Nautilus 2015 Annual Report Download - page 56
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Please find page 56 of the 2015 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.(15) STOCK-BASED COMPENSATION
2015 Long-Term Incentive Plan
On April 28, 2015, our shareholders approved our 2015 Long-Term Incentive Plan (the “2015 Plan”), which replaced our 2005 Long-Term Incentive Plan that
expired in 2015. The 2015 Plan is administered by the Compensation Committee of the Board of Directors and authorizes us to grant various types of stock-based
awards including: stock options, stock appreciation rights, RSAs, RSUs and PSUs. Stock options granted under the 2015 Plan shall not have an exercise price less
than the fair market value of our common stock on the date of the grant. The exercise price of a stock option or stock appreciation right may not be reduced without
shareholder approval. Stock options generally vest over periods of three or four years of continuous service, commencing on the date of grant. Stock options
granted under the 2015 Plan have a seven -year contractual term.
Upon adoption, there were approximately 4.8 million shares available for issuance under the 2015 Plan. The number of shares available for issuance upon adoption
of the 2015 Plan included new shares approved plus any shares of common stock which were previously reserved for issuance under our preceding plan, and were
not subject to grant as of April 28, 2015 or as to which the stock-based compensation award is forfeited on or after April 28, 2015. The number of shares available
for issuance is reduced by (i) two shares for each share delivered in settlement of any stock appreciation rights, for each share of RSA, RSU or PSU award, and
(ii) one share for each share delivered in settlement of a stock option award. In no event shall more than 1.0 million aggregate shares of common stock subject to
stock options, stock appreciation rights, RSA, RSU or PSU awards be granted to any one participant in any one year under the 2015 Plan. At December 31, 2015 ,
we had 4.5 million shares available for future grant under our 2015 Plan, and a total of 5.4 million shares of our common stock are reserved for future issuance
pursuant to the 2015 Plan and our previous plan combined.
Stock Option Activity
Stock option activity was as follows (shares in thousands):
Options
Outstanding
Weighted-
Average
Exercise
Price
Outstanding at December 31, 2014 798 $ 4.41
Granted 18
16.21
Forfeited, canceled or expired (12)
15.40
Exercised (284)
3.70
Outstanding at December 31, 2015 520 $ 5.01
Certain information regarding options outstanding at December 31, 2015 was as follows:
Options
Outstanding
Options
Exercisable
Options Vested
and Expected
to Vest
Number (in thousands) 520
373
520
Weighted-average exercise price $ 5.01
$ 3.47
$ 5.01
Aggregate intrinsic value (in thousands) $ 6,099
$ 4,940
$ 6,099
Weighted average remaining contractual term (in years) 3.9
3.4
3.9
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