XML 36 R21.htm IDEA: XBRL DOCUMENT v3.22.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 14:-SHAREHOLDERS' EQUITY

The ordinary shares of the Company are traded on the Nasdaq Global Select Market, under the symbol “CRNT”.

a.General:

The ordinary shares 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 plans:

1.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 7,650,000 options under the Plan.

2.The following table summarizes the activities for the Company’s stock options for the year ended December 31, 2021:

 

Year ended

December 31, 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

1,902,868

3.72

Exercised

(2,098,957

)

2.25

Forfeited or expired

(856,194

)

7.75

 

Outstanding at end of the year

5,186,446

$

3.40

4.01

$

534

 

Options exercisable at end of the year

2,342,399

$

3.57

2.75

$

370

 

Vested and expected to vest

4,664,666

$

3.41

3.87

$

508

F - 37

CERAGON NETWORKS LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 14:-SHAREHOLDERS' EQUITY (Cont.)

The weighted average fair value of options granted during 2019, 2020 and 2021 was $1.39, $1.06 and $2.25, respectively.

The intrinsic value of options exercised during the years ended December 31, 2019, 2020 and 2021 was $626, $770 and $5,519, respectively.

The following table summarizes the activities for the Company’s RSUs for the year ended December 31, 2021:  

Year ended

December 31, 2021

Number of

RSUs

Aggregate

intrinsic

value

 

Unvested at beginning of year

309,986

$

862

Granted

588,466

Vested

(129,380

)

Forfeited

(69,393

)

 

Unvested at end of the year

699,679

$

1,805

 

Vested and expected to vest

493,881

$

1,274

The weighted average fair value at grant date of RSUs granted during 2019, 2020 and 2021 was $2.79, $2.11 and $4.07, respectively.

As of December 31, 2021, the total unrecognized estimated compensation cost related to non-vested stock options and RSU`s granted prior to that date was $ 4,563, which is expected to be recognized over a weighted average period of approximately one year.

The following is a summary of the Company’s stock options and RSUs granted separated into ranges of exercise price:

Exercise price

(range)

 

 

Options and RSUs

outstanding

as of

December 31, 2021

 

 

Weighted

average

remaining

contractual

life (years) for outstanding

options

 

 

Weighted

average

exercise

price

 

 

Options and RSUs

exercisable

as of

December 31, 2021

 

 

Weighted

average

remaining contractual life

(years) for exercisable

options

 

 

Weighted

average

exercise

price

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

RSUs 0.0

699,679

-

0.00

-

-

0.00

0.01-2.00

154,389

1.17

1.45

141,239

0.92

1.42

2.01-4.00

4,460,682

4.39

3.05

1,760,845

3.35

2.78

4.01-6.00

281,375

3.31

4.41

150,315

1.80

4.57

6.01-8.00

15,000

0.75

6.21

15,000

0.75

6.21

8.01-10.00

275,000

0.40

9.00

275,000

0.40

9.00

 

5,886,125

2,342,399

F - 38

CERAGON NETWORKS LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 14:-SHAREHOLDERS' EQUITY (Cont.)

The total equity-based compensation expense related to all of the Company’s equity-based awards, recognized for the years ended December 31, 2019, 2020 and 2021, was comprised as follows:

Year ended

December 31,

2019

2020

2021

 

Cost of revenues

$

71

$

110

$

289

Research and development, net

366

243

236

Sales and marketing

708

545

700

General and administrative

908

764

1,337

 

Total share-based compensation expenses

$

2,053

$

1,662

$

2,562

c.Dividends:

In the event that cash dividends are declared in the future, such dividends will be paid in NIS or in foreign currency subject to any statutory limitations. The Company does not intend to pay cash dividends in the foreseeable future.