200 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 38 between December 15 preceding a plan year and January 15 of  a plan year. The performance indicators apply over a vesting  period of three years and consist of financial and non-financial  targets set by the Supervisory Board or the local remuneration  committees. After the vesting period, the shares are transferred  to the individual employees. Members of the Executive Board  and the Management Board are not entitled to execute any  transactions regarding the shares for a period of two years  following vesting.  Decisions by the Executive Board to implement share  appreciation rights and share option plans are subject to  approval by the Supervisory Board. If, subsequently, the  Executive Board decides to implement such plans, that decision  has to be approved by the Supervisory Board.  In compliance with regulations under Dutch law, share  appreciation rights and share options cannot be exercised in  blackout periods.  In compliance with regulations under Dutch law, no transactions  regarding the shares can be exercised in blackout periods.  In 2010, 4,266,107 shares were granted to participants in the  Long Term Incentive Plan of which 52,314 shares were  subsequently forfeited.  In 2010, AEGON implemented a new Long Term Incentive Plan  which replaces the option plan, share appreciation plans, share  plans or similar plans relating to AEGON shares. Members of the  Executive Board and the Management Board, as well as other  senior managers within AEGON, have been granted the right to  receive AEGON shares if certain performance indicators are  met and depending on continued employment of the individual  employee to whom the rights have been granted. The shares  were granted in May at the average share price on the NYSE  Euronext stock exchange in Amsterdam during the period  The following tables present the movements in number of  share appreciation rights outstanding (SARs), as well as the  breakdown by the year in which they were granted. SHARE APPRECIATION RIGHTS  LONG TERM INCENTIVE PLAN During 2009 and 2010, no share appreciation rights were  exercised.  Number of SARs Weighted average  exercise price in EUR Weighted  average remaining  contractual  term in years Aggregate intrinsic  value in EUR million Outstanding at January 1, 2009 18,144,141 15.30 1.71 0 Forfeited (1,168,508) 13.68 Expired (5,643,604) 26.70 OUTSTANDING AT JANUARY 1, 2010 11,332,029 9.78 1.44 0 Forfeited (992,380) 10.47 Expired (2,443,509) 6.30 OUTSTANDING AT DECEMBER 31, 2010 7,896,140 10.77 0.79 0 EXERCISABLE AT DECEMBER 31, 2010 7,649,840 10.83 0.68 0 SARs Original number  granted Outstanding January 1, 2010 Outstanding December 1, 2010 Exercise price  in EUR Exercise period 2003  11,447,300 2,562,809 – 6.30 until March 11, 2010 2004  11,574,850 4,934,254 4,546,426 10.56 until March 17, 2011 2005 4,575,600 3,183,566 2,778,114 10.86 until March 8, 2012 2006 244,300 183,700 177,100 14.00 until March 14, 2013 2007 309,500 213,600 148,200 14.98 until March 13, 2014 2008 300,300 254,100  246,300 8.93  until March 11, 2015 TOTAL 28,451,850 11,332,029 7,896,140 In 2009 and 2010 no share appreciation rights were granted.