Support.com 2014 Annual Report Download - page 57

Table of Contents
Employee Stock Purchase Plan
In the second quarter of 2011, to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward eligible employees and by motivating such persons to
contribute to the growth and profitability of the Company, the Company’s Board of Directors and stockholders approved a new Employee Stock Purchase Plan and reserved 1,000,000 shares of our common stock for
issuance effective as of May 15, 2011. The ESPP continues in effect for ten (10) years from its effective date unless terminated earlier by the Company. The ESPP consists of six-month offering periods during which
employees may enroll in the plan. The purchase price on each purchase date shall not be less than eighty-five percent (85%) of the lesser of (a) the fair market value of a share of stock on the offering date of the
offering period, or (b) the fair market value of a share of stock on the purchase date.
A total of 117,533 shares, 79,221 shares, and 84,082 shares were issued under the ESPP during the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, approximately
683,000 shares remain available for grant under the ESPP.
Restricted Stock Units
The following table represents RSU activity for the years ended December 31, 2014 and 2013:
Number of
Shares
Weighted
Average
Grant-Date
Fair Value
per Share
Weighted
Average
Remaining
Contractual Term
(in years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding RSUs at December 31, 2012 98,363 $ 2.82 0.39 $ 410
Awarded 1,871,832 $ 5.02
Released (108,363) $ 2.98
Forfeited (202,986) $ 4.53
Outstanding RSUs at December 31, 2013 1,658,846 $ 5.09 1.57 $ 6,287
Awarded 964,091 $ 2.36
Released (488,150) $ 4.72
Forfeited (670,953) $ 4.80
Outstanding RSUs at December 31, 2014 1,463,834 $ 3.51 1.56 $ 3,067
On May 16, 2014, pursuant to the employment offer letter as approved by the Company's Compensation Committee, and in addition to the market-based stock options, the Company issued 218,752 RSUs to
the Company’s new President and Chief Executive Officer. These RSUs vest over four years from the grant date in equal annual vesting tranches with 25% becoming vested on each of the first four anniversaries of
the grant date subject to continuous service.
On June 4, 2014, the Board of Directors of the Company approved, based on recommendations of the Compensation Committee, a grant of 108,225 RSUs to non-employee directors. These RSUs vest upon
the first anniversary of the grant date.
On August 5, 2013, pursuant to approval by the Company’s Compensation Committee, the Company issued 725,000 RSUs to its corporate employees. These RSUs vest annually in three equal tranches over
three years.
On May 23, 2013, the Board of Directors of the Company approved, based on recommendations of the Compensation Committee, a grant of 48,851 RSUs to non-employee directors. These RSUs vest upon the
first anniversary of the grant date.
During the first quarter of 2013, the Company’s Compensation Committee approved the grant of RSUs to certain key executives. The RSUs granted to these executives included (i) 249,750 time-based RSUs
that vest over a required service period of three years, and (ii) 399,750 performance-based RSUs contingent upon a required service period of three years and as well as the Company’s achievement of specified
annual performance targets for fiscal year 2013. We measured the grant-date fair value of the performance-based RSUs based upon the closing price of the Company’s common stock on the Nasdaq as of the grant
date. We expensed the fair value of the performance-based RSUs that were probable of being earned based on our forecasted annual performance for fiscal year 2013.
56
EDGAR Stream is a copyright of Issuer Direct Corporation, all rights reserved.