- Issuance of stock options

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| Source: SPRON
multilang-release
Issuance of stock options 
The board of directors of SPRON hf. has decided on the basis of the bank's
stock option scheme to grant stock options on shares in the bank to its
employees. The options come into effect today, 28 December 2007. 
 
Options to buy a total of 46,020 thousand shares are granted to a total of 260
employees, i.e. all full-time employees of SPRON and it's subsidiaries.  Stock
option holders are entitled to exercise one third of their stock option from 20
January to 10 March each year, for the first time in 2009. The option has an
exercise price of ISK 10,16 per share which is the weighted average closing
price on the OMX Nordic Exchange during the last 15 trading days.  (Stock
option plan 1). 
 
In addition to the above-mentioned stock options, the board has granted 51
employee options to buy a total of 146,850 thousand shares, with the right to
exercise one third of the option from 20 January to 10 March each year, for the
first time in 2009. The option has an exercise price of ISK 10,16 per share
during the first exercise period, ISK 10,67 per share during the second
exercise period and ISK 11,20 per share during the third exercise period.
Employees may defer the right to exercise the option during the duration of the
agreement, but the exercise price for the deferred shares increases to the
exercise price which is valid for the period when the option is eventually
exercised. (Stock option plan 2). 
  
The following stock options are granted to the following primary insiders who
are obliged to disclose their transactions. 
 
Name of primary insider: Guðmundur Örn Hauksson
Insider's relation to the issuer: Chief Executive Officer
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2:	 	12,000,000 shares
Primary insider's holdings: 				56,080,713 shares
Related parties' holdings: 					516,786 shares
 
Name of primary insider: Ólafur Haraldsson
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		7,500,000 shares
Primary insider's holdings:					1,460,802 shares
Related parties' holdings: 					36,389,976 shares
 
Name of primary insider: Harpa Gunnarsson
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1:		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				1,651,762 shares
Related parties' holdings: 					99,067 shares

Name of primary insider: Hörður Helgason
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				1,541,660 shares
Related parties' holdings: 					0 shares

Name of primary insider: Jón Hallur Pétursson
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				4,913,088 shares
Related parties' holdings: 					0 shares

Name of primary insider: Kristján Harðarson
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				135,000 shares
Related parties' holdings: 					26,647,290 shares

Name of primary insider: Ósvaldur Knudsen
Insider's relation to the issuer: Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				112,106 shares
Related parties' holdings: 					0 shares

Name of primary insider:  Valgeir M. Baldursson
Insider's relation to the issuer:  Managing Director
Nmber of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2:   		6,000,000 shares
Primary insider's holdings: 				1,219,964 shares
Related parties' holdings:					0 shares

Name of primary insider:  Geir Þórðarson
Insider's relation to the issuer: Managing Director of subsidiary
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2:  		6,000,000 shares
Primary insider's holdings: 				12,693,185 shares
Related parties' holdings: 					0 shares

Name of primary insider:  Kristinn Bjarnason
Insider's relation to the issuer: Managing Director of subsidiary
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings:				         	0 shares
Related parties' holdings:                                      0 shares

Name of primary insider: Páll Árnason
Insider's relation to the issuer:  Head of Risk Management
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2:		6,000,000 shares
Primary insider's holdings: 				2,086,010 shares
Related parties' holdings: 					1,486,010 shares

Name of primary insider: Þórir Haraldsson
Insider's relation to the issuer:  Internal auditor
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		6,000,000 shares
Primary insider's holdings: 				869,797 shares
Related parties' holdings: 					254,599 shares

Name of primary insider: Ari Bergmann Einarsson
Insider's relation to the issuer: Branch Manager 
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		3,000,000 shares
Primary insider's holdings: 				520,152 shares
Related parties' holdings: 					55,815,333 shares

Name of primary insider:  Lárus Sigurðsson 
Insider's relation to the issuer:  Branch Manager
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		3,000,000 shares
Primary insider's holdings: 				0 shares
Related parties' holdings: 					233,088 shares

Name of primary insider:  Sigríður Einarsdóttir
Insider's relation to the issuer:  Branch Manager
Nmber of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		3,000,000 shares 
Primary insider's holdings: 				2,310,314 shares
Related parties' holdings: 					856,973 shares


Name of primary insider:  Þórný Pétursdóttir
Insider's relation to the issuer: Deputy Managing Director
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		3,000,000 shares
Primary insider's holdings: 				5,496,673 shares
Related parties' holdings:					0 shares

Name of primary insider:  Inga E. Káradóttir 
Insider's relation to the issuer: Assistant to CEO
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2:		2,250,000 shares
Primary insider's holdings: 				297,202 shares
Related parties' holdings: 					0 shares

Name of primary insider:  Jóna Ann Pétursdóttir
Insider's relation to the issuer: Head of Public Relations
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		2,250,000 shares
Primary insider's holdings: 				265,900 shares
Related parties' holdings: 					730,277,716 shares

Name of primary insider:  Þorvaldur F. Jónsson
Insider's relation to the issuer:  Key employee
Number of shares according to stock option plan 1: 		177,000 shares
Number of shares according to stock option plan 2: 		2,250,000 shares
Primary insider's holdings: 				3,891,608 shares
Related parties' holdings: 					41,412,715 shares