Yahoo 1998 Annual Report Download - page 53

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Common Stock upon the date on which such person first becomes a director.
Thereafter, each director of the Company will be granted an annual option (the
“Annual Option”) to purchase 30,000 shares of Common Stock. Options under the
Directors’ Plan will be granted at the fair market value of the stock on the date
of grant as determined by the Board of Directors and will vest in equal monthly
installments over four years, in the case of the First Option, or at the end of four
years in the case of the Annual Option. Options granted under the Directors’ Plan
are for periods not to exceed 10 years.
Activity under the Company’s stock option plans is summarized as follows
(in thousands, except per share amounts):
Weighted
Average
Available Options Price
for Grant Outstanding per Share
Balance at December 31, 1995 10,279 19,906 $ 0.00
Additional shares reserved 19,252
Options granted (22,829) 22,829 1.68
Options canceled 1,845 (1,845) 1.66
Options exercised (2,978) 0.00
Balance at December 31, 1996 8,547 37,912 0.94
Additional shares reserved 30,000
Options granted (18,442) 18,442 9.38
Options canceled 356 (356) 2.30
Options exercised (9,670) 0.53
Balance at December 31, 1997 20,461 46,328 4.35
Additional shares reserved 8,245
Options granted (19,566) 19,566 54.94
Options canceled 2,494 (2,494) 12.23
Options exercised (10,551) 2.89
Balance at December 31, 1998 11,634 52,849 $ 22.99
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