Pallet-Management-Services - AFM

9. Employee benefit plans
Stock option plan
In March 2000, the Company’s Board of Directors (the Board) approved the 2000 Stock Option
Plan, (the Stock Option Plan). The Stock Option Plan provides for the granting of stock options
to directors, executive officers, and other employees of the Company and its subsidiaries and
terminates in March 2010. In general, the terms of the option awards are established by the
Board.
During 2003, the Board granted options to purchase an aggregate of approximately 1.5 million
ordinary shares of the Company to certain managers of the Company, its subsidiaries and
members of the Board. The exercise price for each of these options was equal to the value of
the Company’s ordinary shares on the date of issuance. The options expire between 3 and 5
years from the date of their vesting.
During 2004, the Board granted options to purchase an aggregate of approximately 0.8 million
ordinary shares of the Company to certain managers of subsidiaries of the Company. The
exercise price for each of these options was equal to the value of the Company’s ordinary
shares on the date of issuance. The options expire 5 years from the date of their vesting, which
is contingent upon certain defined operational targets being met during each of 2004, 2005 and
2006.
During 2006, the Board of Managing Directors granted options to purchase an aggregate of
approximately 0.1 million ordinary shares of the Company to certain managers of subsidiaries of
the Company. The exercise price for each of these options was equal to the value of the
Company’s ordinary shares on the date of issuance. The options expire 5 years from the date of
their vesting, which is contingent upon certain defined operational targets being met during each
of 2007, 2008 and 2009.
During 2006 and 2005, the Company recorded total stock based compensation expense of
EUR 0.5 million and EUR 1.3 million, respectively. The portion of that expense arising from
equity-settled share-based payment transactions is EUR 0.1 million (2005: EUR 0.3 million).
EUR, except number of options Year ended December 31, 2006 Year ended December 31, 2005
Number of
Options
Exercise Weighted
Price Average
Range Exercise
Price
Number of
Options
Exercise Weighted
Price Average
Range Exercise
Price
Outstanding, beginning of period 1,593,436 1.58 – 5.40 2.56 2,023,333 1.58 – 3.70 2.41
Granted 142,500 8.70 – 10.01 9.09 25,100 5.40 – 5.40 5.40
Exercised (543,001) 2
1.58 – 5.40 2.12 (434,997) 1
1.58 – 3.60 2.05
Forfeited (17,334) 1.58 – 5.40 3.56 (20,000) 1.58 – 1.58 1.58
Outstanding, end of period 1,175,601 3
1.58 – 10.01 3.60 1,593,436 1.58 – 5.40 2.56
Options exercisable at end of year 737,034 2.51 756,323 2.21
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