PDF, 1.2 MB - Pfleiderer AG

18. Stock appreciation rights
and stock option programs
consolidated financial statements notes pfleiderer ag 99
Comprehensive Income
Following the disposal of the Insulation Technology and Doors and Windows Business Centers,
a total of 9,220 thousand euros reported under the adjustment item for currency translation
and the adjustment item from valuation of financial derivatives without effect on results had to
be reclassified as loss carryforward.
The Company decides each year whether a Stock Option Plan will be run, who is eligible and
how many stock options each employee may receive. Granting stock options is subject to the
condition that employees also pay in a personal contribution. Stock options have a currency
of 6 years and may not be exercised until after three years from issue. The number of stock
options for each employee is based on the amount of the personal contribution divided by
the reference price and multiplied by a factor of 12. The reference price is calculated from the
Company’s average share price in the months September through November. Stock options
can be exercised when the acquisition price lies between 110 –125 percent of the reference
price.
Stock Appreciation Rights 2000
On November 14, 2000, the Company decided to set up a stock appreciation rights plan,
subsequently approved by the Shareholders’ Meeting of December 5, 2000 which authorized
the Executive Board to grant employees up to 1,270,608 stock appreciation rights until
June 30, 2006. The reference price is 9.73 euros. The exercise price lies between 10.70 euros
and 12.16 euros, with a weighted average exercise price of 11.43 euros.
2002 2001
Stock options Stock options
in thousands in thousands
Outstanding at beginning of year 1,123 0
Granted 0 1,271
Exercised 0 0
Expired 204 148
Outstanding at year-end 919 1,123
Exercisable at year-end 0 0