Goldman Sachs 2009 Annual Report Download - page 146

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disposed of until January2013. All employee stock option
agreements provide that vesting is accelerated in certain
circumstances, such as upon retirement, death and extended
absence. In general, all stock options expire on the tenth
anniversary of the grant date, although they may be subject to
earlier termination or cancellation under certain circumstances
in accordance with the terms of the SIP and the applicable
stock option agreement. The dilutive effect of the  rm’s
outstanding stock options is included in “Average common
shares outstanding – Diluted” on the consolidated statements
ofearnings.
Stock Options
Stock options granted to employees generally vest as outlined in
the applicable stock option agreement. No options were granted
in  scal 2009. Year-end options granted in December2008
will become exercisable in one-third installments in
January2010, January 2011 and January2012. Shares
received on exercise cannot be sold, transferred or otherwise
disposed of until January2014. Year-end 2008 options will
expire on December31,2018. Year-end options granted in
December2007 will become exercisable in January2011 and
expire on November24,2017. Shares received on exercise of
year-end 2007 options cannot be sold, transferred or otherwise
The activity related to these stock options is set forth below:
Weighted
Weighted Aggregate Average
Options Average Intrinsic Value Remaining
Outstanding Exercise Price (inmillions) Life (years)
Outstanding, November2008 33,639,132 $109.47
Granted 35,988,192 78.78
Exercised (32,222) 53.00
Forfeited (93,615) 78.92
Outstanding, December 2008 69,501,487 $ 93.65 $
29 7.17
Exercised (6,445,370) 79.77
Forfeited (784,020) 78.85
Outstanding, December2009 62,272,097 $ 95.27 $4,781 6.64
Exercisable, December2009 21,164,084 $ 92.40 $1,618 2.50
The total intrinsic value of options exercised during the years ended December2009, November2008 and November 2007 and
one month ended December 2008 was $484million, $433million, $1.32billion and $1million, respectively.
The options outstanding as of December2009 are set forth below:
Weighted
Weighted Average
Options Average Remaining
Exercise Price Outstanding Exercise Price Life (years)
$ 75.00 –$ 89.99 44,123,046 $ 79.19 7.57
90.00 – 104.99 9,376,427 91.86 1.99
105.00 – 119.99 – – –
120.00 – 134.99 2,791,500 131.64 5.92
135.00 – 194.99 – – –
195.00 – 209.99 5,981,124 202.27 7.48
Outstanding, December2009 62,272,097
Goldman Sachs 2009 Annual Report
144
Notes to Consolidated Financial Statements