Salesforce.com 2005 Annual Report Download - page 80
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Table of Contents
salesforce.com, inc.
Notes to Consolidated Financial Statements—(Continued)
Common Stock
The following shares of common stock are available for future issuance at January 31, 2006:
Options outstanding 16,005,907
Warrants outstanding 268,000
Stock available for future grant:
1999 Stock Option Plan 1,085,190
2004 Equity Incentive Plan 2,339,325
2004 Employee Stock Purchase Plan 1,000,000
2004 Outside Directors Stock Plan 867,500
21,565,922
In January 2004, the Board of Directors authorized the issuance of 10,000 shares of common stock to a board member and 22,500 shares to a former
board member for past board services. The expense associated with these share issuances was $260,000 and was recognized immediately in fiscal 2004.
During fiscal 2005, the Board of Directors authorized the issuance of 40,000 shares of common stock to two board members for board services. Of the
40,000 shares, 12,500 shares were distributed pursuant to the terms described in the 2004 Outside Directors Stock Plan. The expense associated with these
share issuances was $646,000 and was expensed immediately at the time of the issuances.
During fiscal 2006, a board member received stock grants for a total of 20,000 shares of common stock for board services pursuant to the terms
described in the 2004 Outside Directors Stock Plan. The expense associated with these share issuances was $389,000 and was expensed immediately at the
time of the issuances.
8. Commitments and Contingencies
Letters of Credit
As of January 31, 2006, the Company had a total of $3,351,000 in letters of credit outstanding in favor of its landlords for office space in San Francisco,
California, Switzerland and Singapore. None of these letters of credit are collateralized.
These letters of credit renew annually and mature at various dates through December 2010.
Leases
The Company leases facilities and equipment under noncancelable operating and capital leases with various expiration dates through June 2013.
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