XML 25 R16.htm IDEA: XBRL DOCUMENT v3.21.2
SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 8:SHAREHOLDERS' EQUITY

a.Ordinary shares

The ordinary shares of the Company entitle their holders to receive notice to participate and vote in general meetings of the Company, the right to share in distributions upon liquidation of the Company and to receive dividends, if declared.

b.Stock Options and RSUs plans

In 2003, the Company adopted a share option plan which has been extended or replaced from time to time, including on September 6, 2010, December 2012 and August 2014. To date, the plan that is currently in effect is the Amended and Restated Share Option and RSU Plan as amended August 10, 2014 (the “Plan”). Under the Plan, options and RSUs may be granted to officers, directors, employees and consultants of the Company or its subsidiaries. The options vest primarily over four years, subject to certain exceptions. The options expire between six to ten years from the date of grant. The Plan expires in December 2022. The maximum number of shares which may be issued under Options granted pursuant to the Plan is twenty million (20,000,000). The Company needs to reserve, and the Board of Directors has reserved, sufficient authorized but unissued Shares for purposes of the Plan subject to adjustments as provided in the Plan. Since the last amendment in 2014, the Company has issued approximately 4,650,000 options under the Plan.

The following table summarizes the activities for the Company’s stock options for the six months ended June 30, 2021:

Six months ended

June 30, 2021

 

Number

of options

 

 

Weighted

average

exercise

price

 

 

Weighted average

remaining contractual

term

(in years)

 

 

Aggregate

intrinsic

value

 

 

Outstanding at beginning of year

6,238,729

$

3.52

3.17

$

2,654

Granted

14,500

3.91

Exercised

(1,765,986

)

2.24

Forfeited or expired

(566,284

)

9.47

 

Outstanding at end of the period

3,920,959

3.23

3.40

$

4,128

 

Options exercisable at end of the period

2,175,627

3.78

2.42

$

1,980

 

Vested and expected to vest

3,612,421

$

3.30

3.28

$

3,730

The weighted average fair value of options granted during the six months ended June 30, 2021 and 2020 was $2.21 and $0.96, respectively.

The intrinsic value of options exercised during the six months ended June 30, 2021 and 2020 was $5,080 and $411, respectively.

15

CERAGON NETWORKS LTD. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 8:SHAREHOLDERS' EQUITY (Cont.)

The following table summarizes the activities for the Company’s RSUs for the six months ended June 30, 2021:  

Number of RSUs

 

 

Aggregate

intrinsic value

 

Unvested at beginning of year

309,986

$

862

Granted

6,500

Vested

(11,260

)

 

Forfeited

(29,640

)

 

 

 

Unvested at end of period

275,586

1,039

The weighted average fair value at grant date of RSUs granted for the six months ended June 30, 2021 and 2020 was $3.81 and $1.69 respectively.

As of June 30, 2021, the total unrecognized estimated compensation cost related to non-vested stock options and RSUs granted prior to that date was $1,057, which is expected to be recognized over a weighted average period of approximately one year.

The following table sets forth the total share-based compensation expenses included in the interim consolidated statements of operations for the six months ended June 30, 2021 and 2020:

Six months ended

June 30,

2020

2021

 

Cost of revenues

60

71

Research and development

99

113

Sales and Marketing

268

154

General and administrative

440

299

 

Total share-based compensation expense

$

867

$

637