NOTE 11 — SUBSEQUENT EVENTS (unaudited)

Effective February 26, 2016, the Compensation Committee of Board issued the following awards:

Stock Options

In connection with the new 2016 compensation plan, 307,500 non-qualified stock options to purchase shares of BIOLASE common stock were awarded to certain employees and consultants of the Company.  These awards were valued at $0.86 per share, the closing market price of the Company’s stock on grant date, and expire 10 years from the grant date.  Vesting periods for options are as follows: (i) 172,500 options, awarded to existing employees, vest ratably over a 48 month period, commencing one month from the award date, and (ii) 135,000 options, awarded to new 2016 employees, vest 25% on the one-year anniversary of the grant date and the remainder ratably over the next 36 month period, commencing on the thirteenth month anniversary of the grant date.

Restricted Stock Units and Other Awards

In connection with the 2015 compensation plan, 388,500 Restricted Stock Units (“RSUs”) of BIOLASE common stock were awarded to certain employees and consultants of the Company.  These awards were valued at $0.86 per share, the closing market price of the Company’s stock on grant date, and will fully vest on July 1, 2016.

In connection with the new 2016 compensation plan, 140,000 RSUs of BIOLASE common stock were awarded to certain employees and consultants of the Company.  These awards were valued at $0.86 per share, the closing market price of the Company’s stock on grant date, and vest ratably over a 48 month period, commencing one month from the award date.

In connection with the President and Chief Executive Officer’s employment agreement, the maximum performance bonus was awarded, consisting of (i) $100,000 to be paid in cash on the first payroll date following the grant, no later than March 15, 2016, and (ii) 59,523 RSUs of BIOLASE common stock, valued at $0.86 per share, the closing market price of the Company’s stock on grant date.  Vesting of RSUs will commence 50% on March 26, 2016 and 50% on February 18, 2017.  

Further discussion of the stock-based compensation is disclosed in Note 8 – Stockholders’ Equity.