6. Stockholders’ Equity

Preferred Stock

In April 2001, in connection with the entering into of the Company's Rights Agreement, the Company authorized the issuance of preferred stock. The preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to provide for the rights, preferences and privileges of the shares of each series and any qualifications, limitations or restrictions on these shares. As of June 30, 2017, no shares of preferred stock were outstanding.

Stockholders’ Rights Agreement

On April 26, 2012, the Company entered into an Amended and Restated Rights Agreement between the Company and Computershare Shareholder Services LLC as the rights agent (the “Restated Rights Plan”). The Restated Rights Plan governs the terms of each right (“Right”) that has been issued with respect to each share of Common Stock of Extreme Networks. Each Right initially represents the right to purchase one one-thousandth of a share of our Preferred Stock. The Restated Rights Plan replaces in its entirety the Rights Agreement, dated as of April 27, 2001, as subsequently amended, between us and Mellon Investor Services LLC (the “Prior Rights Plan”).

The Board adopted the Restated Rights Plan to preserve the value of our deferred tax assets, including our net operating loss carry forwards, with respect to our ability to fully use its tax benefits to offset future income which may be limited if we experience an “ownership change” for purposes of Section 382 of the Internal Revenue Code of 1986 as a result of ordinary buying and selling of our common stock. Following its review of the terms of the plan, the Board decided it was necessary and in the best interests of us and our stockholders to enter into the Restated Rights Plan. The Restated Rights Plan incorporates the Prior Rights Plan and the amendments thereto into a single agreement and extended the term of the Prior Rights Plan to April 30, 2013. Each year since 2013 our Board and shareholders have approved an amendment providing for a one year extension of the term of the Restated Rights Plan. Our Board of Directors unanimously approved an amendment to the Restated Rights Plan on May 9, 2017 to extend the Restated Rights Plan through May 31, 2018, subject to ratification by a majority of the stockholders of the Company at the next annual shareholders meeting, expected to be held on November 9, 2017.

Shares Reserved for Issuance

The following are shares reserved for issuance (in thousands):

	June 30, 2017		June 30, 2016
2014 Employee Stock Purchase Plan		7,785		10,001
Employee stock options and awards outstanding		9,726		10,609
2013 Employee Plan shares available for grant		7,629		5,401
Total shares reserved for issuance		25,140		26,011

The following table summarizes the transfer of shares between the respective plans for the periods presented (in thousands):

	2005 Plan			2013 Plan			Total
Shares available at June 30, 2014		—			8,762			8,762
Granted		—			(7,060	)		(7,060	)
Canceled		1,537			2,211			3,748
Transferred		(1,537	)		1,537			—
Shares available at June 30, 2015		—			5,450			5,450
Granted		—			(5,141	)		(5,141	)
Canceled		5,803			—			5,803
Transferred		(5,092	)		5,092			—
Retired		(711	)		—			(711	)
Shares available at June 30, 2016		—			5,401			5,401
Additional shares authorized		—			8,300			8,300
Granted		—			(7,865	)		(7,865	)
Canceled		—			1,793			1,793
Shares available at June 30, 2017		—			7,629			7,629