Optimize Video not available

I have iMovie 10.0.3 (which is a nightmare), an iMac 27 with 10.9.3 and 16GB and a problem I can't solve by my own.
I want to do use the instant replay feature, but the menu is grayed out.
The potential solution should be to select "optimize video" with a right click in the events, but this option is not available. In the older version it was a piece of cake to do this...
Any idea what I can do get this option?
Cheers!

This has been going on for several weeks and no one really knows what the problem is. Use the search function on the right to find several threads discussing this.

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