Western Digital 1995 Annual Report Download - page 28

    .
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The following table summarizes all shares of common stock reserved for issuance
as of July 1, 1995 (in thousands):
Number
of Shares
Issuable upon:
Exercise of stock options, including options available for grant 7,090
Employee stock purchase plan 1,266
8,356
Common Stock Offerings
In February 1993, the Company issued 5,750,000 shares of its common stock in a
public common stock offering. Proceeds from the offering, net of commissions
and other related expenses totaling $3.6 million, were $42.4 million.
In February 1994, the Company issued 7,618,711 shares of its common
stock in a public common stock offering. Proceeds from the offering, net of com-
missions, and other related expenses totaling $4.2 million, were $73.3 million.
Stock Option Plans
Western Digital’s Employee Stock Option Plan (“Employee Plan”) is administered
by the Compensation Committee of the Board of Directors which determines the
vesting provisions, the form of payment for the shares and all other terms of the
options. Terms of the Employee Plan require that the exercise price of options be
not less than the fair market value at the date of grant. Options granted vest 25%
one year from the date of grant and in twelve quarterly increments thereafter. As
of July 1, 1995, 1,252,665 options were exercisable and 2,033,599 options were
available for grant. Participants in the Employee Plan are permitted to utilize stock
purchased previously as consideration to exercise options. The following table sum-
marizes activity under the Employee Plan (in thousands, except per share
amounts):
Options Outstanding
Number Price
of Shares Per Share Amount
Options outstanding at June 30, 1992 3,920 $ 2.88 – $13.63 $16,092
Granted 1,879 4.38 – 9.00 10,981
Exercised, net of value of redeemed shares (376) 2.88 – 6.88 (1,411)
Cancelled or expired (329) 2.88 – 9.88 (1,693)
Options outstanding at June 30, 1993 5,094 2.88 – 13.63 23,969
Granted 1,731 3.88 – 19.13 21,320
Exercised, net of value of redeemed shares (1,785) 2.88 – 9.00 (7,120)
Cancelled or expired (664) 2.88 – 19.13 (4,710)
Options outstanding at June 30, 1994 4,376 2.88 – 19.13 33,459
Granted 1,429 13.38 – 18.13 22,210
Exercised, net of value of redeemed shares (1,036) 2.88 – 13.88 (5,478)
Cancelled or expired (351) 2.88 – 19.13 (2,979)
Options outstanding at July 1, 1995 4,418 $ 2.88 – $19.13 $47,212