Plantronics 2001 Annual Report Download - page 26

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Directors’ Stock Option Plan. In September 1993, the Board of Directors adopted a Directors’
Stock Option Plan (the “Directors’ Option Plan”) and reserved 300,000 shares of Common
Stock (which number is subject to adjustment in the event of stock splits, reverse stock
splits, recapitalization or certain corporate reorganizations) for issuance to non-employee
directors of Plantronics. The reserved shares include 120,000 shares, which were authorized
by the Board of Directors and approved by the stockholders for issuance in fiscal year 2001.
The Directors’ Option Plan provides that each non-employee director shall be granted an
option to purchase 12,000 shares of Common Stock on the later of the effective date of
Plantronics’ initial public offering or the date on which the person becomes a new director.
Annually thereafter, each continuing non-employee director shall be automatically granted
an option to purchase 3,000 shares of Common Stock. At the end of fiscal year 2001, options
for 183,000 shares of Common Stock were outstanding under the Directors’ Option Plan. All
options were granted at fair market value and generally vest over a four year period.
Stock option activity under the 1993 Stock Plan and the Directors’ Stock Option Plan are
as follows:
Options Outstanding
Shares Weighted
Available Average
for Grant Shares Price
Balance at March 31, 1998 345,001 9,275,736 $ 3.76
Options Authorized 3,900,000
Options Granted (1,998,000) 1,998,000 $18.58
Options Exercised (3,168,279) $ 1.64
Options Cancelled 553,335 (553,335) $ 6.18
Balance at March 31, 1999 2,800,336 7,552,122 $ 8.40
Options Granted (2,634,375) 2,634,375 $21.55
Options Exercised (2,180,493) $ 3.15
Options Cancelled 107,025 (107,025) $15.40
Balance at March 31, 2000 272,986 7,898,979 $13.88
Options Authorized 2,670,000
Options Granted (1,720,027) 1,720,027 $35.02
Options Exercised (1,516,000) $ 9.67
Options Cancelled 390,984 (390,984) $20.14
Balance at March 31, 2001 1,613,943 7,712,022 $19.12
Exercisable at March 31, 2001 3,703,702
Plantronics 2001 Annual Report 22