Table of Contents
Notes to Consolidated Financial Statements (Continued)
12. Stock-based Compensation (Continued)
common shares available for grant under the Plan of 356,533 common shares. The Company's stockholders approved the amendment to the Plan in July 2015.
Company has not granted stock appreciation rights or restricted stock awards to directors, officers or employees under the Plan since its inception. Options generally expire ten
years following the date of grant. Options typically vest over a period of two to four years, but vesting provisions can vary by award based on the discretion of the Board of Directors. Certain awards
issued by the Company include performance conditions that must be achieved in order for vesting to occur. Options to purchase common stock carry an exercise price equal to the estimated fair value of
the Company's common stock on the date of grant. Options to purchase shares of the Company's common stock may be exercised by payment of the exercise price in cash, by the delivery of previously
acquired shares of common stock having a fair value equal to the exercise price payable or the withholding of common shares equal to the fair value of the aggregate exercise price. Upon the
termination of service of a holder of stock options awarded under the Plan, all unvested options are immediately forfeited and vested options may be exercised within six months of termination.
of common stock underlying awards previously issued under the Plan which are reacquired by the Company, withheld by the Company in payment of the purchase price, exercise price,
or withholding taxes, expired, cancelled due to forfeiture, or otherwise terminated other than by exercise, are added to the number of shares of common stock available for issuance under the
Plan. Shares available for issuance under the Plan may be authorized but unissued shares of the Company's common stock or common stock reacquired by the Company and held in treasury. The Plan expires
ten years from the date it was approved by the Board of Directors.