Stereotaxis
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10-K
STEREOTAXIS, INC. filed this Form 10-K on 03/15/2019
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Restricted stock unit grants are time-based and generally vest over a period of four years. Options granted to non-employee directors expire no later than ten years from the date of grant. The exercise price of options to non-employee directors shall not be less than 100% of the fair value of the stock subject to the option on the date the option is granted. Initial grants of equity awards to new directors generally vest over a two year period. Annual grants to directors generally vest between one and five years following grant.

 

A summary of the option and stock appreciation rights activity for the year ended December 31, 2018 is as follows:

 

   Number of
Options/SARs
   Range of
Exercise Price
   Weighted Average
Exercise Price
per Share
 
             
Outstanding, December 31, 2017   413,301   $0.62 - $54.90   $9.04 
Granted   950,500   $0.74 - $1.07   $0.76 
Exercised   (2,916)  $0.62   $0.62 
Forfeited   (195,799)  $0.62 - $54.90   $7.66 
Outstanding, December 31, 2018   1,165,086   $0.74 - $43.90   $2.54 

 

As of December 31, 2018, the weighted average remaining contractual life of the options and stock appreciation rights outstanding was 8.18 years. Of the 1,165,086 options and stock appreciation rights that were outstanding as of December 31, 2018, 291,679 were vested and exercisable with a weighted average exercise price of $7.83 per share and a weighted average remaining term of 5.16 years.

 

A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows:

 

   Year Ended December 31, 2018 
Range of Exercise Prices  Options Outstanding   Weighted
Average
Remaining Life
   Weighted
Average
Exercise Price
   Number of
Options
Currently Exercisable
   Weighted
Average Exercise
Price Per
Vested Share
 
                     
$0.00 - $1.00   818,500    9.18   $0.75    -   $- 
$1.01 - $2.00   101,500    7.86   $1.48    51,718   $1.86 
$2.01- $4.00   115,791    6.11   $2.15    110,666   $2.15 
$4.01 - $10.00   86,500    5.24   $4.04    86,500   $4.04 
$10.01 - $20.00   -    -   $-    -   $0.00 
$30.01 - $40.00   30,545    1.92   $34.74    30,545   $34.74 
$40.01 - $50.00   12,250    0.44   $43.90    12,250   $43.90 
    1,165,086    8.18    $2.54    291,679   $7.83 

 

The intrinsic value of options and stock appreciation rights is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options and stock appreciation rights that were in-the-money at December 31, 2018. The intrinsic value of the options and stock appreciation rights outstanding at December 31, 2018 was approximately $0.3 million based on a closing share price of $1.08 on December 31, 2018. There were no fully vested options or stock appreciation rights outstanding at December 31, 2018 with an exercise price less than the closing stock price on December 31, 2018. During the year ended December 31, 2018 the aggregate intrinsic value of options and stock appreciation rights exercised under the Company’s stock option plans was less than $0.1 million. No options or stock appreciation rights were exercised under the Company’s stock option plans during the year-ended December 31, 2017, and the Company realized no proceeds during that period. The weighted average grant date fair value of options and stock appreciation rights granted during the year ended December 31, 2018 was $0.76 per share.

 

A summary of the restricted stock unit activity for the year ended December 31, 2018 is as follows:

 

   Number of Restricted
Stock Units
   Weighted Average Grant
Date Fair Value per Unit
 
         
Outstanding, December 31, 2017   680,363   $1.11 
Granted   422,167   $0.80 
Vested   (385,606)  $1.24 
Forfeited   (69,275)  $1.12 
Outstanding, December 31, 2018   647,649   $0.83 

 

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