Subsequent Events (unaudited)
|12 Months Ended|
Dec. 31, 2016
|Subsequent Events [Abstract]|
|Subsequent Events (unaudited)||
NOTE 10 — SUBSEQUENT EVENTS (unaudited)
On March 1, 2017, the Company announced the appointment of a new Senior Vice President and Chief Financial Officer, with significant leadership and technical experience in finance and business management from both public and private companies.
Effective February 6, 2017, the Compensation Committee of Board issued the following awards:
611,000 non-qualified stock options to purchase shares of BIOLASE common stock were awarded to certain employees of the Company. These awards were valued at $1.55 per share, the closing market price of BIOLASE common stock on the grant date, and expire 10 years from the grant date. Vesting periods for options are as follows: (i) for the 586,000 options awarded to existing employees, one-half vest on the first anniversary of award date and one-half vest on the second anniversary of the award date, and (ii) for the 25,000 options awarded to new employees, 25% vest on February 6, 2018 and the remainder ratably over the 36-month period, commencing on March 6, 2018.
Restricted Stock Units and Other Awards
80,000 RSUs were awarded to an employee of the Company as part of his 2017 compensation. These awards were valued at $1.55 per share, the closing market price of BIOLASE common stock on the grant date, and will vest as follows: (i) 30,000 of the RSUs vest on March 14, 2017, (ii) 20,000 of the RSUs vest on September 14, 2017, and (iii) 30,000 of the RSUs vest on May 10, 2018.
1,000,000 stock-settled RSUs were awarded to the Company’s President and Chief Executive Officer as part of his 2017 compensation. These RSUs were valued at $1.55 per share, the closing market price of BIOLASE common stock on the grant date. These RSUs vest as follows: (i) one-quarter of the RSUs vest on February 6, 2019, (ii) one-eighth of the RSUs vest on February 6, 2020, (iii) one-eighth of the RSUs vest on February 6, 2021, and (iv) one-half of the RSUs vest upon the achievement of specific interim and annual Company performance criteria.
Further discussion of the stock-based compensation is discussed in Note 7 – Stockholders’ Equity.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.