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SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
SHARE-BASED PAYMENTS |
Schedule of information on options granted | a. The following is information on options granted in 2020:
|  | Number of options granted in ADSs
|  | According to the Award Plan |  | Exercise |  | Fair value of
|  | of the Company |  | price for 1 |  | options on date of
|  | Other than to |  |  |  |  |  | ADS ($) |  | grant in U.S. dollars
Date of grant |  | directors (1) |  | To directors (1)(2) |  | Total |  |  |  | in thousands (3)
January 2020 |  | 95,000 |  | — |  | 95,000 |  | 6.60 |  | 243
February 2020 |  | 52,500 |  | — |  | 52,500 |  | 6.05 |  | 119
March 2020 |  | 285,000 |  | 144,000 |  | 429,000 |  | 4.87 |  | 970
May 2020 |  | 143,000 |  | 75,000 |  | 218,000 |  | 7.50 |  | 831
June 2020 |  | 767,500 |  | — |  | 767,500 |  | 7.72 |  | 2,671
July 2020 |  | 12,500 |  | — |  | 12,500 |  | 7.69 |  | 45
August 2020 |  | 55,500 |  | — |  | 55,500 |  | 8.72 |  | 264
November 2020 |  | 21,000 |  | — |  | 21,000 |  | 10.20 |  | 90
|  | 1,432,000 |  | 219,000 |  | 1,651,000 |  |  |  | 5,233
1) The options will vest as follows: for directors, employees and consultants of the Company and the Company's subsidiary who had provided services exceeding one year as of the grant date, options will vest in 16 equal quarterly installments over a four-year period. For directors, employees and consultants of the Company and the Company's subsidiary who had not provided services exceeding one year as of the grant date, the options will vest as follows: 1/4 of the options will vest one year following the grant date and the rest will vest over 12 equal quarterly installments. During the contractual term, the options will be exercisable, either in full or in part, from the vesting date until the end of 10 years from the date of grant. The options are exercisable into the Company’s ADSs. 2) The general meeting of the Company’s shareholders held on May 4, 2020 (the “May 2020 AGM”), subsequent to approval of the Company’s BoD, approved the grant of 219,000 options under the Company’s Award Plan, to directors and to the Company's Chief Executive Officer. 3) The fair value of the options was computed using the binomial model and the underlying data used was mainly the following: price of the Company’s ADSs: $4.28 - $9.19, expected volatility: 57.73% - 63.63%, risk-free interest rate: 0.64% - 1.51% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. the expected volatility assumption used in based on the historical volatility of the Company’s ordinary share. b. The following is information on options granted in 2019:
|  | Number of options granted in ADSs
|  | According to the Award Plan |  | Exercise |  | Fair value of
|  | of the Company |  | price for 1 |  | options on date of
|  | Other than to |  |  |  |  |  | Ads |  | grant in U.S. dollars
Date of grant |  | directors (1) |  | To directors (1) (2) |  | Total |  | $) |  | in thousands (3)
February 2019 |  | 158,000 |  | — |  | 158,000 |  | 8.90 |  | 628
May 2019 |  | 564,000 |  | — |  | 564,000 |  | 9.20 |  | 2,433
June 2019 |  | — |  | 187,500 |  | 187,500 |  | 9.20 |  | 641
July 2019 |  | 43,500 |  | — |  | 43,500 |  | 8.00 |  | 173
September 2019 |  | 35,000 |  |  |  | 35,000 |  | 8.00 |  | 150
November 2019 |  | 60,000 |  |  |  | 60,000 |  | 7.60 |  | 195
December 2019 |  | 137,000 |  |  |  | 137,000 |  | 6.90 |  | 451
|  | 997,500 |  | 187,500 |  | 1,185,000 |  |  |  | 4,671
| 1) |  | The options vesting terms are as described in note 19(a)(1) above.
2) The general meeting of the Company’s shareholders held on June 24, 2019 (the “June 2019 AGM”), subsequent to approval of the Company’s BoD, granted 187,500 options under the Company’s Award Plan, to the Company’s directors and to the Chief Executive Officer. 3) The fair value of the options was computed using the binomial model and the underlying data used was mainly the following: price of the Company’s ordinary share: $6.1 - $8.3 expected volatility: 57.48% - 58.27%, risk-free interest rate: 1.63% - 2.67% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. the expected volatility assumption used based on the historical volatility of the Company’s ordinary share.
Schedule of number of shares and weighted averages of exercise prices |
|  | Year Ended December 31,
|  | 2020 |  | 2019
|  |  |  | Weighted |  |  |  | Weighted
|  |  |  | average of |  |  |  | average of
|  | Number of |  | exercise |  | Number of |  | exercise
|  | options |  | price ($) |  | options |  | price ($)
Outstanding at beginning of year |  | 4,050,898 |  | 10. 3 |  | 2,936,024 |  | 10.50
Exercised |  | (8,156) |  | 6.38 |  | (875) |  | 6.10
Expired and forfeited |  | (264,939) |  | 9.65 |  | (69,250) |  | 10.30
Granted |  | 1,651,000 |  | 6.90 |  | 1,185,000 |  | 8.70
Outstanding at end of year |  | 5,428,803 |  | 9.08 |  | 4,050,898 |  | 10.3
Exercisable at end of year |  | 3,178,317 |  | 10.19 |  | 2,490,292 |  | 11.40
Schedule of information about exercise price and remaining useful life of outstanding options |
Year Ended December 31,
2020 |  | 2019
Number of |  |  |  |  |  | Number of |  |  |  |
options |  |  |  | Weighted |  | options |  |  |  | Weighted
outstanding |  |  |  | average of |  | outstanding |  |  |  | average of
at end of |  | Exercise price |  | remaining |  | at end of |  | Exercise price |  | remaining
year |  | range |  | useful life |  | year |  | range |  | useful life
5,428,803 |  | $5.6-$16.1 |  | 5.9 |  | 4,050,898 |  | $5.6-$16.1 |  | 5.2
Schedule of expenses recognized in profit or loss |
Year Ended December 31,
2020 |  | 2019 |  | 2018
U.S. dollars in thousands
4,202 |  | 3,027 |  | 2,678

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