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Wednesday, September 03, 2014 12:49:21 PM
From the Plan’s inception in 2004 up to June 30, 2014, the Company granted options to purchase 9,619,867 shares under the Plan, of which options to purchase 4,328,574 shares were subsequently cancelled or forfeited and made available for grants under the Plan. As of June 30, 2014, options to purchase 1,268,333 shares previously issued under the Plan had been exercised, options to purchase 4,022,960 shares were issued and outstanding and 1,708,707 shares were available to be granted under the Plan.
From the Company’s inception in February 1998 up to June 30, 2014, options to purchase a total of 37,050,000 shares were granted outside of the Plan, of which, options to purchase 17,485,000 shares were subsequently cancelled or forfeited. As of June 30, 2014, there were 16,705,000 options to purchase shares of common stock issued outside of the plan.
Employee options vest according to the terms of the specific grant and expire from 5 to 10 years from date of grant. Non-employee option grants have vested upon issuance and up to 2 years from the date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at June 30, 2014 was 6.7 years. Stock option activity for the period December 31, 2013 up to June 30, 2014, was as follows:
Options Weighted Avg.
Exercise Price
December 31, 2013 20,309,908 $ 0.28
Granted 528,052 0.85
Exercised (20,000 ) 0.30
Forfeited (90,000 ) 0.91
June 30, 2014 20,727,960 $0.29
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