Proxy Statement (definitive) (def 14a)

Date : 04/30/2019 @ 11:31AM
Source : Edgar (US Regulatory)
Stock : International Stem Cell Corp. (QB) (ISCO)
Quote : 0.98  0.13 (15.29%) @ 9:45PM

Proxy Statement (definitive) (def 14a)

 

 

 

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.    )

 

 

Filed by the Registrant   

Filed by a Party other than the Registrant   

 

 

Check the appropriate box:

Preliminary Proxy Statement

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

Definitive Proxy Statement

Definitive Additional Materials

Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12

INTERNATIONAL STEM CELL CORPORATION

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

No fee required.

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

(1)

Title of each class of securities to which transaction applies:

 

 

(2)

Aggregate number of securities to which transaction applies:

 

 

(3)

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

 

(4)

Proposed maximum aggregate value of transaction:

 

 

(5)

Total fee paid:

 

Fee paid previously with preliminary materials.

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

(1)

Amount Previously Paid:

 

 

(2)

Form, Schedule or Registration Statement No.:

 

 

(3)

Filing Party:

 

 

(4)

Date Filed:

 

 

 


 

April 30, 2019

Dear Stockholder:

This year’s annual meeting of stockholders will be held on Monday, June 3, 2019, at 9:00 a.m. PDT, at the Hilton Garden Inn, Carlsbad Beach, located at 6450 Carlsbad Boulevard, Carlsbad, California 92011. You are cordially invited to attend.

The Notice of Annual Meeting of Stockholders and a Proxy Statement, which describes the formal business to be conducted at the meeting, follow this letter.

It is important that you use this opportunity to take part in the affairs of International Stem Cell Corporation by voting on the business to come before this meeting. After reading the Proxy Statement, please promptly mark, sign, date and return the enclosed proxy card in the prepaid envelope to assure that your shares will be represented. You may also vote by phone or the internet. Regardless of the number of shares you own, your careful consideration of, and vote on, the matters before our stockholders is important.

A copy of International Stem Cell Corporation’s Annual Report to Stockholders is also enclosed for your information. At the annual meeting we will review International Stem Cell Corporation’s activities over the past year and our plans for the future. The Board of Directors and management look forward to seeing you at the annual meeting.

Sincerely yours,

 

Andrey Semechkin, PhD

Chief Executive Officer and Co-Chairman

 

 

 

 


 

TABLE OF CONTENTS

 

 

  

Page

 

 

 

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD JUNE 3, 2019

  

1

 

 

 

PROXY STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS

  

2

 

 

 

SOLICITATION AND VOTING

  

2

 

 

 

PROPOSAL NO. 1 – ELECTION OF DIRECTORS

  

3

 

 

 

CORPORATE GOVERNANCE

  

5

 

 

 

REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

  

9

 

 

 

PROPOSAL NO. 2 – APPROVAL, ON AND ADVISORY BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS

  

10

 

 

 

PROPOSAL NO. 3 – APPROVAL, ON AND ADVISORY BASIS, OF THE FREQUENCY OF ADVISORY VOTES ON EXECUTIVE COMPENSATION

  

11

 

 

 

EXECUTIVE COMPENSATION

  

12

 

 

 

RELATED PERSON TRANSACTIONS

  

20

 

 

 

STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

  

21

 

 

 

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

  

22

 

 

 

STOCKHOLDER PROPOSALS TO BE PRESENTED AT NEXT ANNUAL MEETING

  

22

 

 

 

TRANSACTION OF OTHER BUSINESS

  

22

 

 

 

DELIVERY OF PROXY MATERIALS AND ANNUAL REPORTS

  

22

 

 

 

 

 

 

i


 

5950 Priestly Drive

Carlsbad, California 92008

N OTICE OF A NNUAL M EETING OF S TOCKHOLDERS

T O B E H ELD June 3, 2019

TO OUR STOCKHOLDERS:

Notice is hereby given that the annual meeting of the stockholders of International Stem Cell Corporation, a Delaware corporation, will be held on June 3, 2019, at 9:00 a.m. PDT, at the Hilton Garden Inn, Carlsbad Beach, located at 6450 Carlsbad Boulevard, Carlsbad, California 92011 for the following purposes:

 

1.

To elect four directors (two of whom will be elected by a vote of the holders of Series D Preferred Stock)to hold office for a one-year term and until their respective successors are elected and qualified.

 

2.

To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the proxy statement.

 

3.

To vote, on an advisory basis, on how often we should submit a “Say on Pay” proposal, such as provided for in Proposal 2, to stockholders.

 

4 .

To transact such other business as may properly come before the meeting.

Stockholders of record at the close of business on April 4, 2019 are entitled to notice of, and to vote at, this meeting and any adjournment or postponement thereof.

Sophia Garnette

Vice President Legal Affairs & Operations, Secretary

Carlsbad, California

April 30, 2019

IMPORTANT: Please fill in, date, sign and promptly mail the enclosed proxy card in the accompanying postage-paid envelope to assure that your shares are represented at the meeting. You may also vote by phone or the internet. If you attend the meeting, you may choose to vote in person even if you have previously sent in your proxy card. However, if your shares are held of record by a broker or other nominee you will need to obtain a legal proxy from the holder of record to vote in person at the meeting.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 3, 2019:  Our Proxy Statement is attached. Financial and other information concerning International Stem Cell Corporation is contained in our Annual Report to Stockholders for the fiscal year ended December 31, 2018. A complete set of proxy materials relating to our annual meeting is available on the Internet. These materials, consisting of the Notice of Annual Meeting, Proxy Statement, Proxy Card and Annual Report to Stockholders, may be viewed at:

http://ISCO.proxy.internationalstemcell.com

 

1


 

PROXY STATEMENT FOR AN NUAL MEETING OF STOCKHOLDERS

The accompanying proxy is solicited by the Board of Directors of International Stem Cell Corporation, a Delaware corporation, for use at its annual meeting of stockholders to be held on June 3, 2019, or any adjournment or postponement thereof, for the purposes set forth in the accompanying Notice of Annual Meeting of Stockholders. Annual Meeting materials are being mailed to stockholders on or about April 30, 2019.

SOLICITATION AND VOTING

Voting Securities. Only stockholders of record as of the close of business on April 4, 2019, will be entitled to vote at the meeting and any adjournment thereof. As of April 4, 2019, we had 7,533,083 shares of Common Stock, 250,000 shares of Series B Preferred Stock, 43 shares of Series D Preferred Stock, 5,000,000 shares of Series G Preferred Stock, and 5,124 shares of Series I Preferred Stock outstanding. Except for the Series I Preferred Stock, all of the above shares are entitled to vote with respect to all matters to be acted upon at the annual meeting. Each stockholder of record as of that date is entitled to one vote for each share of Common Stock held by him or her and each holder of shares of Preferred Stock is entitled to vote the equivalent number of common shares that the respective classes of preferred shares can be converted into. As a result, the shares of Series B Preferred Stock are entitled to a total of 231,481 votes, the shares of Series D Preferred Stock are entitled to a total of 2,457,142 votes, and the shares of Series G Preferred Stock are entitled to a total of 503,946 votes. Our Bylaws provide that a majority of all of the shares of the stock entitled to vote, whether present in person or represented by proxy, shall constitute a quorum for the transaction of business at the meeting. Votes for, against, and abstentions will each be counted as present for purposes of determining the presence of a quorum.

Broker Non-Votes. A broker non-vote occurs when a broker submits a proxy card with respect to shares held in a fiduciary capacity (typically referred to as being held in “street name”) but declines to vote on a particular matter because the broker has not received voting instructions from the beneficial owner. Under the rules that apply to brokers who are voting with respect to shares held in street name, brokers have the discretion to vote such shares on routine matters, but not on non-routine matters. Each proposal being voted on at the Annual Meeting is considered a non-routine matter. If your shares are held in street name, they will only be voted if you provide instructions to your broker.

Solicitation of Proxies. We will bear the entire cost of soliciting proxies. In addition to soliciting stockholders by mail and through our employees, we will request banks, brokers and other custodians, nominees and fiduciaries to solicit customers for whom they hold our stock and will reimburse them for their reasonable, out-of-pocket costs. We may use the services of our officers, directors and others to solicit proxies, personally or by telephone, without additional compensation. In addition, we may retain a proxy solicitation firm or other third party to assist us in collecting or soliciting proxies from our stockholders, although we do not currently plan on retaining such a proxy solicitor.

Submission of Proxies. You may submit a proxy by one of three ways.  

- vote via the Internet : go to www.proxypush.com/ISCO and cast your vote using the instructions for Internet voting shown on the proxy card you received in the mail.

- vote by Telephone :  Dial 1-866-834-6037 and follow the instructions for telephone voting using the information shown on the proxy card you received in the mail.

- vote by Mail :  complete, sign, date and mail the proxy card in the envelope provided.   If you vote by the Internet or phone, you do not need to mail your proxy card.

