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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 8: SHAREHOLDERS' EQUITY

 

a.Ordinary shares

 

The ordinary shares of the Company entitle their holders to voting rights, the right to receive cash dividend and the right to a share in excess assets upon liquidation of the Company.

 

b.Stock Options, Restricted Share Units and Warrants

 

In 2003, the Company's Board of Directors approved the 2003 Equity Incentive Plan (the "Plan") for an initial term of ten years from adoption and on December 9, 2012, extended the term of the Plan for an additional ten years. On August 7, 2013, the Company’s Board of Directors approved amendments to the Plan which include the ability to grant RSUs and restricted shares.

 

The contractual term of the stock options is generally no more than seven years and the vesting period of the options and RSUs granted under the Plan is between one and three years from the date of grant. The rights of the ordinary shares issued upon the exercise of stock options or RSUs are identical to those of the other ordinary shares of the Company.

 

As of June 30, 2022, there were 235,394 ordinary shares reserved for future stock-based awards under the Plan.

 

The following table summarizes the activities for the Company’s service-based stock options for the six months ended June 30, 2022:
 
         
Weighted average
        
   
Number of
options
    
Exercise
price
    
Remaining
contractual
term (in
years)
    
Aggregate
intrinsic
value
  
                         
Outstanding at January 1, 2022
    
3,574,401
    
$
2.46
      
45.90
    
$
77,173
  
Granted
    
302,514
      
(*
)
    
-
      
-
  
Exercised
    
(739,748
)
    
1.76
      
-
      
14,560
  
Cancelled
    
(81,087
)
    
4.34
      
-
      
-
  
Outstanding at June 30, 2022
    
3,056,080
    
$
2.34
      
47.78
    
$
48,471
  
                                 
Exercisable at June 30, 2022
    
935,057
    
$
5.16
      
3.50
    
$
12,198
  
                                 
Vested and expected to vest at June 30, 2022
    
3,175,094
    
$
2.36
      
1.57
    
$
50,363
  
 
(*) Represents an amount less than $1

 

The following table summarizes the activities for the Company’s performance-based stock options for the six months ended June 30, 2022:
 
         
Weighted average
        
   
Number of
options
    
Exercise
price
    
Remaining
contractual
term (in
years)
    
Aggregate
intrinsic
value
  
                         
Outstanding at January 1, 2022
    
903,900
    
$
2.37
      
46.16
    
$
19,599
  
Granted
    
177,344
      
(*
)
    
-
      
-
  
Exercised
    
(226,497
)
    
(*
 )    
-
      
4,929
  
Cancelled
    
(8,688
)
    
(*
)
    
-
      
-
  
Outstanding at June 30, 2022
    
846,059
    
$
2.53
      
43.53
    
$
13,241
  
                                 
Exercisable at June 30, 2022
    
300,000
    
$
5.35
      
5.08
    
$
3,849
  
                                 
Vested and expected to vest at June 30, 2022
    
830,218
    
$
2.58
      
2.45
    
$
12,953
  
 
(*) Represents an amount less than $1

 

The performance-based stock options’ vesting is contingent upon achieving specific financial targets of the Company, set at the grant date.