NOTE 12—SUBSEQUENT EVENTS

Consistent with the Company’s goal to refocus its energies on strengthening leadership, worldwide competitiveness and attention to its professional customers and their patients, the Company has hired Michael Roux as its Vice President of Marketing, effective April 13, 2016, and Matthew Wilson as its Vice President of Human Resources, effective April 18, 2016.  

Stock Options

On April 18, 2016, in connection with the hiring of the two new Vice Presidents, the Compensation Committee of the Board awarded 325,000 non-qualified stock options to purchase shares of BIOLASE common stock.  These awards were valued at $1.43 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 the options are as follows: (i) one-half of the total grant is subject to time vesting with 25% vesting as of April 18, 2017 and the remaining 75% vesting ratably monthly over a thirty-six month period commencing on April 18, 2017, and (ii) one-half of the total grant is subject to specific 2016 performance criteria.