Voting of Proxies. All valid proxies received before the meeting will be exercised. All shares represented by a proxy will be voted, and where a proxy specifies a stockholder’s choice with respect to any matter to be acted upon, the shares will be voted in accordance with that specification. If no choice is indicated on the proxy, the shares will be voted on each proposal as recommended by the Board of Directors.

Revocation or Proxies. A stockholder giving a proxy has the power to revoke his or her proxy at any time before it is exercised by delivering to the Secretary of International Stem Cell Corporation, a written instrument revoking the proxy or a duly executed proxy with a later date, or by attending the meeting and voting in person.

Voting Results . We will announce preliminary voting results at the annual meeting. We will report final results in a Form 8-K report filed with the Securities and Exchange Commission (the “SEC”).

2


 

PROPOSAL NO. 1

ELECTION OF DIRECTORS

We have an unclassified Board of Directors that consists of four directors. Our directors are elected for a term of one year and are up for election every year. Once elected, directors serve until their respective successors are duly elected and qualified.

Two of our directors are elected by the holders of Series D Preferred Stock voting as a separate class. The holders of Series D Preferred Stock have nominated Russell Kern and Andrey Semechkin for reelection to the Board of Directors. Additionally, holders of the Series G Preferred Stock previously nominated Donald A. Wright for election to the Board of Directors, which nomination was approved by our Governance Committee and recommended for election by our shareholders. The other nominee recommended by the Board of Directors for election by our stockholders is Paul V. Maier. All nominees are current members of our Board of Directors and, if reelected, they have indicated their willingness to serve as directors until our annual meeting of stockholders in 2020 or until their successors, if any, are elected and qualified. If any nominee declines to serve or becomes unavailable for any reason, or if a vacancy occurs before the election (although we know of no reason to anticipate that this will occur), the proxies may be voted for such substitute nominees as we may designate.

The following table sets forth, the director nominees to be elected at this meeting, information with respect to their ages and background:

Name

 

Principal Occupation

 

Age

 

Director Since

Andrey Semechkin

 

Co-Chairman of the Board and Chief Executive Officer

 

59

 

2008

Donald A. Wright

 

Co-Chairman of the Board, CEO and President of SIS, Inc.

 

67

 

2007

Paul V. Maier

 

Independent Investor

 

71

 

2007

Russell Kern

 

Executive Vice President and Chief Scientific Officer

 

33

 

2008

 

Director Nominees:

Andrey Semechkin, Ph.D., Co-Chairman and CEO, became a director in December 2008. Dr. Semechkin has served as our Chief Executive Officer since November 2009, and from December 2008 to November 2009 he served in other senior management positions with the Company. Dr. Semechkin is a specialist in system analysis, strategic planning and corporate management. He is a member of the Russian Academy of Sciences and was Deputy Director of Institute of System Analysis from 2004 to 2011. Professor Semechkin was awarded the Russian Government Award in Science and Technology in 2006 and has written several scientific books. He has over 20 years’ experience creating and managing businesses across different industries and scientific sectors. Dr. Andrey Semechkin is the father of Dr. Russell Kern, Executive Vice President and Chief Scientific Officer and one of our directors. We believe Dr. Semechkin’s qualifications to serve on our Board include his extensive business, management and operational experience, including as our Chief Executive Officer, and his extensive knowledge of our business and opportunities, which bring valuable insights to our Board.

Donald A. Wright became a director in March 2007. Since January 1, 2010, Mr. Wright has served as Chief Executive Officer and President of SIS, Inc. (Special Intelligence Service) which provides various services under contract to various agencies of the US Government and armed services. Mr. Wright was previously the Chairman and Founder of Everett, Washington-based Confluence Capital Group Inc., which provided consulting services to institutional investors, debt holders and public and private companies. From 1995 until 2006, Mr. Wright was Chief Executive Officer and President of Pacific Aerospace & Electronics, Inc., an engineering and manufacturing company that he helped to found and that designs, manufactures and sells components primarily for the aerospace, defense and transportation industries. We believe that Mr. Wright’s qualifications to serve on our Board include his significant experience, including as chief executive officer, in managing companies in a broad range of industries, which contribute valuable knowledge and insights to the Board.

Paul V. Maier became a director in July 2007 and has over 25 years of experience as a senior executive in biotechnology and pharmaceutical companies. From November 2009 through his retirement in June 2014, he served

3


 

as Chief Financial Officer of Sequenom, Inc., a publicly held company serving the discovery, clinical research, and molecular diagnostics market. From February 2007 until November 2 009, he served as an independent financial consultant. Previously, Mr. Maier was Senior Vice President and Chief Financial Officer of Ligand Pharmaceuticals, Inc., a commercial stage biopharmaceutical company, a position he held from 1992 to 2007. From 199 0 to 1992, Mr. Maier served as Vice President, Finance of DFS West, a division of DFS Group, LP a private multinational retailer. From 1984 to 1990, Mr. Maier was employed by ICN Pharmaceuticals, a pharmaceutical and biotechnology research products company , where he held various executive positions in finance and general management in ICN as well as SPI Pharmaceuticals, a publicly held subsidiary. Mr. Maier currently serves on the Board of Directors of Ritter Pharmaceuticals, Eton Pharmaceuticals and Biolog ical Dynamics. Mr. Maier received an MBA from Harvard Business School and a BS from Pennsylvania State University. We believe Mr. Maier’s qualifications to serve on our Board include his extensive experience in financial management and his service on other boards, which brings valuable knowledge and insights to our Board.

Russell Kern, Ph.D, Director, Executive Vice President and Chief Scientific Officer, became a director in October 2008. Dr. Kern has served as our Chief Scientific Officer since June 2013 and previously served since December 2008 in various scientific and management positions, including as Vice President Research and Development. Dr. Kern was trained in medical genetics, embryology and stem cell biology. He holds a Ph.D. degree in Human Physiology from the Russian Academy of Medical Sciences and has broad expertise in neuroscience, and was part of the team, along with scientists from the NYU Medical School that elucidated the physiological changes that occur in the brains of Parkinson’s disease patients. Dr. Kern directs ISCO’s R&D programs including stem cell derivation, differentiation and the pre-clinical and clinical evaluation of stem cell derived cells and tissue. He has developed a general method of deriving highly pure populations of neural stem cells and dopaminergic neurons from pluripotent stems cells that is novel, practical and suitable for use in a clinical setting. Dr. Kern is a well-known speaker on stem cell biology, including the use of stem cells for neurology and skin regeneration. He has more than 40 publications in the field of Parkinson’s disease and stem cell biology and he is an active member of the American Academy of Neurology and the Society for Neuroscience. Dr. Russell Kern is the son of Dr. Andrey Semechkin, our Co-Chairman and Chief Executive Officer. We believe Dr. Kern’s qualifications to serve on our Board include his substantial experience in R&D and his extensive knowledge of the scientific areas that are the basis for our R&D efforts, all of which bring valuable knowledge and insights to our Board.

Vote Required and Board Recommendation

If a quorum is present and voting at the meeting, the nominees for election by the holders of Series D Preferred Stock, and two other nominees for director receiving the highest number of votes will be elected as the directors. Abstentions and broker non-votes have no effect on the vote. If you hold your shares through a broker and you do not instruct the broker on how to vote on this proposal, your broker will not have authority to vote your shares.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “ FOR ” EACH OF THE NOMINEES NAMED ABOVE (ITEM 1 ON THE ENCLOSED PROXY CARD).

4


 

CORPORATE GOVERNANCE

Director Independence

Our Board of Directors currently includes two members (Paul Maier and Donald Wright) who are not employees of the Company.  The Board of Directors has determined that each of Mr. Maier and Mr. Wright satisfy the independence requirements specified in the listing requirements of Nasdaq Marketplace Rules.

Executive Sessions

Our independent directors generally meet in executive sessions without management present each time the Board holds its regularly scheduled meetings.

Board Meetings and Committees

During 2018, the Board of Directors met two times. The Board of Directors has an Audit Committee, a Compensation Committee, and a Governance Committee. During the last fiscal year, each of our directors attended at least 75% of the aggregate of all meetings of the Board and meetings of committees on which the director served.

Audit Committee.

The current members of the Audit Committee are Paul V. Maier (Chairman) and Donald A. Wright. Each of the members of the Audit Committee satisfies the independence requirements established by the Nasdaq Marketplace Rules. Mr. Maier is an audit committee financial expert, as defined in the rules of the Securities and Exchange Commission. The Audit Committee operates under a written charter that is available on our website at: www.internationalstemcell.com. The primary purpose of the Audit Committee is to oversee our accounting and financial reporting processes and the functions of the Audit Committee include retaining our independent auditors, reviewing their independence, reviewing and approving the planned scope of our annual audit, reviewing and approving any fee arrangements with our auditors, overseeing their audit work, reviewing and pre-approving any non-audit services that may be performed by them, reviewing the adequacy of accounting and financial controls, reviewing our critical accounting policies and reviewing and approving any related party transactions. The Audit Committee held four meetings during the fiscal year ended December 31, 2018. The Committee meets and confers at least quarterly with the outside auditors and generally conducts an executive session without management at each meeting.

