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These excerpts taken from the NRG 10-K filed Feb 12, 2009. Performance
Units, or PU’s
PU’s granted under the Company’s LTIP fully vest three
years from the date of issuance. PU’s granted prior to
January 1, 2009 are paid out upon vesting if the average
closing price of NRG’s common stock for the ten trading
days prior to the vesting date, or the Measurement Price, is
equal to or greater than the Target Price. A Target Price and
Maximum Price are determined on the date of issuance. The payout
for each PU will be equal to: (i) one share of common
stock, if the Measurement Price equals the Target Price;
(ii) a pro-rata amount between one and two shares of common
stock, if the Measurement Price is greater than the Target Price
but less than the Maximum Price; and (iii) two shares of
common stock, if the Measurement Price is equal to, or greater
than, the Maximum Price. PU’s granted after January 1,
2009 are paid out upon vesting if the Measurement Price is equal
to or greater than 9% growth in the NRG stock price compounded
annually over three years, or the Threshold Price. The payout
for each PU will be equal to a pro-rated amount in between
one-half and one share of common stock if the Measurement Price
equals or exceeds the Threshold Price but less than the Target
Price. The payout for each PU will be equal to a pro-rated
amount in between one and two shares of common stock, if the
Measurement Price is equal to the Target Price but less than the
Maximum Price. The payout for each PU will be equal to two
shares of common stock if the Measurement Price is equal to or
greater than the Maximum Price.
The following table summarizes the Company’s non-vested PU
awards as of December 31, 2008 and changes during the year
then ended:
The weighted average grant date fair value of PU’s granted
during the years ended December 31, 2008, 2007 and 2006 was
$26.99, $22.43 and $17.62, respectively.
Table of Contents
NRG
ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
The fair value of PU’s is estimated on the date of grant
using a Monte Carlo simulation model and expensed over the
service period, which equals the vesting period. Significant
assumptions used in the fair value model for the years ended
December 31, 2008, 2007 and 2006 with respect to the
Company’s PU’s are summarized below:
For 2006, expected volatility was calculated based on a blended
average of NRG and NRG’s industry peers’ historical
two-year stock price volatility data. For 2008 and 2007, as more
historical NRG data has become available, expected volatility is
calculated based on NRG’s historical stock price volatility
data over the period commensurate with the expected term of the
PU, which equals the vesting period.
Performance Units, or PU’s PU’s granted under the Company’s LTIP fully vest three years from the date of issuance. PU’s granted prior to January 1, 2009 are paid out upon vesting if the average closing price of NRG’s common stock for the ten trading days prior to the vesting date, or the Measurement Price, is equal to or greater than the Target Price. A Target Price and Maximum Price are determined on the date of issuance. The payout for each PU will be equal to: (i) one share of common stock, if the Measurement Price equals the Target Price; (ii) a pro-rata amount between one and two shares of common stock, if the Measurement Price is greater than the Target Price but less than the Maximum Price; and (iii) two shares of common stock, if the Measurement Price is equal to, or greater than, the Maximum Price. PU’s granted after January 1, 2009 are paid out upon vesting if the Measurement Price is equal to or greater than 9% growth in the NRG stock price compounded annually over three years, or the Threshold Price. The payout for each PU will be equal to a pro-rated amount in between one-half and one share of common stock if the Measurement Price equals or exceeds the Threshold Price but less than the Target Price. The payout for each PU will be equal to a pro-rated amount in between one and two shares of common stock, if the Measurement Price is equal to the Target Price but less than the Maximum Price. The payout for each PU will be equal to two shares of common stock if the Measurement Price is equal to or greater than the Maximum Price. The following table summarizes the Company’s non-vested PU awards as of December 31, 2008 and changes during the year then ended:
The weighted average grant date fair value of PU’s granted during the years ended December 31, 2008, 2007 and 2006 was $26.99, $22.43 and $17.62, respectively.
Table of ContentsNRG ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of PU’s is estimated on the date of grant using a Monte Carlo simulation model and expensed over the service period, which equals the vesting period. Significant assumptions used in the fair value model for the years ended December 31, 2008, 2007 and 2006 with respect to the Company’s PU’s are summarized below:
For 2006, expected volatility was calculated based on a blended average of NRG and NRG’s industry peers’ historical two-year stock price volatility data. For 2008 and 2007, as more historical NRG data has become available, expected volatility is calculated based on NRG’s historical stock price volatility data over the period commensurate with the expected term of the PU, which equals the vesting period. Performance Units, or PU’s PU’s granted under the Company’s LTIP fully vest three years from the date of issuance. PU’s granted prior to January 1, 2009 are paid out upon vesting if the average closing price of NRG’s common stock for the ten trading days prior to the vesting date, or the Measurement Price, is equal to or greater than the Target Price. A Target Price and Maximum Price are determined on the date of issuance. The payout for each PU will be equal to: (i) one share of common stock, if the Measurement Price equals the Target Price; (ii) a pro-rata amount between one and two shares of common stock, if the Measurement Price is greater than the Target Price but less than the Maximum Price; and (iii) two shares of common stock, if the Measurement Price is equal to, or greater than, the Maximum Price. PU’s granted after January 1, 2009 are paid out upon vesting if the Measurement Price is equal to or greater than 9% growth in the NRG stock price compounded annually over three years, or the Threshold Price. The payout for each PU will be equal to a pro-rated amount in between one-half and one share of common stock if the Measurement Price equals or exceeds the Threshold Price but less than the Target Price. The payout for each PU will be equal to a pro-rated amount in between one and two shares of common stock, if the Measurement Price is equal to the Target Price but less than the Maximum Price. The payout for each PU will be equal to two shares of common stock if the Measurement Price is equal to or greater than the Maximum Price. The following table summarizes the Company’s non-vested PU awards as of December 31, 2008 and changes during the year then ended:
The weighted average grant date fair value of PU’s granted during the years ended December 31, 2008, 2007 and 2006 was $26.99, $22.43 and $17.62, respectively.
