Logitech 2004 Annual Report Download - page 114

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
During fiscal years 2004, 2003 and 2002, the Company repurchased shares under buyback programs authorized by
the Board of Directors as follows (in thousands):
Date of Announcement
Approved
Buyback
Amount
Equivalent
USD
Amount(1) Expiration Date
Amount Repurchased During Year Ended March 31,
Program to Date 2004 2003 2002
Shares Amount Shares Amount Shares Amount Shares Amount
October 2003 ....... CHF40,000 $32,090 March 2004 665 $32,090 665 $32,090 — $ — — $ —
February 2003 ...... CHF75,000 $54,728 September 2003 1,772 $54,728 1,534 $47,072 238 $ 7,656 — $ —
July 2002 .......... CHF75,000 $52,414 March 2003 1,510 $52,414 — $ — 1,510 $52,414 — $ —
June 2002 .......... CHF 6,000 $ 3,752 June2002 88 $ 3,752 — $ — 88 $ 3,752 — $ —
August 2001 ........ CHF25,000 $15,043 October 2001 629 $15,043 — $ — — $ — 629 $15,043
(1) Represents the approved buyback amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.
On April 15, 2004 the Company announced a new buyback program of up to CHF 250 million (approximately
$200 million based on exchange rates at the date of announcement). Purchases under the program will be conducted so
that the Company’s total holdings of its own shares do not exceed 10% of its share capital. The program expires at the
date of the Company’s 2006 Annual General Meeting.
Note 9 — Employee Benefit Plans:
Employee Share Purchase Plans
Under the 1996 Employee Share Purchase Plans, eligible employees may purchase registered shares at the lower
of 85% of the fair market value at the beginning or the end of each six-month offering period. Subject to continued
participation in these plans, purchase agreements are automatically executed at the end of each offering period.
Stock Option Plans
Under the 1996 Stock Plan, the Company may grant to employees options for registered shares or ADSs,
restricted shares, stock appreciation rights, and stock units, which are bookkeeping entries representing the equivalent
of shares. A total of 19,000,000 registered shares and/or ADSs may be issued under this plan. Options generally vest
over four years and remain outstanding for periods not to exceed ten years. Options may only be granted at exercise
prices of at least 100% of the fair market value of the registered shares on the date of grant. Restricted shares and stock
appreciation rights may be granted at prices less than 100% of the fair market value of the registered shares on the date
of grant; no cash consideration is required to be paid by employees in connection with the grant of stock units. The
Company has made no grants of restricted shares, stock appreciation rights or stock units. As of March 31, 2004, a total
of 5,245,285 options were available for grant under the 1996 Stock Plan.
Under the 1988 Stock Option Plan, options to purchase registered shares were granted to employees and
consultants at exercise prices ranging from zero to amounts in excess of the fair market value of the registered shares
on the date of grant. The terms and conditions with respect to options granted were determined by the Board of
Directors who administered this plan. Options generally vest over four years and remain outstanding for periods not
exceeding ten years. Further grants may not be made under this plan.
The Company also maintains one other option plan for a small number of Asian executives, under which options
were granted at exercise prices below the fair market value of the registered shares on the date of grant. No further
stock options may be granted under this plan.
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