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Notes to Consolidated Financial Statements (continued)

39 SARAR activity during the period indicated as follows: Weighted Weighted average average remaining A ggregate N umber of exercise contractual intrinsic shares price term value Balance at May 23, 2007 — $ — Granted 777,000 9.74 E E xe rcised — — E E x pired — — Balance at December 31, 2007 777,000 9.74 9.70 $141,760 Granted 415,000 6.74 E E xe rcised — — E E x pired (129,250 ) 9.73 Forfeited (387,750 ) 9.73 Balance at December 31, 2008 675,000 $7.90 9.20 $ — E xercisable at December 31, 2008 65,000 $9.75 7.97 $ — The weighted average grant date fair value of SARARs granted during the year was US$2.1 million (2007: US$5.8 million). During the year 194,250 (2007: none) SARARs vested and none were exercised (2007: none) with a fair value of US$1.4 million (2007: none). A summary of the status of the Company´s non-vested SARARs as of December 31, 2008, and changes during the year, is presented below: Weighted average N umber of grant-date shares fair value Balance at May 23, 2007 — $ — Granted 777,000 8.48 E E xe rcised — — E E x pired — — Balance at December 31, 2007 777,000 8.48 Granted 415,000 5.06 E E xe rcised — — E E x pired (129,250 ) 7.47 Forfeited (387,750 ) 7.44 Balance at December 31, 2008 675,000 $6.04 TyraTech, Inc. Annual Report 2008