ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

76NotesConsolidated Financial Statements of SinnerSchrader AG6 Share-basedCompensation6.1 Stock Option Plans• SinnerSchrader Stock Option Plan 2000In December 2000, the Annual General Meeting of SinnerSchrader AG approved the SinnerSchrader StockOption Plan 2000 (“2000 Plan”), which provides for the granting of stock options to allocate a total of 375,000shares to the members of the Management Board of SinnerSchrader AG (40,000 options), to the managementof the affiliated companies (40,000 options), to all employees of SinnerSchrader AG (55,000 options) as well asto all employees of the affiliated companies (240,000 options) by 10 January 2006.Options granted under the 2000 Plan have an exercise price of 120 % of the average closing price of theSinnerSchrader share on the Frankfurt Stock Exchange during the ten trading days prior to the allocation date.The options of the 2000 Plan can be exercised in equal instalments of one-third each two, three, and fouryears after allocation at the earliest. They have to be exercised within six years after the allocation date. Inthe 2008/2009 financial year, no options were allocated. In the 2007/2008 financial year, 12,500 options wereexercised at an exercise price of € 1.53 per share. As of 31 August 2009, a total of 38,367 options from the 2000Plan were still outstanding with an average exercise price of € 2.08.• SinnerSchrader Stock Option Plan 2007In January 2007, the Annual General Meeting of SinnerSchrader AG approved the SinnerSchrader Stock OptionPlan 2007 (“2007 Plan”), which provides for the granting of stock options to allocate a total of 600,000 sharesto the members of the Management Board of SinnerSchrader AG (200,000 options) and to the members of themanagement of the affiliated companies (200,000 options) as well as to selected employees performingmanagerial tasks within SinnerSchrader AG and affiliated companies (200,000 options).Options granted under the 2007 Plan have an exercise price of at least the mean value of the closing priceof SinnerSchrader AG shares in the Xetra trading system of Deutsche Börse AG (or an equivalent successorsystem) during the five trading days prior to the allocation date. The options can be exercised in equal instalmentsof one-third each three, four, and five years after allocation at the earliest. The options of the first thirdmay be exercised only if the mean value of the closing price of SinnerSchrader AG shares in the Xetra tradingsystem of Deutsche Börse AG (or an equivalent successor system) during the five trading days before the dayof exercise (reference price) is 30 % above the exercise price. The options of the second third may be exercisedonly if the reference price is 40 % above the exercise price. The options of the last third may be exercised onlyif the reference price is 50 % above the exercise price. The latest exercise period is seven years after theallocation date. In previous financial years, 250,000 options with an average exercise price of € 1.62 wereallocated to members of the SinnerSchrader AG Management Board and to members of the management ofsubsidiary companies.