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SEC Filings

10-K/A
BIOTIME INC filed this Form 10-K/A on 03/29/2017
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Asterias may also grant stock appreciation rights (“SARs”) and hypothetical units issued with reference to Asterias common stock (restricted stock units or “RSUs”) under the Plan. A SAR is the right to receive, upon exercise, an amount payable in cash or shares or a combination of shares and cash, as determined by the Board of Directors or the Compensation Committee, equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of (a) the fair market value of a share of Asterias common stock on the date the SAR is exercised, over (b) the exercise price specified in the SAR Award agreement.

The terms and conditions of a grant of RSUs is determined by the Board of Directors or Compensation Committee. No shares of stock will be issued at the time a RSU is granted, and Asterias will not be required to set aside a fund for the payment of any such award. A recipient of RSUs will have no voting rights with respect to the Restricted Stock Units. Upon the expiration of the restrictions applicable to a RSU, Asterias will either issue to the recipient, without charge, one share of common stock per RSU or cash in an amount equal to the fair market value of one share of common stock.

Stock Options, Restricted Stock and Restricted Stock Units

As of December 31, 2016, Asterias had outstanding to certain officers, employees, and directors, options to purchase a total of 6,065,938 shares of common stock at a weighted average exercise price of $3.35 per share and 200,000 restricted stock/RSUs.

A summary of Asterias’ Plan activity and related information follows (in thousands, except per share amounts):
 
Stock options  
Number of
Options
Outstanding
   
Weighted
Average
Exercise
Price
 
Options outstanding at January 1, 2014
   
2,840
   
$
2.34
 
Options granted
   
1,590
     
2.50
 
Options exercised
   
(3
)
   
2.34
 
Options expired/forfeited
   
(1,280
)
   
2.34
 
Options outstanding at December 31, 2014
   
3,147
   
$
2.42
 
Options granted
   
2,005
     
3.81
 
Options exercised
   
(12
)
   
2.34
 
Options forfeited/cancelled
   
(9
)
   
3.22
 
Options outstanding at December 31, 2015
   
5,131
   
$
3.17
 
Options granted
   
3,175
     
3.53
 
Options exercised
   
(827
)
   
2.45
 
Options forfeited/cancelled
   
(1,413
)
   
3.68
 
Options outstanding at December 31, 2016
   
6,066
   
$
3.35
 
                 
Options vested and expected to vest at December 31, 2016     6,066     $ 3.35  
Options exercisable at December 31, 2016     2,683     $ 3.01  
 
The intrinsic value of options exercised was $1.9 million and $0.1 million in 2016 and 2015, respectively. The aggregate intrinsic value of shares vested during 2016 and 2015 was $4.0 million and $2.0 million respectively.
 
Restricted stock and Restricted stock units  
Number
of
Shares
   
Weighted
Average
Remaining
Contractual
Term
   
Aggregate
Intrinsic
Value
 
Restricted stock/RSUs outstanding at January 1, 2016
   
48
             
Restricted stock/RSUs awarded
   
515
             
Restricted stock/RSUs released
   
(360
)
           
Restricted stock/RSUs forfeited
   
(3
)
           
Restricted stock/RSUs outstanding at December 31, 2016
   
200
     
0.7
   
$
677
 
                         
Restricted stock/RSUs vested and expected to vest at December 31, 2016
   
200
     
0.7
   
$
677
 
 
During 2016, the Company awarded 200,000 shares of Restricted Stock and 314,918 Restricted Stock Units. The Restricted Stock vests 50% at the end of 6 months and the remaining 50% vests at end of 12 months. RSU’s vests 25% at the end of the first year and monthly thereafter over 3 years. Vested shares are net-share settled such that the Company withholds shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remits the cash to the appropriate tax authorities. The aggregate value of Restricted Stock and RSUs vesting during 2016 was $0.4 million and $0.9 million, respectively.
 
Restricted Stock awarded in 2016 and 2015 had an average grant date fair value per award of $3.64 and $2.34, respectively. The aggregate fair value of Restricted Stock vesting during 2016 and 2015 was $0.4 million and $0.5 million, respectively. The RSUs awarded in 2016 and 2015 had an average grant date fair value per award of $3.57 and $3.90, respectively. The aggregate fair value of RSU’s vesting during 2016 and 2015 was $0.9 million and $0.6 million, respectively.
 
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