Additional information regarding the Audit Committee is set forth in the Report of the Audit Committee that is included below.

Governance Committee.

The current members of the Governance Committee are Donald A. Wright (Chairman) and Paul V. Maier. Each of the members of the Governance Committee satisfies the independence requirements established by the Nasdaq Marketplace Rules. The Governance Committee operates under a written charter that is available on our website at: www.internationalstemcell.com. The primary responsibilities of the Governance Committee are to (i) recommend applicable corporate governance principles, codes of conduct and compliance mechanisms, (ii) evaluate the effectiveness of the board and board committees; (iii) evaluate the effectiveness of senior management and succession planning; (iv) review the corporation’s director compensation programs and policies; (v) examine board meeting policies, such as meeting schedule and location, meeting agenda, the presence and participation of non-director senior executives and written materials distributed in advance of meeting; (vi) review the board’s committee structure, including each committee’s charter and size. The Governance Committee held one meeting during the fiscal year ended December 31, 2018.

The Governance Committee’s goal is to assemble a Board of Directors that brings a variety of perspectives and skills derived from high quality business and professional experience. There are no stated minimum criteria for director nominees, but the Governance Committee believes that at least one member of the Board should meet the criteria for an “audit committee financial expert” as defined by SEC rules, and that at least two members of the Board should meet the definition of “independent director” under the Nasdaq Marketplace Rules. The Governance Committee also believes it appropriate for certain key members of management to participate as members of the Board.

5


 

While we do not have a formal diversity policy, we believe that our Board should have diversity of knowledge base, professional experience and skills. When considering whether to recommend any candidate for inclusion in the Board’s slate of rec ommended director nominees, including candidates recommended by our stockholders, the Governance Committee will review the candidate’s integrity, business acumen, age, experience, commitment, diligence, conflicts of interest, existing time commitments and the ability to act in the interests of all stockholders. Once a potential qualified candidate is identified, multiple members of the Governance Committee will interview that candidate. The committee may also ask the candidate to meet with non-committee mem bers of the Board and/or members of management and, if the committee believes a candidate would be a valuable addition to the Board, it will recommend that candidate to the full Board.

Compensation Committee.

The current members of the Compensation Committee are Donald A. Wright (Chairman) and Paul V. Maier. Each of the members of the Compensation Committee satisfies the independence requirements established by the Nasdaq Marketplace Rules. The Compensation Committee operates under a written charter that is available on our website at: www.internationalstemcell.com. The Compensation Committee’s responsibilities are to (i) establish and modify through consultation with senior management, the Company’s general compensation philosophy and oversee the development and implementation of executive compensation programs and policies; (ii) evaluate the performance and set compensation (including base salary, incentive compensation and equity based awards) of the Chief Executive officer; (iii) review and approve the compensation (including base salary, incentive compensation and equity-based awards) of officers above the level of Vice President, review and approve compensation guidelines for all other officers, (iv) review the terms of the Company’s incentive compensation plans, equity based plans, retirement plans, and welfare benefit plans; (v) review policies with respect to post-service arrangements and perquisites provided to officers above the level of Vice President, including the Chief Executive Officer and perquisites policies for Vice Presidents; and (vi) review the related tabular and other disclosures about director and executive compensation proposed by management for inclusion in the Company’s annual report and proxy statement. The Compensation Committee held two meetings during the fiscal year ended December 31, 2018.

In determining executive compensation, the Committee reviews and approves any Company goals and objectives relevant to the compensation of executive officers and evaluates the performance of executive officers in light of those goals and objectives. Based on such evaluation, the Committee has the sole authority to set the compensation (including base salary, incentive compensation and equity-based awards) of the executive officers. In determining incentive compensation, the Committee considers, among other factors it deems appropriate, the Company’s performance, the recommendations of the CEO, the value of similar incentive awards to executive officers at comparable companies, and the awards given to management in prior years.

Stockholder Recommendations for Director Nominees

Pursuant to the terms of its charter, the Governance Committee will consider qualified director candidates suggested by our stockholders. Stockholders may recommend individuals for the Governance Committee to consider as potential director candidates by submitting the candidate’s name, contact information and biographical information in writing to the “International Stem Cell Corporation Governance Committee” c/o Corporate Secretary, 5950 Priestly Drive, Carlsbad, CA 92008. The biographical information and background materials will be forwarded to the Governance Committee for its review and consideration. The committee’s review of candidates identified by our stockholders is essentially identical to the review process for candidates identified by the committee. In addition to the process discussed above regarding the consideration of the Governance Committee of candidates suggested by our stockholders, our Bylaws contain provisions that address the process and related deadlines by which a stockholder may nominate an individual to stand for election to our Board at our annual meeting of stockholders.

Communications with Directors

Any stockholder who desires to contact any members of our Board of Directors may do so by writing to: Board of Directors, c/o Corporate Secretary, 5950 Priestly Drive, Carlsbad, CA 92008. Communications received in writing are distributed to the Co-Chairmen of the Board or the other members of the Board as appropriate depending on the facts and circumstances outlined in the communication received.

6


 

Director Attendance at Annual Meetings

Although we do not have a formal policy regarding attendance by members of the Board at our annual meeting of stockholders, we encourage directors to attend. All of our directors attended last year’s annual meeting.

Code of Conduct and Ethics

The Board has adopted a Code of Conduct and Ethics that applies to all of our employees, officers and directors. We will provide to any person, without charge, a copy of the Code of Conduct and Ethics upon request directed to our Corporate Secretary at 5950 Priestly Drive, Carlsbad, CA, 92008 or by telephone at (760) 940-6383. We will disclose future amendments or waivers to our Code of Conduct and Ethics on our website, www.internationalstemcell.com, within four business days following the date of the amendment or waiver.

Risk Management

The Board as a whole is responsible for overseeing the Company’s risk exposure as part of determining a business strategy that generates long-term shareholder value. Each of the Board’s standing committees focuses on risk areas associated with its area of responsibility.

7


 

Principal Accounting Fees and Services

Mayer Hoffman McCann P.C. (“MHM”) has acted as our independent auditors since its appointment on March 25, 2011. MHM has advised the us that MHM leases substantially all of its personnel, who work under the control of MHM’s shareholders, from wholly-owned subsidiaries of CBIZ, Inc., in an alternative practice structure. Accordingly, substantially all of the hours expended on MHM’s engagement to audit the Company’s consolidated financial statements for the years ended December 31, 2018 and 2017, were attributed to work performed by persons other than MHM’s full-time, permanent employees. The following table sets forth the aggregate fees us for the fiscal years ended December 31, 2018 and 2017 by MHM, independent registered public accounting firm:

 

Principal Accountant Fees and Services

 

Fiscal 2018

 

 

Fiscal 2017

 

Audit Fees (1)

 

$

561,000

 

 

$

415,000

 

Audit-Related Fees (2)

 

$

-

 

 

$

-

 

Tax Fees (3)

 

$

-

 

 

$

-

 

All Other Fees (4)

 

$

-

 

 

$

-

 

 

(1)

Audit Fees consist of fees billed for professional services rendered for the audit of the Company’s consolidated annual financial statements and review of the interim consolidated financial statements included in quarterly reports and services that are normally provided by our independent auditors in connection with statutory and regulatory filings or engagements.

(2)

Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit Fees”.

(3)

Tax Fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning (domestic and international). These services include assistance regarding federal, state and international tax compliance, acquisitions and international tax planning.

(4)

All Other Fees consist of fees for products and services other than the services reported above.

The Audit Committee’s policy is to pre-approve all audit and permissible non-audit services provided by our independent auditors. These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services. The independent auditor and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent auditor in accordance with this pre-approval. The Audit Committee pre-approved all services provided by our independent auditors during the fiscal years ended December 31, 2018 and 2017.

A representative of Mayer Hoffman McCann P.C. is expected to be present at the annual meeting, with the opportunity to make a statement if the representative desires to do so, and is expected to be available to respond to appropriate questions.

Selection of Independent Auditors for the Current Fiscal Year

The Audit Committee is still evaluating various factors that will influence its selection of the independent auditors to audit the consolidated financial statements of the Company for the fiscal year ending December 31, 2019. The Audit Committee may also consider any input from the person chosen to replace the Acting Chief Financial Officer, once he or she is selected.  

 

 

8


 

REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS*

The Audit Committee has reviewed and discussed the audited consolidated financial statements for the fiscal year ended December 31, 2018 with management of the Company. The Audit Committee has discussed with the independent registered public accounting firm the matters required to be discussed by Auditing Standards No. 16 “Communication with Audit Committees,”, as adopted by the Public Company Accounting Oversight Board (“PCAOB”). The Audit Committee has also received the written disclosures and the letter from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent accountants’ communications with the Audit Committee concerning independence, and has discussed with the independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee has recommended to the Board of Directors that the audited consolidated financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

 

Audit Committee

 

Paul V. Maier (Chairman)

Donald A. Wright

 

 

*

The material in this report is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended (the “1933 Act”), or the Securities Exchange Act of 1934, as amended (the “1934 Act”), whether made before or after the date of this proxy statement and without regard to any general incorporation language therein.

