|9 Months Ended|
Sep. 30, 2017
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
|Disclosure of Compensation Related Costs, Share-based Payments||
13. Stock-based Compensation
In June 2017, the Company stockholders approved an amendment of the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) to increase the number of shares available for grant by 1,000 shares. The total shares authorized for grant under the 2014 Plan is 4,714, of which 534 are available for future grant as of September 30, 2017.
The following table summarizes information about the Company’s stock options outstanding at September 30, 2017, and activity during the nine months then ended:
As of September 30, 2017, total unrecognized compensation cost related to unvested stock options was $3,647. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive income over the remaining weighted average vesting period of 2.35 years.
The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions:
Restricted Stock Units
Beginning in 2017, the Company issued restricted stock units (“RSUs”), to employees and non-employees as permitted by the 2014 Plan. Each restricted stock unit corresponds to one share of the Company’s common stock and becomes issuable upon vesting. The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the date of grant.
In April 2017, the Company granted a total of 153 RSUs to certain executive officers, which vest over four years, with 25% becoming exercisable on each yearly anniversary of the date of grant.
In May 2017, the Company granted a total of 120 RSUs to terminated employees, 115 of which vested in September 2017. The remaining RSUs are scheduled to vest in January 2018.
In August 2017, the Company granted a total of 451 RSUs to continuing employees, which will fully vest on March 31, 2018.
RSU activity for the nine months ended September 30, 2017 is summarized below:
Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:
Employee Stock Purchase Plan
In June 2017, the Company’s stockholders approved the Employee Stock Purchase Plan (the “2017 ESPP”). Under the 2017 ESPP, the Company reserved 500 shares of common stock for issuance, subject to adjustment in the event of a stock split, stock dividend, combination or reclassification or similar event. The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 25% of their eligible compensation, subject to any plan limitations. The 2017 ESPP provides for six-month offering periods. At the end of each offering period, employees can purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of September 30, 2017, enrollment in the plan had not commenced.
401(k) Plan Share Match
In August 2017, the Company’s Board of Directors approved a match benefit to the Ekso Bionics 401(k) plan (the “401(k) Plan”) in the form of shares of the Company’s common stock. The Company will make a matching contribution to the 401(k) Plan in an amount equal to 100% of each eligible employee’s elected deferral (up to the statutory limit) for the year ending December 31, 2017 and equal to 50% of each employee’s elected deferral for each year thereafter.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://www.xbrl.org/2003/role/presentationRef