TiVo 2008 Annual Report Download - page 81

Table of Contents
January 1 and July 1 of each year. However, during calendar year 2008 the purchase periods were eight months and four months in length and began on
January 1 and September 1, respectively. Under the Employee Stock Purchase Plan, the Board may, in the future, specify offerings up to 27 months. As of
January 31, 2009, the total number of shares reserved for issuance under this plan is 8,500,000. As of January 31, 2009, 4,088,993 shares remain available for
future purchases.
2008 Equity Incentive Award Plan
In August 2008, the Company's stockholders approved the 2008 Equity Incentive Award Plan (the 2008 Plan). The 2008 Plan permits the granting of
stock options, non-vested stock awards (also known as restricted stock), stock appreciation rights, performance share awards, performance stock-unit awards,
dividend equivalents awards, stock payment awards, deferred stock awards, performance bonus wards, and performance-based awards. The 2008 Plan allows
the grant of options to purchase shares of the Company's common stock to employees and other individuals at a price equal to the fair market value of the
common stock at the date of grant. The options granted to new employees typically vest 25% after the first year of service, and the remaining 75% vest
monthly over the next 36 months. The vesting period for options granted to continuing employees may vary, but typically vest monthly over a 48 month
period. Options expire 7 years after the grant date, based on continued service. If the optionee's service terminates, options expire 90 days from the date of
termination except under certain circumstances such as death or disability. The number of shares authorized for option grants under the 2008 Plan is
5,999,517. Any awards granted under the 1999 plan that are canceled after August 6, 2008 become available for grant under the 2008 Equity Incentive Award
Plan. Any grants of restricted stock awards will reduce shares available for grant at a 1.5:1 ratio. As of January 31, 2009, 5,735,267 shares remain available
for future stock based award grants.
Stock Award Activity
A summary of the stock options activity and related information for the twelve months ended January 31, 2009, 2008, and 2007 is as follows:
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual Term
Aggregate
Intrinsic
Value
(in thousands) (in thousands)
Outstanding at January 31, 2006 16,791 $ 7.16 6.13 $ 9,009
Grants 5,416 6.78
Exercises (1,893) 4.79
Forfeitures or expirations (2,144) 8.00
Outstanding at January 31, 2007 18,170 $ 7.19 7.05 $ 5,482
Grants 7,551 6.19
Exercises (1,396) 5.08
Forfeitures or expirations (2,263) 7.94
Outstanding at January 31, 2008 22,062 $ 6.91 6.76 $ 54,245
Grants 2,258 8.65
Exercises (1,774) 5.21
Forfeitures or expirations (1,479) 7.17
Outstanding at January 31, 2009 21,067 $ 7.22 6.23 $ 18,453
The aggregate intrinsic value in the preceding table is based on options with an exercise price less than the Company's closing stock price of $7.19 as of
January 31, 2009, which would have been received by the option holders had those option holders exercised their options as of that date. Total intrinsic value
of options exercised was $5.3 million, $3.1 million, and $4.8 million for the twelve months ended January 31, 2009, 2008, and 2007, respectively.
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