9


 

PROPOSAL NO. 2

ADVISORY VOTE ON EXECUTIVE COMPENSATION

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, and Section 14A of the Exchange Act, our stockholders are entitled to vote to approve, on an advisory basis, the compensation of our named executive officers as disclosed in this proxy statement in accordance with SEC rules, commonly referred to as the “Say-on-Pay” vote. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this proxy statement. The compensation of our named executive officers subject to the vote is disclosed in the Executive Compensation section, including the compensation tables and the related narrative disclosure, in this proxy statement.

We believe that our compensation policies and decisions are designed to enhance stockholder value by attracting and retaining qualified individuals and motivating those individuals to perform at the highest of professional levels and to contribute to our growth and success. Compensation of our named executive officers is designed to enable us to attract and retain talented and experienced executives to lead us successfully in a competitive environment. We believe that our current compensation program directly links executive compensation to performance, aligning the interests of our executive officers with those of our stockholders.

Accordingly, we are asking our stockholders to indicate their support for the compensation of our named executive officers as described in this proxy statement by casting a non-binding advisory vote “FOR” the following resolution:

“RESOLVED, that the compensation paid to the named executive officers of International Stem Cell Corporation, as disclosed under the heading “Executive Compensation”, including the compensation tables and narrative discussion is hereby APPROVED on an advisory basis.”

Because the vote is advisory, it is not binding on the Board or us. Furthermore, because this non-binding, advisory resolution primarily relates to the compensation of our named executive officers that has already been paid or contractually committed, there is generally no opportunity for us to revisit these decisions. Nevertheless, the views expressed by the stockholders, whether through this vote or otherwise, are important to management and the Board and, accordingly, the Board and the Compensation Committee intend to consider the results of this vote in making determinations in the future regarding executive compensation arrangements.

Vote Required and Board of Directors Recommendation

Advisory approval of this proposal requires the vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote at the annual meeting. Abstentions and broker non-votes will each be counted as present for purposes of determining the presence of a quorum but will not have any effect on the outcome of the proposal.

The Board of Directors unanimously recommends a vote “FOR” the approval of, on an advisory basis, the compensation of our Named Executive Officers as disclosed in this proxy statement.

 

10


 

PROPOSAL NO. 3

ADVISORY VOTE ON FREQUENCY OF “SAY ON PAY” PROPOSAL

The Dodd-Frank Act and Section 14A of the Exchange Act also enable our stockholders to indicate their preference regarding how frequently we should solicit future non-binding advisory votes on the compensation of our named executive officers. Accordingly, we are asking stockholders to indicate whether they would prefer an advisory vote every year, every other year or every three years. Alternatively, stockholders may abstain from casting a vote.

The Board recognizes that there are a range of reasons for stockholder preferences regarding the desired frequency of “say on pay” proposals.   Many stockholders have voting policies that prefer, and many companies have adopted, annual “say on pay” votes, in part because an annual vote opens avenues of communication and allows feedback to the Board and Compensation Committee each year. However, stockholders should note that because the advisory vote on executive compensation occurs well after the beginning of the compensation year, and because the different elements of our executive compensation programs are designed to operate in an integrated manner and to complement one another, in many cases it may not be appropriate or feasible to change our executive compensation programs in consideration of any one year’s advisory vote on executive compensation by the time of the following year’s annual meeting of stockholders. As a result, voting every two years or every three years may allow stockholders to better evaluate how our executive compensation aligns with long-term performance.  The longer frequencies between “say on pay” votes also avoid focusing on short-term factors and allow for a more careful and cost-effective review. Furthermore, we believe that seeking input and engaging in dialogue with our stockholders on corporate governance matters and our executive compensation philosophy, policies and practices should not be limited to a “say on pay” vote, regardless of the frequency. Recognizing the wide range of possible preferences that our stockholders may hold our Board has not made a recommendation of the frequency of future “say on pay” votes.

The Board is asking our stockholders to indicate their preferred voting frequency as to whether the non-binding advisory vote on the approval of our executive officer compensation practices should be held every year, every other year or every three years. The option among those choices that receives the votes from the highest number of shares present in person or represented by proxy and entitled to vote at the annual meeting will be deemed to be the frequency preferred by our stockholders.  

The Board and the Compensation Committee value the opinions of our stockholders in this matter, and the Board intends to hold “say on pay” votes in the future in accordance with the alternative that receives the most stockholder support, even if that alternative does not receive the support of a majority of the shares present and entitled to vote.

Vote Required and Board of Directors Recommendation

Advisory approval of the frequency of future “say on pay” votes requires the vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote at the annual meeting. Abstentions and “broker non-votes” will have no effect on the outcome of the vote. If a majority of the shares present in person or represented by proxy and entitled to vote at the annual meeting do not vote in favor of one of the three frequencies, the frequency which receives the highest number of votes will be considered to be the frequency favored by stockholders.

The Board of Directors is not making a recommendation on this proposal and requests stockholders to select whether one, two or three years is the preferred frequency for the future advisory votes on the compensation of our named executive officers.

 

 

11


 

EXECUTIVE COMPENSATION

Executive Officers

We describe in this section the executive compensation paid to our three named executive officers during 2018: Andrey Semechkin, Chief Executive Officer, Russell Kern, Executive Vice President and Chief Scientific Officer, and Sophia Garnette, Vice President, Legal Affairs and Operations.

Compensation Overview

We are currently considered a “smaller reporting company” for purposes of Securities and Exchange Commission executive compensation and other disclosure rules and as such we have elected to comply with the disclosure requirements applicable to smaller reporting companies. This executive compensation summary is not intended to meet the “Compensation Discussion and Analysis” disclosure required of larger reporting companies.

Role of the Compensation Committee

All compensation for our executive officers is determined from time to time by the Compensation Committee of our Board of Directors, which is composed only of independent directors. The Compensation Committee is also responsible for administration of the equity incentive plans, including grants of equity awards to Company employees and consultants. In performing its functions the Compensation Committee relies, in part, on the input from the Chief Executive Officer and other members of senior management, however, the Committee retains the final decision-making authority over all executive compensation matters.

Compensation Philosophy and Objectives

The objectives of the Company’s executive compensation program are to attract, retain and reward executive officers and other key employees who contribute to the Company’s success and to provide year-to-year and long-term incentives for these individuals to enhance stockholder value. In order to accomplish this we offer a total compensation package that consists of: (1) an annual base salary, based on the seniority and level of performance of the executive, (2) long-term incentives in the form of stock options and restricted stock awards, and (3) other benefits.

Base Salaries. Base salaries are an integral component of our total compensation program and help us attract and retain senior executives with desired skill sets. Our Chief Executive Officer provides recommendations to the Compensation Committee based on an analysis of industry standards and an evaluation of each executive officer’s contribution to the Company’s performance. Base salaries are reviewed and adjusted from time to time to take into account changes in responsibility, and relevant experience, as well as current and anticipated cash resource limitations. Our Compensation Committee considers, but retains the right to accept, reject or modify recommendations from the Chief Executive Officer. Consideration of base salaries is conducted during Compensation Committee meetings and neither the Chief Executive Officer nor any other member of management is present during these meetings.

12


 

Long-Term Equity Incentives. Our Compensation Committee believes that equity-based compensation provides the executive officers, core R&D team responsible for the advancement of Company’s therapeutic pipeline, and other em ployees with a strong economic incentive to increase stockholder value over the long term. Equity-based awards have been made pursuant to our 2006 and 2010 Equity Participation Plans (the “Stock Plans”) that provide for grants of stock options, shares of r estricted stock and other equity-based awards. Long-term equity awards may be granted to executive officers and other employees for contributions to the Company’s success. The terms of these equity awards generally provide time based vesting provisions and require the recipient to remain employed to obtain or exercise such awards on each vesting date. The Compensation Committee does not currently have a policy for the automatic awarding of equity awards to the executive officers or our other employees. Our Chief Executive Officer provides recommendations to the Compensation Committee for equity grants to the executive officers and other employees, taking into account each employee’s performance, achievements, and other criteria deemed relevant. The Compensat ion Committee reviews the proposed grants, but reserves the right to reject or modify such recommendations. The timing of our typical equity awards is determined in advance. In general, we do not anticipate option grants on dates other than the scheduled m eetings of the Compensation Committee. The grant date is established when the Compensation Committee approves the grant and all key terms have been determined.

Other Benefits. We provide group life insurance, health, vision and dental care insurance to all employees, including the executive officers. These benefits do not discriminate in scope, terms or operation in favor of the executive officers. All such benefits terminate at the time each individual is no longer employed with the Company or as otherwise provided in the applicable employment agreement. We maintain a 401(k) defined contribution plan, which is our primary retirement benefit for employees, including executives. Although permitted under the plan, we have not matched employee contributions to the 401(k) plan. We do not provide our executive officers with any type of defined benefit retirement benefit or the opportunity to defer compensation pursuant to a non-qualified deferred compensation plan.

