Plantronics 2002 Annual Report Download - page 48

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D irectors’ 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. T he 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 direct o r
shall be granted an option to purchase 12,000 shares of Common Stock on the date 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
S t o c k. At the end of fiscal year 2002, options for 222,000 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:
Op tio ns Out st an din g
S h a re s We i g h t e d
Availab le Av e r a g e
f or Gr ant S h a r es P r i c e
Balance at March 31, 1999 2 , 8 0 5 , 8 2 4 7 , 5 5 2 , 1 2 2 $ 8 . 4 0
Options Granted ( 2 , 6 3 4 , 3 7 5 ) 2 , 6 3 4 , 3 7 5 2 1 . 5 5
Options Exercised — ( 2 , 1 8 0 , 4 9 3 ) 3 . 1 5
Options Cancelled 107,025 ( 1 0 7 , 0 2 5 ) 1 5 . 4 0
Balance at March 31, 2000 2 7 8 , 4 7 4 7 , 8 9 8 , 9 7 9 1 3 . 8 8
Options Authorized 2 , 6 7 0 , 0 0 0 — —
Options Granted ( 1 , 7 2 0 , 0 2 7 ) 1 , 7 2 0 , 0 2 7 3 5 . 0 2
Options Exercised — ( 1 , 5 1 6 , 0 0 0 ) 9 . 6 7
Options Cancelled 3 9 0 , 9 8 4 ( 3 9 0 , 9 8 4 ) 2 0 . 1 4
Balance at March 31, 2001 1 , 6 1 9 , 4 3 1 7 , 7 1 2 , 0 2 2 1 9 . 1 2
Options Authorized 2 , 0 0 0 , 0 0 0 — —
Options Granted ( 2 , 6 0 5 , 0 7 5 ) 2 , 6 0 5 , 0 7 5 1 9 . 6 1
Options Exercised — ( 1 2 7 , 4 4 9 ) 9 . 7 4
Options Cancelled 2 1 5 , 9 8 2 ( 2 1 5 , 9 8 2 ) 2 6 . 1 7
Balance at March 31, 2002 1,230,338 9,973,666 $ 19.21
Exercisable at March 31, 2002 5,067,160
46