World Fuel Services 2013 Annual Report Download - page 75

Share-Based Payment Plans
Plan Summary and Description
In 2006, our shareholders approved the 2006 Omnibus Plan (the ‘‘2006 Plan’’). The 2006 Plan is administered by the Compensation
Committee of the Board of Directors (the ‘‘Compensation Committee’’). The purpose of the 2006 Plan is to (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 our 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, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other
share- based awards. 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 and SSAR Awards may not
remain exercisable after the seven-year anniversary of the date of grant.
Under the 2006 Plan, 4,900,000 shares of common stock are authorized for issuance. Additional shares of common stock that are
authorized for issuance 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 expire or are forfeited or canceled.
Furthermore, any employee’s shares used to satisfy the withholding taxes due upon vesting of restricted stock or RSUs or exercise of
SSAR Awards are added to the maximum number of shares authorized for issuance under the 2006 Plan.
The following table summarizes the outstanding awards issued pursuant to the 2006 Plan described above as of December 31, 2013
and the remaining shares of common stock available for future issuance (in thousands):
Remaining
shares of
common stock
Restricted SSAR available for
Plan name Stock RSUs Awards future issuance
2006 Plan (1) 1,374 747 272 3,495
(1) As of December 31, 2013, unvested restricted stock will vest between November 2014 and August 2018, unvested RSUs will
vest between December 2014 and May 2019 and the outstanding SSAR Awards will expire between May 2014 and August 2018.
RSUs granted to non-employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non-employee
director ceases, for any reason, to be a member of the Board of Directors.
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