Employment/Severance Agreements. We do not have severance agreements with Dr. Semechkin, Dr. Kern, and Ms. Garnette.

13


 

201 8 SUMMARY COMPENSATION TABLE

The following table sets forth information concerning the compensation earned during the fiscal years ended December 31, 2018 and 2017 by our three most highly compensated executive officers, who are sometimes referred to herein as our named executive officers.

 

Name

 

Year

 

 

Salary (1)

 

 

 

Option Awards ($) (2)

 

 

 

Total

 

Andrey Semechkin

 

2018

 

$

 

48,212

 

 

$

 

372,245

 

 

$

 

420,457

 

 

 

2017

 

$

 

102,480

 

 

$

 

140,512

 

 

$

 

242,992

 

Russell Kern

 

2018

 

$

 

59,604

 

 

$

 

266,017

 

 

$

 

325,621

 

 

 

2017

 

$

 

113,537

 

 

$

 

106,905

 

 

$

 

220,442

 

Sophia Garnette

 

2018

 

$

 

142,012

 

 

$

 

315,203

 

 

$

 

457,215

 

 

 

2017

 

$

 

125,461

 

 

$

 

67,071

 

 

$

 

192,532

 

 

(1)

Actual amounts paid.

(2)

Represents the grant date fair value in accordance with ASC 718. These amounts have been calculated in accordance with ASC 718 using the market price of our stock on the respective grant dates. The assumptions used with respect to the valuation of option grants are set forth below.

On March 12, 2018 we granted options as follows: Dr. Semechkin 200,000 shares and Dr. Kern 150,000 shares at an exercise price of $1.51. These options expire on March 12, 2028. All of the shares in this grant were granted under the 2010 Equity Participation Plan. The options issued are subject to plan restrictions and will vest 3/36 th on June 12, 2018, and the remaining in equal monthly installments over 33 months.

On August 15, 2018 we granted options as follows: Dr. Semechkin 150,000 shares, Dr. Kern 100,000 shares and Ms. Garnette 300,000 shares at an exercise price of $1.58. These options expire on August 15, 2028. All of the shares in this grant were granted under the 2010 Equity Participation Plan. The options issued are subject to plan restrictions and will vest 3/36 th on September 21, 2018, and the remaining in equal monthly installments over 33 months.

Value Assumptions

The following table sets forth the assumptions used in 2018 and 2017 in the calculation of the option awards presented in our “Summary Compensation Table.” For all periods presented, the fair value of share-based awards for options awards was estimated at the date of grant using the Black-Scholes valuation model.

 

 

 

Year ended December 2018

 

 

Year ended December 2017

 

Significant assumptions (weighted-average):

 

 

 

 

 

 

 

 

Risk-free interest rate at grant date

 

 

2.72

%

 

 

1.95

%

Expected stock price volatility

 

 

92.68

%

 

 

96.71

%

Expected dividend payout

 

 

0

%

 

 

0

%

Expected option life-years based on management’s estimate

 

5.70 years

 

 

5.71 years

 

 

14


 

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

The following table sets forth certain information with respect to the value of all unexercised options previously awarded to our named executive officers as of December 31, 2018:

Outstanding Equity Awards at December 31, 2018

 

 

 

 

 

Number of

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying

 

 

Underlying

 

 

 

 

 

 

 

 

 

 

Year

 

 

Unexercised

 

 

Unexercised

 

 

 

Option

 

 

Option

 

 

Option

 

 

Options

 

 

Options

 

 

 

Exercise

 

 

Expiration

Name

 

Granted

 

 

Exercisable

 

 

Unexercisable

 

 

 

Price

 

 

Date

Andrey Semechkin

 

2009

(1)

 

 

194

 

 

 

 

 

$

 

73.50

 

 

2019

 

 

2009

(1)

 

 

8,401

 

 

 

 

 

$

 

88.50

 

 

2019

 

 

2011

(1)

 

 

16,668

 

 

 

 

 

$

 

289.50

 

 

2021

 

 

2012

(1)

 

 

5,001

 

 

 

 

 

$

 

48.00

 

 

2022

 

 

2013

(1)

 

 

668

 

 

 

 

 

$

 

40.50

 

 

2023

 

 

2014

(1)

 

 

8,334

 

 

 

 

 

$

 

23.25

 

 

2024

 

 

2014

(1)

 

 

401

 

 

 

 

 

$

 

15.90

 

 

2024

 

 

2016

(2)

 

 

129,167

 

 

 

70,833

 

 

$

 

2.30

 

 

2026

 

 

2017

(4)

 

 

30,555

 

 

 

38,889

 

 

$

 

1.09

 

 

2027

 

 

2017

(5)

 

 

21,388

 

 

 

33,056

 

 

$

 

1.10

 

 

2027

 

 

2018

(6)

 

 

50,000

 

 

 

150,000

 

 

$

 

1.51

 

 

2028

 

 

2018

(7)

 

 

25,000

 

 

 

125,000

 

 

$

 

1.58

 

 

2028

Russell Kern

 

2009

(1)

 

 

1,667

 

 

 

 

 

$

 

88.50

 

 

2019

 

 

2011

(1)

 

 

3,335

 

 

 

 

 

$

 

289.50

 

 

2021

 

 

2012

(1)

 

 

668

 

 

 

 

 

$

 

73.50

 

 

2022

 

 

2012

(1)

 

 

501

 

 

 

 

 

$

 

57.00

 

 

2022

 

 

2013

(1)

 

 

468

 

 

 

 

 

$

 

40.50

 

 

2023

 

 

2014

(1)

 

 

6,668

 

 

 

 

 

$

 

23.25

 

 

2024

 

 

2014

(1)

 

 

401

 

 

 

 

 

$

 

15.90

 

 

2024

 

 

2016

(3)

 

 

123,750

 

 

 

56,250

 

 

$

 

3.75

 

 

2026

 

 

2017

(4)

 

 

25,700

 

 

 

35,000

 

 

$

 

1.09

 

 

2027

 

 

2017

(5)

 

 

12,222

 

 

 

18,889

 

 

$

 

1.10

 

 

2027

 

 

2018

(6)

 

 

37,500

 

 

 

112,500

 

 

$

 

1.51

 

 

2028

 

 

2018

(7)

 

 

16,667

 

 

 

83,333

 

 

$

 

1.58

 

 

2028

Sophia Garnette

 

2011

(1)

 

 

67

 

 

 

 

 

$

 

165.00

 

 

2021

 

 

2012

(1)

 

 

334

 

 

 

 

 

$

 

57.00

 

 

2022

 

 

2013

(1)

 

 

467

 

 

 

 

 

$

 

40.50

 

 

2023

 

 

2014

(1)

 

 

1,334

 

 

 

 

 

$

 

23.25

 

 

2024

 

 

2014

(1)

 

 

400

 

 

 

 

 

$

 

15.90

 

 

2024

 

 

2015

(8)

 

 

1,253

 

 

 

81

 

 

$

 

9.30

 

 

2025

 

 

2016

(3)

 

 

90,974

 

 

 

29,026

 

 

$

 

3.75

 

 

2026

 

 

2017

(4)

 

 

555

 

 

 

7,778

 

 

$

 

1.09

 

 

2027

 

 

2017

(5)

 

 

11,667

 

 

 

28,333

 

 

$

 

1.10

 

 

2027

 

 

2018

(7)

 

 

50,000

 

 

 

250,000

 

 

$

 

1.58

 

 

2028

 

(1)

There were no unvested stock options for this award as of December 31, 2018.

(2)

The stock option will vest 25% at the one-year anniversary on May 17, 2017, and then 1/48th on each month commencing on June 17, 2017.

(3)

The stock option will vest 25% at the one-year anniversary on March 24, 2017, and then 1/48th on each month commencing on April 24, 2017.

(4)

3/36th of the stock options vests on May 10, 2017 and the remaining in equal 33 monthly installments.

(5)

3/36th of the stock options vests on August 31, 2017 and the remaining in equal 33 monthly installments.

15


 

(6)

3/36th of the stock options vests on June 12, 2018 and the remaining in equal installments over 33 months.

(7)

3/36th of the stock options vests on September 21, 2018 and the remaining in equal monthly installments over 33 months.

(8)

The stock option will vest 25% at the one-year anniversary on March 12, 2016, and then 1/48th on each month commencing on April 12, 2016.

2006 Equity Participation Plan

The 2006 Equity Participation Plan (also referred to as “2006 Stock Plan”) provided for the grant of stock options or restricted stock and other equity based awards to our employees, officers, directors and consultants. Options may be either “incentive stock options” or non-qualified options under the federal tax laws and will have an exercise price equal to at least fair market value as of the grant date. A total of 100,000 shares of common stock were reserved for issuance under the 2006 Stock Plan, subject to adjustments for certain corporate transactions or events. The purpose of the 2006 Stock Plan is to enable us to offer non-employee directors, officers, other key employees and consultants of the Company and our subsidiaries and affiliates, equity-based incentives, thereby attracting, retaining and rewarding these participants and strengthening the mutuality of interests between these participants and our stockholders. The 2006 Stock Plan is administered by the board of directors as a whole. The board of directors has the power to determine the terms of any restricted stock or options granted under the 2006 Stock Plan. Grants under the 2006 Stock Plan are generally not transferable, and each stock option is generally exercisable during the lifetime of the optionee only and can only be exercised by such optionee. The 2006 Plan expired on November 16, 2016. Options and other equity based awards granted prior to the expiration of the 2006 Plan will continue in effect until the option or award is exercised or terminates pursuant to its terms. No new awards may be granted under the 2006 Plan following its expiration.

