2007 Reference document (PDF) - Valeo

3 Consolidated
PAGE 108
fi nancial statements at December 31, 2007
Notes to consolidated financial statements
■ Terms and conditions of stock option plans
Year in which
the plan was set up
■ Terms and conditions of free share awards
Movements in stock option plans can be analyzed as follows:
2007
2007 Reference document - VALEO
Number of shares
subject to options
Exercise price
of options (1)
(in euros)
Number of options
outstanding at
December 31, 2007 (2)
Number of options
and free shares
Expiration date
2003 500,000 32.91 283,327 2011
2004 280,800 32.74 204,200 2012
2005 650,000 32.32 517,695 2013
2006 187,000 33.75 187,000 2014
2006 1,309,250 32.63 1,127,750 2014
2007 250,000 36.97 250,000 2015
2007 1,677,000 (3) 36.82 1,677,000 2015
TOTAL 4,854,050 4,246,972
(1)
Exercise price equals to 100% of the average Valeo share price over the 20 trading days preceding the meeting of the Board of Directors or Management Board, or 100%
of the average purchase price of treasury stock held if greater than the Valeo quoted share price.
(2)
The number of shares includes the impact of the public share buyback offer and simplified public tender offer, applicable to grants prior to 2005, which increased the share
allocation ratio to 1.01 Valeo share from 1 Valeo share.
(3)
Including 174,250 shares granted subject to the Group achieving certain profitability criteria.
Year in which
the plan was set up
Number of free
shares granted
Number of shares not yet issued
at December 31, 2007
Year of
vesting
2005 600,000 (1) 232,135 2008
2006 63,000 (2) 26,500 2008
2006 100,000 89,000 2009
2007 100,000 96,250 2010
TOTAL 863,000 443,885
(1) Including 300,000 shares granted subject to the Group achieving certain profitability criteria, cancelled in 2007.
(2) Including 36,500 shares granted subject to the Group achieving certain profitability criteria, cancelled in 2007.
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Weighted average
exercise price
Options not exercised at January 1, 2007 7,109,400 30.50
Options granted/free shares to be issued 2,027,000 35.02
Options cancelled (914,920) 20.21
Options expired - -
Options exercised (694,972) 27.7
Options not exercised/free shares not issued at December 31 7,526,508 33.13
Options which can be exercised at December 31, 2007 3,582,026 35.43
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