SUBSEQUENT EVENT |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
9. SUBSEQUENT EVENT On October 12, 2018, option awards were granted to purchase 429,000 shares of the Company’s common stock at an exercise price of $2.61. The grant was divided into definitive grants of 199,950 option awards (“Definitive Grants”) and grants of 229,050 option awards (“Contingent Grants”) contingent upon the approval by the Company’s stockholders of an increase of shares available under the Company’s Amended and Restated 2015 Stock Incentive Plan at the Company’s 2019 annual meeting of stockholders or other special meeting of stockholders called for that purpose.
The grant date for the Definitive and Contingent Grants was effective as of October 12, 2018 and the grants have a ten-year term. The Definitive Grants vest over a seven-month period for grantees who are non-employee members of the Company’s board of directors and vest on the first anniversary of the date of grant for grantees who are employees of the Company.
The Contingent Grants vest immediately upon the aforementioned stockholders’ approval for grantees who are non-employee members of the Company’s board of directors. For grantees who are employees, the Contingent Grants vest over a period of three years from the grant date, vesting in twenty-four equal monthly installments over a 24- month period beginning on the first anniversary of the grant date. |