Page 179 - RFHL ANNUAL REPORT 2024_ONLINE

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29. Equity compensation benefits (continued)
Stock option plan (continued)

The plan provides that the maximum number of ordinary shares that may be purchased on the exercise of options is 7,950,650
shares and the maximum entitlement for any one executive is no more than 50 percent of the shares comprising the plan.
There is a three-year waiting period after the grant date of options before the grantee may exercise the right to purchase the
shares represented by the options. The maximum period within which an option may be exercised is ten years.

The option price shall be RFHL’s share price at the beginning of the performance period during which the option is earned.
The price is calculated as the average closing share price on all trading days during the calendar month, prior to the beginning
of the performance period. The process of assessment, calculation of options and approval by the Board of Directors takes
place in the first quarter following the end of the financial year.

The movement in outstanding options is outlined below:

Weighted average Number of
excercise price shares
2024 2023 2024 2023

At the beginning of the year $116.61 $111.99 2,968 2,631
Granted $140.04 $135.64 435 478
Exercised $96.28 $95.00 (61) (141)

At end of year $120.03 $116.61 3,342 2,968

Exercisable at end of year $111.49 $109.31 2,311 2,230

Expiry Exercise
date price 2024 2023

13-Dec-23 $85.94 – 17
08-Dec-24 $72.99 23 23
14-Dec-25 $92.67 79 94
14-Dec-26 $104.41 169 185
11-Dec-27 $110.03 191 191
11-Dec-28 $121.74 289 289
12-Dec-30 $110.00 339 339
07-Dec-31 $101.92 396 396
09-Dec-32 $103.65 497 511
17-Dec-34 $142.24 445 445
12-Dec-35 $135.64 478 478
08-Feb-37 $140.04 436 –

3,342 2,968