Equity Awards Issued Outside the 2006 Equity Participation Plan

In 2009, options to purchase 68,384 shares were issued outside the 2006 Equity Participation Plan. These grants include 57,472 shares that were issued with an exercise price of $93.00 per share and 10,913 that were issued with an exercise price of $88.50 per share.

2010 Equity Participation Plan

The 2010 Equity Participation Plan (also referred to as “2010 Stock Plan”) provides for the grant of stock options or restricted stock and other equity based awards to our employees, officers, directors and consultants. Options may be either “incentive stock options” or non-qualified options under the federal tax laws and will have an exercise price equal to at least fair market value as of the grant date. Currently, a total of 9,700,000 shares of common stock have been reserved for issuance under the 2010 Stock Plan, subject to adjustments for certain corporate transactions or events. The purpose of the 2010 Stock Plan is to enable us to offer non-employee directors, officers, other key employees and consultants of the Company and our subsidiaries and affiliates, equity-based incentives, thereby attracting, retaining and rewarding these participants and strengthening the mutuality of interests between these participants and our stockholders. The 2010 Stock Plan is administered by the board of directors, which has delegated authority to administer the 2010 Stock Plan to the Compensation Committee. The board of directors has the power to determine the terms of any restricted stock or options granted under the 2010 Stock Plan. Grants under the 2010 Stock Plan are generally not transferable, and each stock option is generally exercisable during the lifetime of the optionee only and can only be exercised by such optionee.

16


 

Stock Option Grants

The Board may grant options qualifying as incentive stock options under the Internal Revenue Code and nonqualified stock options. The term of an option will be fixed by the Board, but will not exceed ten years (or five years in the case of an incentive stock option granted to a person beneficially owning shares representing 10% or more of the total combined voting power of all classes of our stock, referred to as a 10% stockholder). The option price for any option will not be less than the fair market value of the common stock on the date of grant (or 110% of the fair market value in the case of an incentive stock option granted to a 10% stockholder). Generally, the fair market value will be the closing price of the common stock on the applicable trading market. Payment for shares purchased upon exercise of a stock option must be made in full at the time of purchase. Payment may be made (i) in cash; (ii) in a cash equivalent acceptable to the Board; (iii) by the transfer to us of shares owned by the participant for at least six months on the date of transfer; (iv) if the common stock is traded on an established securities market, the board may approve payment of the exercise price by a broker-dealer or by the option holder with cash advanced by the broker-dealer if the exercise notice is accompanied by the option holder’s written irrevocable instructions to deliver the common stock acquired upon exercise of the option to the broker-dealer; or (v) any other method acceptable to the Board and in compliance with applicable laws.

Restricted Stock

The board is authorized to grant restricted stock. Restricted stock is a grant of shares of common stock which may not be sold or disposed of and which shall be subject to such risks of forfeiture and other restrictions as the board may impose. Unless otherwise determined by the board, the purchase price for any restricted stock grant will be not less than 85% of the fair market value of common stock on the date of grant or at the time the purchase is consummated (or 100% of the fair market value in the case of restricted stock granted to a 10% stockholder). Generally, the fair market value will be the closing price of the common stock on the applicable trading market. Payment for shares purchased pursuant to a restricted stock grant may be made in (i) cash at the time of purchase; (ii) at the discretion of the board, according to a deferred payment or other similar arrangement with the participant; or (iii) in any other form of legal consideration that may be acceptable to the board in its discretion. A participant granted restricted stock generally has all of the rights of a stockholder of the Company, unless otherwise determined by the board.

Option Exercises and Stock Vested During Last Fiscal Year

During the fiscal year ended December 31, 2018, Andrey Semechkin, CEO and Co-Chairman acquired 46,112 shares of common stock through exercise of options at exercise prices ranging from $1.09 to $1.10 per share, Russell Kern, Chief Scienctific Officer, acquired 38,119 shares of common stock through exercise of options at exercise prices ranging from $1.09 to $1.10 per share, and Sophia Garnette, Vice President Legal Affairs & Operations, acquired 31,667 shares of common stock in cashless exercise transactions at exercise prices ranging from $1.09 to $1.10 per share and disposition prices ranging from $1.54 to $1.60 per share. There were no stock awards vested by named executive officers during the fiscal year ended December 31, 2018.

17


 

EQUITY COMPENSATION PLAN INFORMATION

The following table sets forth information regarding outstanding options and shares reserved for future issuance under our current equity compensation plans as of December 31, 2018:

Equity Compensation Plan Information

 

 

 

 

 

 

 

 

 

 

Number of securities

 

 

 

 

 

 

 

 

 

 

remaining available

 

 

 

 

 

 

 

 

 

 

for future issuance

 

 

 

Number of securities to

 

 

 

 

 

under equity

 

 

 

be issued upon

 

 

 

Weighted-average

 

compensation plans

 

 

 

exercise of

 

 

 

exercise price of

 

(excluding securities

 

 

 

outstanding options,

 

 

 

outstanding options,

 

reflected in

 

 

 

warrants and rights

 

 

 

warrants and rights

 

column (a))

 

Plan Category

 

(a)

 

 

 

(b)

 

(c)

 

Equity compensation plans approved by security holders:

 

 

 

 

 

 

 

 

 

 

 

2006 Equity Participation Plan (1)

 

 

12,018

 

 

$

51.71

 

 

 

 

2010 Equity Participation Plan (2)

 

 

4,342,690

 

 

$

3.81

 

 

5,082,901

 

Equity compensation plans not approved by security holders (3)

 

 

12,634

 

 

$

90.23

 

 

 

 

Total

 

 

4,367,342

 

 

 

 

 

 

5,082,901

 

 

(1)

Represents stock options under the 2006 Equity Participation Plan (the “2006 Plan”). The options granted under the 2006 Plan may be either qualified or non-qualified options. Up to 100,000 options were available for grant to employees, directors and consultants under the Plan. Stockholders approved the 2006 Plan effective December 1, 2006. Options granted under the 2006 Plan will generally have a 10-year term and vest at the rate of 2% per month commencing the following month of grant. Options granted under our 2006 Plan provide for full acceleration of the unvested portion of an option if the option is not assumed or substituted by an acquiring entity upon a “Change in Control,” as defined under the 2006 Plan. As noted above, the 2006 Plan expired on November 16, 2016. Options and other equity based awards granted prior to the expiration of the 2006 Plan will continue in effect until the option or award is exercised or terminates pursuant to its terms. No new awards may be granted under the 2006 Plan following its expiration.

(2)

Represents stock options under the 2010 Equity Participation Plan (the “2010 Plan”). The options granted under the 2010 Plan may be either qualified or non-qualified options. Up to 9,700,000 options may be granted to employees, directors and consultants under the 2010 Plan. Options may be granted with different vesting terms and expire no later than 10 years from the date of grant. Stockholders approved the 2010 Plan effective April 28, 2010. Options granted under the 2010 Plan will generally have a 10-year term and (for options granted prior to 2017) vest at the rate of either (i) 2% per month commencing the following month of grant, or (ii) 25% on the first anniversary of the date of grant and 1/48th per month thereafter. Since 2017, option grants generally vest at the rate of 1/12 after three months and the remainder vesting ratably over the following 33 months.  Options granted under our 2010 Plan provide for full acceleration of the unvested portion of an option if the option is not assumed or substituted by an acquiring entity upon a “Change in Control,” as defined under the 2010 Plan

(3)

Represents stock options not under any of the Company’s Equity Participation Plans. The options were granted in 2009 to senior management and Board members. The options were granted with different vesting terms but will expire no later than 10 years from the date of grant.

18


 

201 8 DIRECTOR COMPENSATION

The following table sets forth information concerning the compensation earned during the last fiscal year by each individual who served as a director at any time during the fiscal year, other than directors who are listed in the Summary Compensation Table (directors who are also employees do not receive any additional compensation for service on the Board):

 

 

 

 

Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earned or

 

 

 

Restricted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in

 

 

 

Stock

 

 

 

Option

 

 

 

 

 

 

Name (4)

 

 

Cash (1)

 

 

 

Awards (2)(4)

 

 

 

Awards (3)(4)

 

 

 

Total

 

Donald A. Wright

 

$

 

52,270

 

 

$

 

 

 

$

 

107,040

 

 

$

 

159,310

 

Paul V. Maier

 

$

 

32,500

 

 

$

 

 

 

$

 

68,954

 

 

$

 

101,454

 

Charles J. Casamento (5)

 

$

 

15,417

 

 

$

 

15,309

 

 

$

 

 

 

$

 

30,726

 

 

(1)

Mr. Wright, Mr. Maier and Mr. Casamento were compensated for their service on the Board and for service on any committee of the Board at the annual rate of $32,500, while Mr. Wright received additional annual compensation of $15,000 for serving as the Co-Chairman of the Board.

