number of shares of stock by
the fair market value of our common stock on the vesting date. We have provided no information regarding
stock option exercises because no named executives exercised stock options during 2009.
Name
Number of Shares
Acquired on Vesting (#)
Value Realized on
Vesting ($)
Stock Awards
Michael Williams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,747 48,864
Herbert Allison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
David Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Kenneth Bacon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,224 20,140
David Benson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,294 7,998
Timothy Mayopoulos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Pension Benefits
Changes to our Retirement Program
We made revisions to our retirement program in both 2007 and 2009. The primary changes in 2007 were to
limit ongoing participation in our defined benefit pension plans, including our Retirement Plan, Executive
Pension Plan, Supplemental Pension Plan and 2003 Supplemental Pension Plan, which are described below, to
employees who were hired prior to January 1, 2008 and who also satisfied a Rule of 45 as of July 1, 2008
(that is, the sum of their age and years of service was 45 or greater). Benefits in these plans for employees
who did not meet the Rule of 45 were frozen as of June 30, 2008 and no officers were allowed to become
participants in the Executive Pension Plan after November 20, 2007. In 2009, we further amended the
Executive Pension Plan so that 2009 is the last year for which participants will receive additional accruals
under the plan.
Employees hired after December 31, 2007 and employees hired before January 1, 2008 who did not satisfy the
Rule of 45 participate in an enhanced version of our Retirement Savings Plan (our 401(k) plan) and may be
eligible to participate in our Supplemental Retirement Savings Plan, rather than our defined benefit pension
plans.
During 2009, Messrs. Williams, Bacon and Benson participated in our defined benefit pension plans and our
Retirement Savings Plan. Messrs. Allison, Johnson and Mayopoulos did not participate in our defined benefit
pension plans. Messrs. Johnson and Mayopoulos participated in our enhanced Retirement Savings Plan and our
Supplemental Retirement Savings Plan.
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