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Stock-Based Compensation and Stock Incentive Plans
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Jul. 31, 2011
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| Stock-Based Compensation and Stock Incentive Plans |
9.
Stock-Based Compensation and Stock Incentive Plans
2011 Stock Plan.
On
July 20, 2011 the stockholders of SeaChange approved the adoption
of SeaChange’s 2011 Compensation and Incentive Plan under
which 2.8 million shares of common stock were authorized and
terminated the Amended and Restated 2005 Equity Compensation and
Incentive Plan. The 2011 Compensation and Incentive Plan (the
“2011 Plan”) provides for the grant of incentive stock
options, nonqualified stock options, restricted stock, restricted
stock units, and other equity based non stock option awards as
determined by the plan administrator for the purchase of up to an
aggregate of 2,800,000 shares of SeaChange’s common stock by
officers, employees, consultants and directors of SeaChange. The
Company may satisfy awards upon the exercise of stock options or
restricted stock units with newly issued shares or treasury shares.
The Board of Directors is responsible for the administration of the
2011 Plan and determining the term of each award, award exercise
price, number of shares for which each award is granted and the
rate at which each award is exercisable.
Option
awards may be granted to employees at an exercise price per share
of not less than 100% of the fair market value per common share on
the date of the grant. Restricted stock units and other
equity-based non-stock option awards may be granted to any officer,
employee, director or consultant at a purchase price per share as
determined by the Board of Directors. Awards granted under the 2011
Plan generally vest over three years and expire seven years from
the date of the grant.
Stock-based
compensation cost is measured at the grant date at the fair value
of the award and is recognized over the employee’s requisite
service period. The following table presents total stock-based
compensation included in the Consolidated Statement of
Income:
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