(2)

In March 2018, Mr. Casamento received 5,527 shares of restricted stock with vesting at grant. Mr Casamento received 4,328 shares of restricted stock in June 2018 vesting at grant. The amount included in stock awards represents the grant date fair value of the Company’s stock.

(3)

In March 2018, Mr. Wright, and Mr. Maier each received 11,054 options at an exercise price of $1.47 vesting at grant; in June 2018, Mr. Wright and Mr. Maier received 8,655 options each at an exercise price of $1.66 with vesting at grant; 38,462 options each at an exercise price of $1.66 vesting quarterly beginning at September 21, 2018; 30,000 options each at an exercise price of $1.66 vesting at the one-year anniversary of grant. The amount included in stock awards represents the grant date fair value of the options granted based on the Black-Scholes valuation model.

(4)

As of December 31, 2018, Mr. Wright held 182,607 stock options and 4,739 shares of restricted stock; Mr. Maier held 182,607 stock options and 33,060 shares of restricted stock.

(5)

Mr. Casamento concluded his service on the Board at the 2018 Annual Meeting of Stockholders in June 2018.

Currently, non-employee directors will receive (i) annual cash compensation of $32,500 (with Mr. Wright receiving an additional $25,000 per year for his service as Co-Chairman); (ii) an annual grant (as of the date of each Annual Meeting of Stockholders) of an option to purchase 30,000 shares of Common Stock; such grant to have an exercise price equal to the fair market values of share of stock on the date of grant and to vest on the earlier of the first anniversary of the date of the grant or the next annual meeting (or, if earlier, upon a change-in-control); and (iii) quarterly grants, effective on the last business day of each quarter, of either (a) stock with the number of shares of stock equal to $8,125 divided by the average closing price of the Common Stock of the Company over the five trading days preceding the date of grant or (b) immediately exercisable stock options with a term of ten years to purchase a number of shares equal to two times the number of shares that would be granted and with an exercise price equal to the fair market value of shares of stock on the date of grant.

19


 

RELATED PERSON TRANSACTIONS

Pursuant to our Code of Business Conduct and Ethics, our executive officers, directors, and principal stockholders, including their immediate family members and affiliates, are prohibited from entering into transactions which create, or would appear to create, a conflict of interest with us. Our Audit Committee is responsible for reviewing and approving related party transactions. Our Audit Committee shall approve only those agreements that, in light of known circumstances, are in, or are not inconsistent with, our best interests, as our Audit Committee determines in the good faith exercise of its discretion.

Except with respect to the transactions described below, since January 1, 2018, none of our directors or executive officers, nor any person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to our outstanding shares, nor any of our promoters, nor any relative or spouse of any of the foregoing persons has any material interest, direct or indirect, in any transaction for the past two years or in any presently proposed transaction to which we were or are to be party. None of our directors or executive officers is indebted to us.

From time to time, various persons, including certain officers, directors, principal shareholders, and their affiliates, have advanced funds to Lifeline and/or ISC California for operating expenses.

Between March 6, 2018 and August 8, 2018, to obtain funding for working capital purposes, the Company borrowed a total of $2,000,000 from Dr. Andrey Semechkin and issued an unsecured non-convertible promissory note in the principal amount of $2,000,000 (the “Note”) to Dr. Andrey Semechkin (the “Noteholder”).  The outstanding principal amount under the Note accrued interest at a rate of four percent (4%) per annum.  The Note was due and payable November 1, 2018 and on November 12, 2018, an amendment to the Note was entered into extending the due date to January 15, 2019.  As of December 31, 2018, the principal amount of $2,000,000 and accrued interest of $45,000 remained outstanding.

We are parties to an operating lease for our corporate offices in Carlsbad, California with S Real Estate Holdings LLC. S Real Estate Holdings LLC is owned by Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors. During fiscal years 2018, and 2017, the Company recorded $160,000 and $154,000, respectively, in rent expense that was related to the facility lease arrangement with related parties.

 

20


 

STOCK OWNERS HIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

The following table sets forth information regarding the beneficial ownership of our common stock and our preferred stock as of April 26, 2019, by (i) each person who is known by us to beneficially own 5% or more of our common stock or 5% or more of our preferred stock, (ii) each of our directors and named executive officers, and (iii) all executive officers and directors as a group. In general, a person is deemed to be a “beneficial owner” of a security if that person has or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership within 60 days. To the best of our knowledge, all persons named have sole voting and investment power with respect to such shares, except as otherwise noted.

Other than for matters adversely affecting the rights and preferences of the preferred stock, the shares of our preferred stock (other than shares of Series I-1 and Series I-2 preferred stock, which is non-voting) vote together with the shares of common stock on most matters, with the shares of preferred stock entitled to cast a number of votes equal to the number of shares of common stock into which the shares of preferred stock could be converted. As of April 26, 2019, there were a total of 5,255,167 shares of preferred stock outstanding that were convertible into a total of 6,120,725 shares of common stock. Dr. Andrey Semechkin and Dr. Russell Kern, either   directly or through entities that they control, beneficially own a total of 5,004,353 shares of preferred stock, that could be converted into a total of 5,423,944 shares of common stock. As such, Dr. Andrey Semechkin and Dr. Russell Kern control approximately 88.6% of the voting power of the preferred stock. The shares of common stock issuable upon conversion of the preferred stock are reflected in the following table.

In computing the number of shares of Common Stock beneficially owned by a person and the percentage ownership of such person, shares of Common Stock subject to warrants or options held by that person that are currently exercisable or exercisable within 60 days of April 26, 2019 were deemed to be outstanding, and shares of preferred stock owned by such person and convertible into Common Stock were deemed to be converted into Common Stock. Such shares were not deemed to be outstanding, however, for the purpose of computing the percentage ownership of any other person.

Stock Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

 

 

Actual

 

 

Percent of

 

 

 

Beneficial

 

 

Beneficial

 

Name of Beneficial Owner

 

Ownership

 

 

Ownership (1)

 

Andrey Semechkin (2)(3)(4)(5)(6)

 

 

12,927,102

 

 

 

79.83

%

Sophia Garnette (2)(3)

 

 

239,262

 

 

3.08

 

Russell Kern (2)(3)(4)(5)(6)

 

 

12,927,102

 

 

 

79.83

%

Paul Maier (2)(3)

 

 

214,317

 

 

 

2.78

%

Donald Wright (2)(3)

 

 

187,346

 

 

 

2.43

%

All Executive Officers and Directors as a Group (5 Persons)

 

 

13,568,027

 

 

 

83.16

%

5% Holders

 

 

 

 

 

 

 

 

X-Master, Inc. (4)

 

 

624,762

 

 

 

7.71

%

AR Partners LLC (6)

 

 

450,073

 

 

 

5.64

%

 

(1)

Based on 7,533,083 shares outstanding as of April 26, 2019, plus shares issuable under derivative securities which are exercisable within 60 days of April 26, 2019.

(2)

The business address for each director and officer is 5950 Priestly Drive, Carlsbad, CA 92008.

(3)

Includes shares issuable upon conversion of outstanding shares of preferred stock and warrants and options to purchase shares of our common stock exercisable within 60 days of April 26, 2019 in the following amounts:

Dr. Andrey Semechkin, 8,660,776 shares; Ms. Garnette, 238,995 shares; Dr. Russell Kern, 8,660,776 shares; Mr. Maier, 182,607 shares; Mr. Wright, 182,607 shares; and All Executive Officers and Directors as a Group, 9,264,985 shares.

21


 

(4)

The business address for X-Master, Inc. is 1 Overlook Drive, Unit 11, Amherst, New Hampshire 03031. X-Master Inc. is owned by Dr. Andrey Semechkin. Dr. Russell Kern is the President of X-Master, Inc. The shares held by X-Master are all issuable upon conver sion of outstanding shares of preferred stock and are considered to be beneficially owned by each of Andrey Semechkin and Russell Kern.

(5)

Pursuant to the applicable SEC rules, each of Dr. Andrey Semechkin and Dr. Russell Kern are considered to be the beneficial owner of shares held by the other.

(6)

The business address for AR Partners LLC is 5950 Priestly Drive, Carlsbad, CA 92008. AR Partners LLC is owned by Dr. Andrey Semechkin and Dr. Russell Kern. Dr. Russell Kern is the General Manager of AR Partners LLC. The shares held by AR Partners are all issuable upon conversion of outstanding shares of preferred stock and are considered to be beneficially owned by each of Andrey Semechkin and Russell Kern.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors and persons who beneficially own more than 10% of our Common Stock to file initial reports of beneficial ownership and reports of changes in beneficial ownership with the SEC. Such persons are required by SEC regulations to furnish us with copies of all Section 16(a) forms filed by such person.

