ING Direct 2013 Annual Report Download - page 167

Notes to the consolidated annual accounts of ING Group continued
In 2013, no share awards (2012: nil; 2011: nil) were granted to the members of the Executive Board of ING Groep N.V., 553,600 share awards
(2012: 643,644; 2011: 154,440) were granted to the Management Boards of ING Bank and NN Group. To senior management and other
employees 10,403,613 share awards (2012: 19,802,692; 2011: 20,135,968) were granted. In 2013, members of the Management Board, senior
management and other employees of ING U.S. received Voya shares instead of the share awards of ING Groep N.V. they received previously.
Every year, the ING Group Executive Board decides whether the option and share schemes are to be continued and, if so, to what extent.
In 2010 the Group Executive Board decided not to continue the option scheme as from 2011. The existing option schemes up and until
2010 will be run off in the coming years.
The option rights are valid for a period of five or ten years. Option rights that are not exercised within this period lapse. Option rights
granted will remain valid until the expiry date, even if the option scheme is discontinued. The option rights are subject to certain
conditions, including a pre-determined continuous period of service. The exercise prices of the options are the same as the quoted prices
of ING Groep N.V. shares at the date on which the options are granted.
As at 31 December 2013, ING Group holds no own shares in order to fulfil its obligations with regard to the existing stock option plan. As
at 31 December 2012: 26,429,948 own shares (2011: 42,126,329) were held in connection with the option plan.
The obligations with regard to the existing stock option plan and the share plans will be funded either by cash or by newly issued shares at
the discretion of ING Group.
Changes in option rights outstanding
Options outstanding (in numbers) Weighted average exercise price (in euros)
2013 2012 2011 2013 2012 2011
Opening balance 85,193,177 108,138,551 124,836,694 14.77 15.20 15.73
Exercised –5,776,911 –3,490,981 –1,111,930 4.53 2.90 3.97
Forfeited –1,179,734 –1,480,805 –2,698,596 12.78 11.05 12.78
Expired –9,944,090 –17,973,58 8 –12,887,617 12.34 19.92 22.03
Closing balance 68,292,442 85,193,177 108,138,551 16.02 14.77 15.20
As per 31 December 2013 total options outstanding consists of 55,321,834 options (2012: 70,135,050; 2011: 90,620,708) relating to
equity-settled share-based payment arrangements and 12,970,608 options (2012: 15,058,127; 2011: 17,517,843) relating to cash-settled
share-based payment arrangements.
The weighted average share price at the date of exercise for options exercised during 2013 is EUR 8.24 (2012: EUR 6.15; 2011: EUR 8.09).
Changes in option rights non-vested
Options non-vested (in numbers) Weighted average grant date fair value (in euros)
2013 2012 2011 2013 2012 2011
Opening balance 15,716,032 32,418,754 51,596,578 3.26 2.65 3.08
Vested –15,243,423 –15,815,049 –17,389,46 8 3.27 2.03 3.90
Forfeited –472,609 – 8 87, 673 –1,788,356 3.23 2.73 3.05
Closing balance 015,716,032 32,418,754 0.00 3.26 2.65
Summary of stock options outstanding and exercisable
2013
Range of exercise price in euros
Options
outstanding as
at 31December
2013
Weighted
average
remaining
contractual life
Weighted
average
exercise price
Options
exercisable as
at 31December
2013
Weighted
average
remaining
contractual life
Weighted
average
exercise price
0.00 – 5.00 6,646,603 4.63 2.88 6,646,603 4.63 2.88
5.00 – 10.00 12,487,960 6.21 7.37 12,487,960 6.21 7.37
10.00 – 15.00 6,249,261 0.33 14.33 6,249,261 0.33 14.33
15.00 – 20.00 23,127,059 2.56 17.31 23,127,059 2.56 17.31
20.00 – 25.00 9,010,163 2.80 24.57 9,010,163 2.80 24.57
25.00 – 30.00 10,771,396 2.29 25.18 10,771,396 2.29 25.18
68,292,442 68,292,442
165ING Group Annual Report 2013
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information