Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:



	February 28, 2015		February 28, 2014
Commissions	$	740	$	481
Employee compensation	24,356		31,267
Professional fees and accrued settlements	2,206		2,061
Future warranty	8,317		11,033
Freight and duty	3,291		3,321
Payroll and other taxes	2,406		3,067
Royalties, advertising and other	10,428		13,173
Total accrued expenses and other current liabilities	$	51,744	$	64,403

In August 2003, the Company entered into a call/put option agreement with certain employees of Voxx Germany, whereby these employees could acquire up to a maximum of 20% of the Company's stated share capital in Voxx Germany at a call price equal to the same proportion of the actual price paid by the Company for Voxx Germany. The agreement was amended in April 2014, fixing the put price at €3,000 and the call price at €0, with the put subject only to downward adjustments for losses incurred by Voxx Germany, beginning in Fiscal 2015. The put options become immediately exercisable upon (i) the sale of Voxx Germany or (ii) the termination of employment or death of the employee. Beginning in Fiscal 2015 and for each fiscal year thereafter, the employees will also receive a dividend equal to 20% of Voxx Germany's net after tax profits. Accordingly, the Company recognizes compensation expense based on 20% of the after tax net profits of Voxx Germany, subject to certain tax treatment adjustments as defined in the agreement, representing the annual dividend. The balance of the call/put option included in Accrued Expenses and Other Current Liabilities on the Consolidated Balance Sheets at February 28, 2015 and February 28, 2014 was $3,765 and $5,156, respectively, and is included within employee compensation in the table above. Compensation expense for these options amounted to $451, $580 and $534 for the years ended February 28, 2015, February 28, 2014 and February 28, 2013, respectively.

Also included in Accrued Expenses and Other Current Liabilities on the Consolidated Balance Sheet at February 28, 2015 is an accrual for restructuring charges of $1,134. These charges represent termination benefits related to a headcount reduction announced by the Company in the fourth quarter of Fiscal 2015. The accrued benefits are included within employee compensation in the table above. There were no restructuring charges accrued at February 28, 2014.