Annual Report 2010 - Enel.com

of the dividend (for 2004) of €0.36 per share payable as
from June 23, 2005; and (iv) a bonus amounting to €0.19
per option exercised, with regard to the interim dividend
(for 2005) of the same amount per share payable as from
November 24, 2005.
It should be noted that the overall dilution of share capital
as of December 31, 2010 attributable to the exercise
of the stock options granted under the various plans
Developments in stock option plans
238 Enel Annual Report 2010 Consolidated financial statements
amounts to 1.31% and that further developments in the
plans could, in theory, increase the dilution up to a maximum
of 1.41%.
The following table summarizes developments over the
course of 2008, 2009 and 2010 in the Enel stock option
plans, detailing the main assumptions used in calculating
their fair value.
Number of options 2004 plan 2007 plan 2008 plan Total
Options granted at December 31, 2008 38,527,550 27,920,000 8,019,779 (1) 74,467,329
Options exercised at December 31, 2008 26,437,815 - - 26,437,815
Options lapsed at December 31, 2008 2,112,800 760,166 - 2,872,966
Options outstanding at December 31, 2008 9,976,935 27,159,834 8,019,779 (1) 45,156,548
Options lapsed in 2009 9,976,935 27,159,834 - 37,136,769
Options outstanding at December 31, 2009 - - 8,019,779 (1) 8,019,779
Options outstanding at December 31, 2010 - - 8,019,779 (2) 8,019,779
Fair value at grant date (euro) 0.18 0.29 0.17 -
Volatility 17% 13% 21% -
Option expiry Dec. 2009 Dec. 2013 Dec. 2014 -
(1) If the degree of achievement of the two operational objectives (EPS and ROACE) set for the 2008 plan should reach the highest level of the performance scale, a
maximum of 9,623,735 options would vest.
(2) Following the review conducted by the Enel Board of Directors on the occasion of the approval of the Enel Group’s consolidated financial statements for 2010 to
determine the degree to which the two operational targets (EPS and ROACE) set for the 2008 plan had been achieved, a total of 9,623,735 options have vested
(120% of the 8,019,779 options originally granted).
Stock options granted to the General Manager and
managers with strategic responsibilities
The following table reports the stock options of the General
Manager (and Chief Executive Officer) of Enel SpA
and Company managers with strategic responsibilities.
The information regarding the latter is provided in aggregate
form, pursuant to the provisions of Article 78 and
annex 3C of CONSOB Resolution no. 11971/1999 (the “Issuers
Regulation”).
Each option in the table corresponds to the subscription
of one share.