Incredimail 2012 Annual Report Download - page 124

PERION NETWORK LTD. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
The Ordinary shares entitle their holders to voting rights, the right to receive cash dividend and the right to a share in
excess assets upon liquidation of the Company. In January 6, 2011 the shareholders resolved to increase the authorized
share capital of the Company to 40,000,000 Ordinary shares with a nominal value of NIS 0.01 each.
In 2003, the Company adopted a share option plan ("the 2003 Plan"). Under the 2003 Plan, employees, officers and non-
employees may be granted options to acquire Ordinary shares. Pursuant to the 2003 Plan, the Company has reserved for
issuance a total of 4,368,000 Ordinary shares. As of December 31, 2012, 1,005,173 options were still available for future
grant under the 2003 Plan.
Options granted under the 2003 Plan vested over three years from the grant date. The options expire no later than five
years from the date of grant.
A summary of the activity in the share options granted to employees, non-
employees and directors for the year ended
December 31, 2012 and related information is as follows:
NOTE 11:
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SHAREHOLDERS' EQUITY
a.
Ordinary share:
b.
Share option plans:
Weighted average
Number of
options
Exercise
price
Remaining
contractual
term
(in Years)
Aggregate
intrinsic
value
Outstanding at January 1, 2012
1,776,072
$
5.87
3.39
$
113
Granted
1,060,501
$
6.19
Exercised *)
(209,067
)
$
4.41
Cancelled
(221,206
)
$
6.12
Forfeited
(82,666
)
$
7.09
Outstanding at December 31, 2012 **)
2,323,634
$
6.09
3.38
$
6,971
Exercisable at December 31, 2012 ***)
694,005
$
5.72
2.31
$
2,278
*)
During 2012, 25,000 share options were exercised in consideration for cash received in an amount of $ 76 and
184,067 share options were exercised under net
-
share settlement.
**) Represents intrinsic value of 1,930,300 outstanding options that are in-the-
money as of December 31, 2012. The
remaining 393,334 outstanding options are out of the money as of December 31, 2012, and their intrinsic value
was considered as zero.
F
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