Based solely on our review of such forms furnished to us and written representations from certain reporting persons, we believe that all filing requirements applicable to our executive officers, directors and greater-than-10% stockholders were met.

STOCKHOLDER PROPOSALS TO BE PRESENTED AT NEXT ANNUAL MEETING

Stockholder proposals may be included in our proxy materials for an annual meeting so long as they are provided to us on a timely basis and satisfy the other conditions set forth in applicable SEC rules. For a stockholder proposal to be included in our proxy materials for the 2020 annual meeting, the proposal must be received at our principal executive offices, addressed to the Secretary, not later than January 1, 2020. Stockholder business that is not intended for inclusion in our proxy materials may be brought before the annual meeting so long as we receive notice of the proposal as specified by our Bylaws, addressed to the Secretary at our principal executive offices, not earlier than February 4, 2020 and not later than March 5, 2020.

TRANSACTION OF OTHER BUSINESS

At the date of this Proxy Statement, the Board of Directors knows of no other business that will be conducted at the 2018 annual meeting other than as described in this Proxy Statement. If any other matter or matters are properly brought before the meeting, or any adjournment or postponement of the meeting, it is the intention of the persons named in the accompanying form of proxy to vote the proxy on such matters in accordance with their best judgment.

DELIVERY OF PROXY MATERIALS AND ANNUAL REPORTS

We may satisfy SEC’s rules regarding delivery of our, Annual Report to Stockholders and this Proxy Statement by delivering a single copy of these materials to an address shared by two or more stockholders. This process is known as “householding.” This delivery method can result in meaningful cost savings for us. In order to take advantage of this opportunity, we have delivered only one Proxy Statement and Annual Report to Stockholders to multiple stockholders who share an address, unless contrary instructions were received prior to the mailing date. Accordingly, for many stockholders who hold their shares through a bank, brokerage firm or other holder of record (i.e., in “street name”) and share a single address, only one Annual Report and Proxy are being delivered to that address unless contrary instructions from any stockholder at that address were received.

22


 

We undertake to deliver promptly upon written or oral request a separate copy of the Annual Report to Stockholders and/or Proxy Statement, as requeste d, to a stockholder at a shared address to which a single copy of these documents was delivered. If you hold stock as a record stockholder and prefer to receive separate copies of the Annual Report to Stockholders or Proxy Statement either now or in the fu ture, please contact our Corporate Secretary and 5950 Priestly Drive, Carlsbad, CA, 92008 or by telephone at (760) 940-6383. If your stock is held by a brokerage firm or bank and you prefer to receive separate copies of the Annual Report to Stockholders or Proxy Statement either now or in the future, please contact your brokerage or bank. The voting instruction sent to a street-name stockholder should provide information on how to request (1) householding of future company materials or (2) separate material s if only one set of documents is being sent to a household. If it does not, a stockholder who would like to make one of these requests should contact us as indicated above.

 

 

 

 

23


 

to vote upon such other matters that may properly come before the Annual Meeting or any adjournment or postponement thereof. You are encouraged to specify your choice by marking the appropriate box (SEE REVERSE SIDE) but you need not mark any box if you wi sh to vote in accordance with the Board of Directors’ recommendation. The Named Proxies cannot vote your shares unless you sign and return this card. Please separate carefully at the perforation and return just this portion in the envelope provided.

 

(DsTE0 M C ELL ANNUAL MEETING OF INTERNATIONAL STEM CELL CORPORATION Date: June 3, 2019 Time: 9:00 A.M. (Local Time) Place:HiltonGarden Inn, CarlsbadBeach 6450 CarlsbadBlvd, Carlsbad,CA 92011. (DsTE0M!;.  .1:-:.1::: Annual Meeting of International Stem Cell Corporation to be held on Monday, June 3, 2019 for Holders as of April 4, 2019 This proxy is being solicited on behalf of the Board of Directors Please make your marks lik e thi s: [&] Use dark black pencil or pen only Board of Directors Recommends a Vote FOR the two nominees for director and FOR proposal2. 1:To elect two directorsto hold office for a one-year term and until their respective successors are elected and qualified.For Withhold Directors Recommend "1 01 Donald A. Wright 02 Paul V. Maier For For For Against Abstain 2: To approve, on an advisory basis,the compensation of our named executive officers. For 1 year 2 years 3years 3: To vote, on an advisory basis, onhow often we should submita "Say on Pay" proposal to stockholders. Years 4: To transact such other business as may property come before the meeting. Authorized Signatures - This section must be completed for your Instructions to be executed. Please Sign Here Please Date Above Please Sign Here Please Date Above Please sign exactly as your name(s) appears on your stock certificate. II held in joint tenancy, all persons should sign.Trustees, administrators,etc.,should include title and authority.Corporations should provide full name of corporation and title of authorized officer signingthe proxy. Please separate carefully at the perforation and return just this portion in the envelope provided. VOTE BY: Q INTERNET TELEPHONE Go To Call 866-834-6037 w ww.proxypush.com/lSCO Cast your vote online. View MeetingDocuments. OR MAIL Use any touch-tone telephone. Have your Proxy CardNoling Instruction Form ready. Follo w the simple recordedinstructions. OR • Mark, sign and date your Proxy CardN oting Instruction Form. Detach your Proxy CardN oting Instruction Form. Return your Proxy CardNoting InstructionForm in the postage-paid envelope provided. The undersigned hereby appoints Andrey Semechkin and Sophia Garnette, and each or either of them, as the true and lawful attorneys of the undersigned, with full power of substitution and revocation, and authorizes them, and each of them, to vote all the shares of capital stock of  International Stem Cell  Corporation  which the undersigned is entitled to vote at said meeting and any adjournment thereof upon the matters specified and upon such other matters as may be properly brought before the m eeting or any adjournment thereof, conferring authority upon such true and lawful attorneys to vote in their discretion on such other matters as may properly come before the meeting and revoking any proxy heretofore given. THE SHARES REPRESENTED BY THIS  PROXY  WILL BE VOTED  AS DIRECTED  OR,  IF  NO DIRECTION IS GIVEN, SHARES WILL BE VOTED FOR THE ELECTION OF THE DIRECTORS IN ITEM 1 AND FOR THE PROPOSAL IN ITEM 2. All votes must be received by 5:00 P.M., Eastern Time, June 2, 2019. PROXYTABULATOR FOR INTERNATIONAL STEM CELL CORPORATION P.O. BOX 8016 CARY, NC 27512-9903 EVENT# CLIENT#

 

 


 

 

Please separate carefully at the perforation and return just this portion in the envelope provided. Proxy - International Stem Cell Corporation Annual Meeting of Stockholders June 3, 2019, 9:00 a.m. (Pacific DaylightTime) This Proxy is Solicited on Behalf of the Board of Directors The undersigned appoints Andrey Semechkin and Sophia Garnette (the "Named Proxies") and each of them as attorneys and proxies for the undersigned, with full power of substitution, to vote the shares of common stock of InternationalStem Cell Corporation, a Delaware corporation ("the Company"), the undersigned is entitled to vote at the Annual Meeting of Stockholders of the Company to be held at the Hilton Garden Inn, Carlsbad Beach, 6450 Carlsbad Boulevard Carlsbad, California 92011, onMonday, June 3, 2019, 9:00 a.m. (PDT) and at any and all adjournments thereof. The purpose of the Annual Meeting is to take action on the following:1 To elect four directors to hold office for a one-year term and until their respective successors are elected and qualified.2 To approve, on an advisory basis, the compensation of our named executive officers.3 To vote, on an advisory basis, on how often we should submit a "Say on Pay" proposal to stockholders.4 To transa ct such other business as may properly come before the meeting. The four directors up for re-election are: Andrey Semechkin, Donald A. Wright, Paul V. Maier , and Russell Kern. Dr. Semechkin and Dr. Kern are nominees for election by the holders of Series D Preferred stock, voting as a separate class. 3 The Board of Directors of the Company recommends a vote "FOR" all nominees for director and "FOR" each proposal. This proxy, when properly executed, will be voted in the manner directed herein. If no direction is made, this proxy will be voted "FOR" all nominees for director and"FOR" each proposal. In their discretion, the Named Proxies are authorized to vote upon such other matters that may properly come before the Annual Meeting or any adjournment or postponement thereof. You are encouraged to specify your choice by marking the appropriate box (SEE REVERSE SIDE) but you need not mark any box if you wish to vote  in accordance with the Board of Directors' recommendation.The Named Proxies cannot vote your shares unless you sign and return this card. To attend the meeting and vote your shares in person, please mark this box.

 

 

International Stem Cell Corp. (USOTC:ISCO)
Historical Stock Chart

1 Year : From Jun 2018 to Jun 2019

Click Here for more International Stem Cell Corp. Charts.

International Stem Cell Corp. (USOTC:ISCO)
Intraday Stock Chart

Today : Thursday 20 June 2019

Click Here for more International Stem Cell Corp. Charts.

Latest ISCO Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.