Incredimail 2013 Annual Report Download - page 130

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PERION NETWORK LTD. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
The Company’
s Incentive Plan (including the U.S. Addendum) (the "Plan") was initially adopted in 2003. The Plan had an
initial term of ten years from adoption.
On December 9, 2012, our Board of Directors extended the term of the Plan for an additional ten years. In addition, on
August 7, 2013, our Board of Directors approved amendments to the Plan, which include the ability to grant RSUs and
restricted stock.
The vesting period of the outstanding options and RSUs is generally 3 years from the
date of grant. The rights of the
ordinary shares obtained from the exercise of options or RSUs are identical to those of the other ordinary shares of the
Company. The contractual term of these options is five years.
The maximum number of ordinary shares currently authorized to be granted under the Plan is 12,000,000.
At December 31, 2013, 10,062,780 ordinary Shares remained available for future equity awards.
A summary of the activity in the share options granted to employees, non-
employees and directors for the year ended
December 31, 2013 and related information is as follows:
NOTE 11:-
SHAREHOLDERS' EQUITY (Cont.)
b.
Share option plans:
Weighted average
Remaining
contractual
Aggregate
Number of
Exercise
term
intrinsic
options
price
(in Years)
value
Outstanding at January 1, 2013
2,323,634
$
6.09
3.38
6,971
Granted
628,375
$
9.87
Exercised *)
(744,858
)
$
5.54
Cancelled
(492,848
)
$
8.53
Forfeited
(750
)
$
4.16
Outstanding at December 31,
2013 **)
1,713,553
$
7.01
3.03
8,782
Exercisable at December 31,
2013
676,203
$
5.67
2.09
4,341
*)
During 2013, 744,845 share options were exercised under net
-
share settlement.
**) Represents intrinsic value of 1,589,178 outstanding options that are in-the-
money as of December 31, 2013. The
remaining 124,375 outstanding options are out of the money as of December 31, 2013, and their intrinsic value
was considered as zero.
F
-
36