BIONIK Laboratories Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation

Share-Based Compensation

12 Months Ended

Mar. 31, 2023

10. Share-Based Compensation

In 2014, the Company’s board of directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which was approved by Bionik’s stockholders in 2014. The 2014 Plan provides for the grant of incentive stock options (“ISOs”), as well as nonstatutory options, RSUs and PSUs. The board of directors administers the 2014 Plan and has sole discretion to grant options to purchase shares of Bionik’s common stock, RSUs and PSUs.

The board of directors determines the term of each option, RSU and PSU, option price, number of shares for which each option, RSU and PSU is granted, whether restrictions would be imposed on the shares subject to options and the rate at which each option is exercisable. At March 31, 2023 the number of shares of common stock reserved for issuance under the 2014 Plan is 885,504 shares, or 17% of its issued and outstanding shares at January 1, 2022. Options granted under the 2014 Plan have varying vesting schedules based on the board of directors’ discretion. As of March 31, 2023, there were 224,282 shares available for future grant under the 2014 Plan.

Stock Options

Stock option activity under the 2014 Plan is as follows:


						Weighted-
				Weighted-		Average
				Average		Remaining
	Number of	Exercise Price		Exercise		Contractual
	Options	Range		Price		Life
Vested	570,068	$	1.21 – 157.50	$	7.86	4.91 years
Unvested	207,197		2.10 – 24.15		2.54	6.51 years
Outstanding, March 31, 2022	777,265	$	1.21 – 183.00	$	6.46	5.34 years
Issued	244,000		0.30		0.30
Exercised	—		—		—
Forfeited	(93,247)		2.10 - 158.00		12.15
Outstanding, March 31, 2023	928,018	$	0.30 - 157.50	$	4.25	4.84 years
Vested	582,102		1.21 – 157.50		6.29	4.01 years
Unvested	345,916		0.30 – 2.10		0.83	6.24 years
Vested or expected to vest, March 31, 2023	928,018		0.30 – 157.50		4.25	4.84 years
Exercisable, March 31, 2023	582,102	$	1.21 – 157.50	$	6.29	4.01 years