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NOTE 10 - STOCK AND RETIREMENT PLANS | 12 Months Ended
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Dec. 31, 2014
Note 10 - Stock And Retirement Plans |
NOTE 10 - STOCK AND RETIREMENT PLANS | Stock Option Plans At December 31, 2014, there were 859,324 shares available for future grant under Data I/O Corporation 2000 Stock Compensation Incentive Plan (“2000 Plan”). At December 31, 2014 there were 927,087 shares of Common Stock reserved for issuance consisting of 589,587 under the 2000 plan and 337,500 under the inducement grant reserves. Pursuant to this 2000 Plan, options are granted to our officers and key employees with exercise prices equal to the fair market value of the Common Stock at the date of grant and generally vest over four years. Options granted under the plans have a maximum term of six years from the date of grant. Stock awards may also be granted under the 2000 Plan. Inducement grants were made in 2012 and 2013. In 2012, inducement grants were made to our chief executive officer consisting of 200,000 options and 75,000 restricted shares, of which 18,750 shares were issued in both 2014 and 2013. In 2013, an inducement grant was made to our chief technology officer consisting of 100,000 options. The inducement grants were not made out of the 2000 Plan shares but were made under the terms of the 2000 Plan. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase shares of our Common Stock at six-month intervals at 95% of the fair market value on the last day of each six-month period. Employees may purchase shares having a value not exceeding 10% of their gross compensation during an offering period. During 2014 and 2013, a total of 5,076 and 7,126 shares, respectively, were purchased under the plan at average prices of $2.89 and $1.91 per share, respectively. At December 31, 2014, a total of 60,366 shares were reserved for future issuance. Stock Appreciation Rights Plan We have a Stock Appreciation Rights Plan (“SAR”) under which each director, executive officer or holder of 10% or more of our Common Stock has a SAR with respect to each exercisable stock option. The SAR entitles the SAR holder to receive cash from us for the difference between the market value of the stock and the exercise price of the option in lieu of exercising the related option. SARs are only exercisable following a tender offer or exchange offer for our stock, or following approval by shareholders of Data I/O of any merger, consolidation, reorganization or other transaction providing for the conversion or exchange of more than 50% of the common shares outstanding. As no event has occurred, which would make the SARs exercisable, and no such event is deemed probable, no compensation expense has been recorded under this plan. Director Fee Plan We have a Director Fee Plan, not currently in use, which had provided for payment to directors who are not employees of Data I/O Corporation by delivery of shares of our Common Stock. No shares were issued from the plan for 2014 or 2013 board service and 151,332 shares remain available in the plan as of December 31, 2014. Retirement Savings Plan We have a savings plan that qualifies as a cash or deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the plan, participating U.S. employees may defer their pre-tax salary or post-tax salary if Roth is elected, subject to IRS limitations. In fiscal years 2014 and 2013, we contributed one dollar for each dollar contributed by a participant, with a maximum contribution of 4% of a participant’s earnings. Our matching contribution expense for the savings plan was approximately $173,000 and $157,000 in 2014 and 2013, respectively.

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