Plantronics 2011 Annual Report Download - page 77

1993 Stock Option Plan
In September 1993, the Board of Directors approved the Plantronics Inc. Parent Corporation 1993 Stock Option Plan (the "1993
Stock Option Plan"). Under the 1993 Stock Option Plan, there were 22,927,726 shares of common stock (which number is subject
to adjustment in the event of stock splits, reverse stock splits, recapitalization, or certain corporate reorganizations) cumulatively
reserved since inception for issuance to employees and consultants of Plantronics. The 1993 Stock Option Plan, which provided
for incentive stock options as well as nonqualified stock options to purchase shares of common stock, had a term of 10 years;
therefore, the ability to grant new options under this 1993 Stock Option Plan expired in September 2003. At March 31, 2011,
options to purchase 1,312,070 shares of common stock were outstanding under the 1993 Stock Option Plan.
Directors' Stock Option Plan
In September 1993, the Board of Directors adopted a Directors' Stock Option Plan (the "Directors' Option Plan") and has
cumulatively reserved since inception a total of 300,000 shares of common stock (which number is subject to adjustment in the
event of stock splits, reverse stock splits, recapitalization or certain corporate reorganizations) for issuance to non-employee
directors of Plantronics. The ability to grant new options under the Directors' Option Plan expired by its terms in September 2003.
Non-employee directors participate in the 2003 Stock Plan. At March 31, 2011, options to purchase 24,000 shares of common
stock were outstanding under the Directors' Option Plan.
Inducement Plan
In August 2005, the Board of Directors reserved 145,000 shares for the issuance of stock awards to Altec Lansing employees (the
“Inducement Plan”). At March 31, 2011, options to purchase 5,000 shares of common stock were outstanding. All remaining
shares of common stock under the Inducement Plan are not available for future grants as the reservation of such shares was
subsequently canceled.
Employee Stock Purchase Plan ("ESPP")
On June 10, 2002, the Board of Directors of Plantronics approved the 2002 ESPP, which was approved by the stockholders on
July 17, 2002, to provide certain employees with an opportunity to purchase Plantronics' common stock through payroll deductions.
The plan qualifies under Section 423 of the Internal Revenue Code. Under the 2002 ESPP, which is effective through June 2012,
the purchase price of Plantronics' common stock is equal to 85% of the lesser of the fair market value closing price of Plantronics'
common stock on (i) the first day of the offering period, or (ii) the last day of the offering period. Each offering period is generally
six months long. There were 170,376, 281,598 and 337,538, shares issued under the 2002 ESPP in fiscal 2011, 2010 and 2009,
respectively. At March 31, 2011, there were 500,019 shares reserved for future issuance under the 2002 ESPP.
Stock Plan Activity
Stock Options
The following is a summary of the Company’s stock option activity during fiscal 2011:
Outstanding at March 31, 2010
Options granted
Options exercised
Options forfeited or expired
Outstanding at March 31, 2011
Vested or expected to vest at March 31, 2011
Exercisable at March 31, 2011
Options Outstanding
Number of
Shares
(in thousands)
7,631
542
(2,196)
(617)
5,360
5,265
4,124
Weighted
Average
Exercise
Price
$ 25.06
$ 32.86
$ 22.81
$ 35.43
$ 25.58
$ 25.53
$ 25.55
Weighted
Average
Remaining
Contractual
Life
(in years)
3.1
3.1
2.3
Aggregate
Intrinsic Value
(in thousands)
$ 62,072
$ 61,259
$ 48,557
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