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147
Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
PER OPTION (NOK)
PER SHARE (NOK)
NO. OF OPTIONS
ESTIMATED FAIR
VALUE AT GRANT
DATE
AVERAGE
EXERCISE PRICE
MARKET PRICE AT
GRANT DATE
Outstanding at January 1, 2010
1 713 309
11.13
71.19
NA
Granted July 21, 2010
1 753 916
2.92
20.61
18.74
Granted August 6, 2010
1 311 792
2.91
20.61
18.68
Forfeited in 2010 of 2008 program
-74 446
32.77
178.59
NA
Forfeited in 2010 of 2009 program
-354 821
7.55
52.48
NA
Forfeited in 2010 of 2010 program
-130 222
2.92
20.61
NA
Transferred between units in 2008 program
23 527
27.55
178.59
151.75
Transferred between units in 2009 program
-110 694
7.56
52.48
47.71
Transferred between units in 2010 program
-67 746
2.91
20.61
18.68
Exercised in 2010
0
NA
NA
NA
Expired in 2010
0
NA
NA
NA
Outstanding at December 31, 2010
4 064 615
5.44
36.30
NA
Exercisable at December 31, 2010
0
NA
NA
NA
Outstanding at January 1, 2011 adjusted *
4 329 463
5.11
33.82
NA
Granted May 27, 2011
2 437 124
2.21
13.57
12.34
Granted May 30, 2011
1 679 693
2.31
13.57
12.34
Forfeited in 2011 of 2008 program
-121 426
22.14
130.53
NA
Forfeited in 2011 of 2009 program
-425 223
6.36
44.00
NA
Forfeited in 2011 of 2010 program
-981 401
2.92
20.61
NA
Forfeited in 2011 of 2011 program
-1 085 497
2.26
13.57
NA
Transfer between units in 2008 program
-5 103
21.77
130.53
151.75
Transfer between units in 2009 program
10 808
6.18
44.00
47.71
Transfer between units in 2010 program
28 388
2.91
20.61
18.68
Transfer between units in 2011 program
-60 764
2.31
13.57
12.34
Exercised in 2011
0
NA
NA
NA
Expired in 2011
0
NA
NA
NA
Outstanding at December 31, 2011
5 806 061
3.54
22.99
NA
Exercisable at December 31, 2011
139 480
23.24
130.53
NA
* The strike prices and number of options granted in the 2008 and 2009 programs were adjusted in 2011 to compensate for the dilutive effects of the rights issues in
2009 and 2010, see below.
In 2011, according to the terms and conditions of the programs the compensation committee of REC ASA adjusted the strike prices and
number of options granted in the 2008 and 2009 programs to compensate for the dilutive effects of the rights issues in 2009 and 2010,
see note 32 to the consolidated financial statements for REC Group for more details. These adjustments are to make the option holders
equally well of as prior to the dilution in the rights issues. The total fair values are thus unchanged.
At December 31, 2010
BEFORE ADJUSTED
BONUS FACTOR
ADJUSTMENT FACTOR
ADJUSTED
PROGRAM EXERCISE PRICE
NO. OPTIONS
2009
2010
EXERCISE PRICE NO. OPTIONS
EXERCISE PRICE NO. OPTIONS
2008
178.59
194 423
1.15
1.19
0.73
1.37
130.53
266 009
2009
52.48
1 002 452
1.00 1.19
0.84
1.19
44.00
1 195 714
2010
20.61
2 867 740
1.00 1.00
1.00
1.00
20.61
2 867 740
Total
4 064 615
4 329 463