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CAPITAL STOCK
6 Months Ended
Jun. 30, 2014
CAPITAL STOCK  
CAPITAL STOCK

14. CAPITAL STOCK

 

Incentive Plans

 

On May 1, 2014, the Company’s shareholders approved the 2014 Incentive Plan, which replaced the 2004 Incentive Plan that expired on April 29, 2014. Under the 2014 Incentive Plan, incentive and non-statutory stock options, stock appreciation rights (SARs), stock awards, cash awards and performance awards may be granted to key employees, consultants and officers of the Company. Non-employee directors of the Company may be granted discretionary awards under the 2014 Incentive Plan consisting of stock options or stock awards. A total of 18 million shares of common stock may be issued under the 2014 Incentive Plan. Under the 2014 Incentive Plan, no more than 10 million shares may be issued pursuant to incentive stock options. No additional awards may be granted under the 2014 Incentive Plan on or after May 1, 2024.

 

No additional awards will be granted under any of the Company’s prior plans, including the 2004 Incentive Plan.  Awards outstanding under the 2004 Incentive Plan will remain outstanding in accordance with their original terms and conditions.

 

Increase in Authorized Shares

 

In May 2014, the Company’s shareholders approved an increase in the authorized number of shares of common stock from 480 million to 960 million shares.