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SEC Filings

10-K/A
BIOTIME INC filed this Form 10-K/A on 03/29/2017
Entire Document
 

Warrants Outstanding in 2016, 2015 and 2014

At December 31, 2014, warrants to purchase 8,500,000 common shares with a weighted average exercise price of $3.44 and a weighted average remaining contractual life of 0.99 years were outstanding.  At December 31, 2015, warrants to purchase 3,500,000 common shares with an exercise price of $5.00 and a weighted average remaining contractual life of 0.75 years were outstanding (see Note 15).

In February 2016, of the warrants to purchase 3,500,000 shares, 3,150,000 were returned to Asterias by BioTime as part of the Share Transfer between Asterias and BioTime (see Note 9). As of March 20, 2016, these warrants to purchase 3,150,000 shares were retired by Asterias.  Asterias warrants to purchase common shares outstanding ending December 31, 2016 was 6,552,479.

Activity related to equity and liability classified warrants in 2016 and 2015, is presented in the table below (in thousands, except per share and weighted average exercise prices):

   
Number of
Warrants
   
Per share
exercise
price
   
Weighted
Average
Exercise
Price
 
Outstanding, January 1, 2015
   
8,500
   
$
2.34-5.00
   
$
3.44
 
Exercised in 2015
   
(5,000
)
   
2.34
     
2.34
 
Outstanding, December 31, 2015
   
3,500
   
$
5.00
   
$
5.00
 
Issued in 2016
   
6,350
     
4.28-5.00
     
4.69
 
Exercised in 2016
   
(148
)
   
4.37-5.00
     
4.38
 
Retired in 2016
   
(3,150
)
   
5.00
     
5.00
 
Outstanding, December 31, 2016
   
6,552
   
$
4.28-5.00
   
$
4.68
 

7. Equity Incentive Plan

During March 2013, Asterias’ Board of Directors approved an Equity Incentive Plan (the “Plan”) under which Asterias has reserved 4,500,000 shares of common stock for the grant of stock options or the sale of restricted stock. Initially, Asterias issued Series B Shares under the Plan. Since the date on which all of the outstanding Series B Shares were converted into Series A Shares, Asterias has issued Series A Shares under the Plan. The Plan also permits Asterias to issue such other securities as its Board of Directors or the Compensation Committee administering the Plan may determine. Asterias’ stockholders approved the Plan in September 2013.

During May 2015, Asterias’ Board of Directors approved an amendment that would increase the number shares authorized for issuance under the Plan by 3,500,000 shares. This amendment was approved by the shareholders at the 2015 annual meeting of shareholders held on July 9, 2015.

During May 2016, Asterias’ Board of Directors approved an amendment to increase the number of shares authorized for issuance under the Plan by 3,000,000 shares.  This amendment was approved by the shareholders at the 2016 annual meeting of shareholders held on June 9, 2016.

No options may be granted under the Plan more than ten years after the date upon which the Plan was adopted by the Board of Directors, and no options granted under the Plan may be exercised after the expiration of ten years from the date of grant. Under the Plan, options to purchase common stock may be granted to employees, directors and certain consultants at prices not less than the fair market value at date of grant, subject to certain limited exceptions for options granted in substitution of other options. Options may be fully exercisable immediately, or may be exercisable according to a schedule or conditions specified by the Board of Directors or the Compensation Committee. The Plan also permits Asterias to award restricted stock for services rendered or to sell common stock to employees subject to vesting provisions under restricted stock agreements that provide for forfeiture of unvested shares upon the occurrence of specified events under a restricted stock award agreement. Asterias may permit employees or consultants, but not officers or directors, who purchase stock under restricted stock purchase agreements, to pay for their shares by delivering a promissory note that is secured by a pledge of their shares.
 
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