Table of ContentsNRG ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of PU’s is estimated on the date of grant using a Monte Carlo simulation model and expensed over the service period, which equals the vesting period. Significant assumptions used in the fair value model for the years ended December 31, 2008, 2007 and 2006 with respect to the Company’s PU’s are summarized below:
For 2006, expected volatility was calculated based on a blended average of NRG and NRG’s industry peers’ historical two-year stock price volatility data. For 2008 and 2007, as more historical NRG data has become available, expected volatility is calculated based on NRG’s historical stock price volatility data over the period commensurate with the expected term of the PU, which equals the vesting period. This excerpt taken from the NRG 10-Q filed Oct 30, 2008. Performance
Units, or PU’s
The following table summarizes the Company’s non-vested PU
awards as of September 30, 2008 and changes during the nine
months then ended:
In the third quarter 2008, 100,000 shares of common stock
were issued for performance units that vested in accordance with
the plan payout provisions.
These excerpts taken from the NRG 10-K filed Feb 28, 2008. Performance
Units, or PU’s
PU’s granted under the Company’s LTIP fully vest three
to five years from the date of issuance. PU’s are paid out
upon vesting if the average closing price of NRG’s common
stock for the ten trading days prior to the vesting date, or the
Measurement Price, is equal to or greater than the Target Price.
A Target Price and Maximum Price are determined on the date of
issuance. The payout for each PU will be equal to: (i) one
share of common stock, if the Measurement Price equals the
Target Price; (ii) a pro-rata amount between one and two
shares of common stock, if the Measurement Price is greater than
the Target Price but less than the Maximum Price; and
(iii) two shares of common stock, if the Measurement Price
is equal to, or greater than, the Maximum Price.
Table of Contents
NRG
ENERGY, INC. AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
The following table summarizes the Company’s non-vested PU
awards as of December 31, 2007 and changes during the year
then ended:
The weighted average grant date fair value of PU’s granted
during the years ended December 31, 2007, 2006 and 2005 was
$22.43, $17.62 and $14.94, respectively. No PU’s have
vested under the program as of December 31, 2007.
The fair value of PU’s is estimated on the date of grant
using a Monte Carlo simulation model and expensed over the
service period, which equals the vesting period. Significant
assumptions used in the fair value model for the years ended
December 31, 2007, 2006 and 2005 with respect to the
Company’s PU’s are summarized below:
For 2005 and 2006, expected volatility was calculated based on a
blended average of NRG and NRG’s industry peers’
historical two-year stock price volatility data. For 2007, as
more historical NRG data has become available, expected
volatility is calculated based on NRG’s historical stock
price volatility data over the period commensurate with the
expected term of the PU, which equals the vesting period.
Performance Units, or PU’s PU’s granted under the Company’s LTIP fully vest three to five years from the date of issuance. PU’s are paid out upon vesting if the average closing price of NRG’s common stock for the ten trading days prior to the vesting date, or the Measurement Price, is equal to or greater than the Target Price. A Target Price and Maximum Price are determined on the date of issuance. The payout for each PU will be equal to: (i) one share of common stock, if the Measurement Price equals the Target Price; (ii) a pro-rata amount between one and two shares of common stock, if the Measurement Price is greater than the Target Price but less than the Maximum Price; and (iii) two shares of common stock, if the Measurement Price is equal to, or greater than, the Maximum Price.
Table of ContentsNRG ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table summarizes the Company’s non-vested PU awards as of December 31, 2007 and changes during the year then ended:
The weighted average grant date fair value of PU’s granted during the years ended December 31, 2007, 2006 and 2005 was $22.43, $17.62 and $14.94, respectively. No PU’s have vested under the program as of December 31, 2007. The fair value of PU’s is estimated on the date of grant using a Monte Carlo simulation model and expensed over the service period, which equals the vesting period. Significant assumptions used in the fair value model for the years ended December 31, 2007, 2006 and 2005 with respect to the Company’s PU’s are summarized below:
For 2005 and 2006, expected volatility was calculated based on a blended average of NRG and NRG’s industry peers’ historical two-year stock price volatility data. For 2007, as more historical NRG data has become available, expected volatility is calculated based on NRG’s historical stock price volatility data over the period commensurate with the expected term of the PU, which equals the vesting period. | EXCERPTS ON THIS PAGE:
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