Geron 8-K 2012
Date of Report (Date of earliest event reported): May 17, 2012
230 CONSTITUTION DRIVE
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Executive Officer Stock Option Grants
On May 17, 2012, the Compensation Committee of the Board of Directors of Geron Corporation (the Company) approved the grant of stock options to the Companys executive officers. The stock options granted to each executive officer were provided to realign the overall equity compensation of the executive officers with current market levels after taking into account individual responsibilities, performance and experience, and are intended to provide additional long-term retention incentive for the continuation of service of the executive officers. The following table sets forth the number of shares underlying the stock option grants:
The stock options described above (i) were granted effective as of May 17, 2012 pursuant to the Companys 2011 Incentive Award Plan (the Plan); (ii) terminate ten years after May 17, 2012 or earlier in the event the optionees service terminates; (iii) have an exercise price per share of $1.41, the closing price of the Companys Common Stock as reported on the NASDAQ Global Market on May 17, 2012; and (iv) vest in a series of forty-eight (48) consecutive equal monthly installments, commencing May 17, 2012 (provided the optionee continues to provide services to the Company); however, if the optionee has not yet completed six (6) consecutive months of services to the Company, the options will vest as follows: after the end of such six (6) month period, up to one eighth (1/8) of the total number of option shares will vest, and the balance of option shares will vest in a series of equal and consecutive monthly installments of whole shares over the remaining period thereafter, for an aggregate total of forty-eight (48) months, in each case subject to full vesting acceleration in the event of a merger, acquisition or similar change in control of the Company as provided for under the Plan. Messrs. Cooper and Rosenfield have not yet completed six (6) consecutive months of services to the Company, and therefore option shares granted to Messrs. Cooper and Rosenfield will not vest until completion of such six (6) month period, whereupon the option shares will vest as set forth above.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Certificate of Amendment of Restated Certificate of Incorporation
On May 17, 2012, the Company held its 2012 Annual Meeting of Stockholders (the Annual Meeting). At the Annual Meeting, the Companys stockholders approved an amendment (the Amendment) to the Companys Restated Certificate of Incorporation to increase the authorized number of shares of the Companys Common Stock from 200,000,000 to 300,000,000 shares. The increase in the authorized number of shares of the Companys Common Stock was effected pursuant to a Certificate of Amendment of the Restated Certificate of Incorporation (the Certificate of Amendment) filed with the Secretary of State of the State of Delaware on May 17, 2012 and was effective as of such date. The foregoing description of the Amendment is qualified in its entirety by the Certificate of Amendment, which is attached as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference. A copy of the Companys Restated Certificate of Incorporation is also attached as Exhibit 3.3 to this Current Report on Form 8-K and is incorporated herein by reference.
Certificate of Elimination of Series A Junior Participating Preferred Stock.
On May 17, 2012, the Company filed a Certificate of Elimination of Series A Junior Participating Preferred Stock (the Certificate of Elimination) to eliminate all references in the Companys Restated Certificate of Incorporation to its Series A Junior Participating Preferred Stock (the Series A Preferred Stock). The Series A Preferred Stock had been previously authorized for issuance in order to be available upon exercise of certain preferred share purchase rights (the Rights) issued pursuant to the Rights Agreement, dated as of July 20, 2001, by and between the Company and U.S. Stock Transfer Corporation, as Rights Agent (the Rights Agreement). As previously disclosed, the Rights were scheduled to expire in accordance with the terms of the Rights Agreement on July 31, 2011, and on that date the Rights expired. As a result of the expiration of the Rights, the Rights have no further force or effect. No shares of Series A Preferred Stock were issued or outstanding upon filing of the Certificate of Elimination, which Certificate of Elimination became effective May 17, 2012. All shares of Series A Preferred Stock that had been reserved for issuance under the Rights Plan resumed the status of authorized and unissued shares of the Companys preferred stock. A copy of the Certificate of Elimination is attached as Exhibit 3.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On May 17, 2012, the Company held its Annual Meeting via live webcast pursuant to notice duly given. Only stockholders of record as of the close of business on March 20, 2012 were entitled to vote at the Annual Meeting. As of March 20, 2012, the record date for the Annual Meeting, 132,259,325 shares of Common Stock of the Company were outstanding and entitled to vote at the Annual Meeting, of which 105,362,273 shares of Common Stock of the Company were represented, in person or by proxy, constituting a quorum. The final results of the stockholder vote on each proposal brought before the Annual Meeting were as follows:
(a) Proposal 1. Each of the three (3) Class I Director nominees to serve for a three-year term expiring at the Companys 2015 Annual Meeting of Stockholders was elected based upon the following votes:
(b) Proposal 2. The Amendment to the Companys Restated Certificate of Incorporation to increase the authorized number of shares of the Companys Common Stock from 200,000,000 to 300,000,000 shares was approved based upon the following votes:
(c) Proposal 3. The non-binding advisory vote on named executive officer compensation was approved based upon the following votes:
(d) Proposal 4. The appointment of Ernst & Young LLP as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2012 was ratified based upon the following votes:
Item 9.01. Financial Statements and Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.