Support.com 2011 Annual Report Download - page 60
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On July 27, 2009, we announced a tender offer (the “Exchange Offer”) in which we extended to our employees the opportunity to exchange
outstanding options to purchase shares of our common stock granted under our 2000 Plan, as amended that were outstanding as of July 27, 2009 and
that had exercise prices per share greater than $2.32, the last reported sale price per share of our common stock on The Nasdaq Global Select Market
on August 21, 2009 (“Eligible Options”). We made this offer on the terms and subject to the conditions set forth in the Exchange Offer
documentation filed with the SEC, including a new three-year vesting schedule for the new options granted in the exchange. Eligible Options were
exchanged for an equivalent number of new nonqualified stock options (“New Options”) that we granted under the 2000 Plan, as amended. In
exchange for tendered options, we granted options to purchase approximately 4.1 million shares of common stock to Eligible Option holders on
August 21, 2009, with an exercise price for the New Options equal to $2.32. We conducted a valuation of exchanged options immediately before and
immediately after the exchange in order to calculate the incremental stock compensation expense related to the exchange. The total incremental expense
of approximately $1.2 million is recognized ratably over the three-year vesting term of the exchanged options.
We also adopted the 2010 Equity and Performance Incentive Plan (the “2010 Plan”), effective as of February 8, 2010. Under the 2010 Plan,
the number of shares of Common Stock that may be issued will not exceed in the aggregate 5,000,000 shares of Common Stock plus the number of
shares of Common Stock relating to the prior awards under the 2000 Plan that expire, are forfeited or are cancelled after the adoption of the Plan,
subject to adjustment as provided in the 2010 Plan. No grants will be made under the 2010 Plan after the tenth anniversary of its effective date. As of
December 31, 2011, options to purchase approximately 10.8 million shares were outstanding and an aggregate of approximately 2.4 million shares
remain available for grant.
The following tables represent stock option activity for the years ended December 31, 2011, 2010, and 2009:
Outstanding options at December 31, 2008 13,633,580 $ 4.41 4.54 $ 243
Granted 8,301,338 $ 2.36
Exercised (244,770) $ 1.47
Forfeited (11,011,091) $ 4.60
Outstanding options at December 31, 2009 10,679,057 $ 2.70 5.08 $ 2,559
Granted 1,471,900 $ 3.53
Exercised (1,681,591) $ 2.70
Forfeited (883,002) $ 2.67
Outstanding options at December 31, 2010 9,586,364 $ 2.83 4.48 $ 35,074
Granted 3,293,550 $ 3.69
Exercised (190,480) $ 2.36
Forfeited (1,899,844) $ 3.40
Outstanding options at December 31, 2011 10,789,590 $ 2.99 4.25 $ 8
Options vested and expected to vest 10,604,618 $ 2.99 4.21 $ 7
Exercisable at December 31, 2011 5,572,479 $ 2.97 3.16 $ 3
Non-vested at December 31, 2010 5,875,558 $ 0.99
Granted 3,293,550 $ 1.63
Vested (2,052,153) $ 0.81
Forfeited (1,899,844) $ 1.56
Non-vested at December 31, 2011 5,217,111 $ 1.26
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