PFSWEB, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued)
The following table summarizes information concerning currently
outstanding and exercisable PFSweb stock options issued under the PFSweb Plans
to PFSweb officers, directors and employees as of December 31, 2003:
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Options Outstanding
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Options Exercisable
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Weighted |
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Average |
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Weighted |
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Weighted |
| Range of |
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Outstanding as of |
|
Remaining |
|
Average |
|
Exercisable as of |
|
Average |
Exercise Prices
|
|
December 31, 2003
|
|
Contractual Life
|
|
Exercise Price
|
|
December 31, 2003
|
|
Exercise Price
|
$ 0.39-$2.69 |
|
|
3,846,481 |
|
|
|
8.0 |
|
|
$ |
0.98 |
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|
|
2,882,876 |
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|
$ |
1.13 |
|
$10.45-$16.00 |
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|
9,250 |
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|
5.6 |
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|
$ |
11.05 |
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9,250 |
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$ |
11.05 |
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3,855,731 |
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8.0 |
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$ |
1.00 |
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2,892,126 |
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$ |
1.16 |
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PFSweb Non-plan Options
Prior to the Company’s initial public offering described in Note 1,
certain of the Company’s employees had been granted Daisytek stock options
under Daisytek’s stock option compensation plans (the “Daisytek Plans”). The
stock options generally vest over a three to five-year period from the date of
grant and expire 10 years after the date of grant.
In connection with the completion of the Spin-off, all outstanding
Daisytek stock options were replaced with substitute stock options. Options
held by PFSweb employees were replaced (at the option holder’s election made
prior to the Spin-off) with either options to acquire shares of PFSweb common
stock or options to acquire shares of both Daisytek common stock and PFSweb
common stock (which may be exercised separately) (the “Unstapled Options”).
Options held by Daisytek employees were replaced (at the option holder’s
election made prior to the Spin-off) with either options to acquire shares of
Daisytek common stock or Unstapled Options.
As a result of the stock option replacement process described above, in
conjunction with the Spin-off on July 6, 2000, 3,479,697 non-plan PFSweb stock
options (the “PFSweb Non-plan”) were issued to PFSweb and Daisytek officers,
directors and employees.
As of December 31, 2003, 504,968 PFSweb Non-plan options were outstanding,
all of which were held by PFSweb officers, directors and employees.
The following table summarizes stock option activity under the PFSweb
Non-plan:
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Weighted Average |
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Shares
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Price Per Share
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Exercise Price
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Outstanding, March 31, 2001 |
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3,396,845 |
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$ |
4.22—$10.58 |
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$ |
7.25 |
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Granted |
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757,349 |
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$ |
0.91—$ 1.17 |
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$ |
0.92 |
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Exercised |
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— |
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$ |
— |
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|
$ |
— |
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Canceled |
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(2,722,691 |
) |
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$ |
1.17—$10.58 |
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$ |
6.87 |
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Outstanding, December 31, 2001 |
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1,431,503 |
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$ |
0.91—$10.58 |
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|
$ |
1.15 |
|
Granted |
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|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Canceled |
|
|
(246,696 |
) |
|
$ |
0.91—$10.58 |
|
|
$ |
1.59 |
|
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|
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|
|
|
|
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|
Outstanding, December 31, 2002 |
|
|
1,184,807 |
|
|
$ |
0.91—$10.58 |
|
|
$ |
1.05 |
|
Granted |
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|
— |
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|
$ |
— |
|
|
$ |
— |
|
Exercised |
|
|
(320,838 |
) |
|
$ |
0.91—$ 1.17 |
|
|
$ |
1.10 |
|
Canceled |
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(359,001 |
) |
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$ |
0.91—$ 1.17 |
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|
$ |
1.16 |
|
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Outstanding, December 31, 2003 |
|
|
504,968 |
|
|
$ |
0.91—$10.58 |
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|
$ |
0.95 |
|
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The weighted average fair values of options granted during the nine months
ended December 31, 2001 was $0.77. As of December 31, 2003 and 2002, 504,968
and 1,184,807 of options outstanding were exercisable, respectively.
61