SEC FORM 4, "What do they mean" was asked.
Just more "enriching" of the insiders essentially IMO. They're more options being granted to them. Aka the get "free" shares (aka being given shares essentially) that can be "exercised" at a "strike" price and then sold, typically at a profit if the share price has gone above the grant/strike price. If the options are below the strike price, they are known as "out of the money" and could expire worthless. Normally when a company grants options to insiders, those options "vest", typically 1/4 each yr, for about 3 to 4 yrs minimum. Meaning if you were granted 100,000 options to buy at say .02 per share (always has a "strike" price), then you'd typically be allowed to "exercise those options 25,000 after 1 yr, up to 50,000 yr 2 and so forth up to yr 4, when you'd be allowed, at your choice to exercise all 100,000 and then if they are "in the money", meaning the stock is trading higher than the option-grant price, you could sell them for a profit.
What BHRT has been doing several times now lately is 1) They grant the options to these select insiders, such that they "vest" IMMEDIATELY and thus can be "exercised" and turned around and dumped/sold immediately at a profit. Usually, options are granted at the "market price" the stock is presently selling at- thus, the options are supposed to be a LONG TERM INCENTIVE to keep good, highly productive employees around, to perform and MAKE THE STOCK PRICE GO UP, via becoming profitable, executing on the biz plan and so forth- so they can make themselves wealthier one day hopefully. Not "vesting immediate", so a quick, dump shares for cash deal, to give them quick money can be created IMO.
I'm looking at Filing form-4 for Sam Ahn right now for example (will check and read them all when I get time).
He was granted another 800,000 options on 2/24/14. They VESTED IMMEDIATE on same day 2/24/14. They do not look discounted though- as the market price was probably about .019 per share then, which is the price of the option. (INTERESTING as heck though IMO, that this was just prior to the massive pump to .08 though? Coincidence? Don't know?, Strictly my opinion- but the timing was "perfect" so say the least, as they vested immediate, and thus by March 6th, the peak .08 day, they could have all been exercised and sold at a huge profit. (.08- .02 essentially = .06 X 800K = $48K for example)
What's most interesting though IMO, is that Ahn filed a SEC Form 4 (as did most other insiders) on 3/14/14. In that form 4, box 9, of table II, it lists his total derivatives holdings (options + warrants they were just given a boat load of warrants I believe, "in the money") it lists the total as 10,619,716 + 11,019,716 = 21,639, 432 as of that date 3/14/14.
This form 4, signed today, 4/15/14 lists box 9, table II total now as 19,019,716. Which IMO, means he unloaded, right when the price has been way up, he unloaded 21,639,432 - 19,019,432 = 2,620,000 shares, somewhere between 3/14/14 and today IMO. Over 2 million shares he would have at least "exercised" and IMO most likely sold then.
A quick run down of each form 4 shows the following IMO:
Kristin Comella was granted 400K options, priced at .019
Kristin Comella was granted 5 MILLION option at .019, of which 1,250,000 vested as of 2/24/14, the rest to vest at later dates
Samuel Ahn granted 800K more options, priced at .019
Mark Borman granted 800K more options at .019
William Murphy granted 800K more options at .019
Mike Tomas granted 800K more options at .019
Mike Tomas also was granted 10 MILLION options at .019, of which 2,500,000 have already vested, the remainder vest on later dates
Sheldon Anderson was granted 800K options at .019
All these "option grants" appear dated the same day, 2/24/14 and they all vested immediate, meaning on same day, 2/24/14, except for the remaining chunk of Tomas's 10 million (7.5 million remaining), 2.5 million stated as vested on 2/24/14.) Comella similar, 1,250,000 vested and the remainder of the 5 million to vest later.
THAT'S IT IMO from reading all those form 4's. They are option grants- give aways to insiders, and nothing more.
Anyone "trying" to claim this means some big "deal" or something "big" is about to happen, blah, blah, blah IMO doesn't know what they're talking about. Again, the timing of all these "instant grant" options being given out, then the price suddenly exploding upward on no news essentially on March 4 to 6th or so, is what's most "interesting" to me- the timing is "amazing" shall we say, in the least IMHO. Amazing. Did everybody exercise and sell these shares into that big run-up? Don't know until they file more documents later on. Simple as that IMO.
But they all filed Form 4's on 3/14/14 too, and those were also big option grants that vested "immediate" and were at .02 per share. And thus also would have been "big time in the money" on this recent run-up, for example 9/1/13 Ahn was granted 400K options at .02, vesting immediate and a bunch of other form 4's were filed that same day, 3/14/14, essentially saying the same or similar.
Just paying and enriching the insiders, nothing more IMHO. Granting um more options- no "implications" of "something" big, blah, blah, blah whatsoever. The OPPOSITE IMO, when you vest um "immediate", it says you're trying to give them ways to cash out as quick as possible to "get paid". Else, you'd vest the options in the future, nearly always. Even on the huge grants of millions to Tomas and Comella, they made at least a million or more shares "grant immediate" if you read the document.
That's my opinions and mine only from my read/understanding of the documents and nothing more. Take it for whatever you want. I'm not an expert, I'm not advising anyone, I'm not implying to buy or sell or anything else. Just a person who read the Form 4's filed with the SEC and giving my opinion on what they say.
If you have a different opinion- put it out there or whatever. Good luck.
