TeleNav 2010 Annual Report Download - page 93

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TELENAV, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
A summary of our stock option activity is as follows (in thousands, except per share amounts):
Options outstanding
Shares
available for
grant
Number of
shares
Weighted
average
exercise price
per share
Weighted
average
remaining
contractual life
(years)
Aggregate
intrinsic value
Balance as of June 30, 2009 ............. 2,485 4,399 $1.20
Additional shares authorized ........ 2,083 — —
Granted ......................... (2,119) 2,119 7.80
Exercised ........................ — (478) 0.96
Canceled ........................ 177 (177) 4.54
Balance as of June 30, 2010 ............. 2,626 5,863 $3.50 7.09 $30,633
As of June 30, 2010:
Options vested and expected to vest . . . 5,624 $3.37 7.01 $30,021
Options exercisable ................ 3,311 $0.97 5.56 $24,592
During fiscal 2010, 2009 and 2008, the total cash received from the exercise of stock options was $457,000,
$68,000, and $41,000, respectively. During fiscal 2010, 2009 and 2008, the total intrinsic value of stock options
exercised was $2.3 million, $169,000 and $50,000, respectively.
In fiscal 2008, we offered to certain individuals an opportunity to exchange certain options granted in 2005
where the exercise price of the option was later deemed to be less than the fair market value of our common
stock on the grant date of that option, for an option to purchase an equivalent number of shares of our common
stock with an exercise price at the then current fair market value of our common stock. As a result, we exchanged
outstanding options for 118,302 shares of our common stock. In addition, the participants whose options were
exchanged received a special cash bonus, in the aggregate amount of $173,000, to compensate them for the
higher exercise prices per share in effect for their exchanged options. This bonus, which was recorded in fiscal
2008, resulted in a decrease to additional paid-in capital of $59,000 and an increase in stock-based compensation
expense of $114,000.
During fiscal 2010, we repurchased from two of our former employees a total of 200,590 shares of our
common stock at the then current fair market value, for a total of $1.2 million.
Stock-based compensation
The following table summarizes the stock-based compensation expense recorded for stock options issued to
employees and nonemployees (in thousands):
Fiscal year ended June 30,
2010 2009 2008
Cost of revenue ................................................... $ 18 $ 4 $ 2
Research and development .......................................... 2,604 237 202
Selling and marketing .............................................. 516 155 194
General and administrative .......................................... 1,789 111 57
Total stock-based compensation expense ........................... $4,927 $507 $455
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