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<title>athx-20210226</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF80L2ZyYWc6MzRiYjk3MjJjMTYyNGM5YjliOTAzYWExZDJkOGQ1M2YvdGFibGU6Y2NkNjA3MjNkN2I4NGZiY2FmZTkwZTk5MWMxNjAzNmMvdGFibGVyYW5nZTpjY2Q2MDcyM2Q3Yjg0ZmJjYWZlOTBlOTkxYzE2MDM2Y18yLTEtMS0xLTA_7efcc3ce-8bfa-42bf-b3ee-d3c1163d2328">false</ix:nonNumeric><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" name="dei:EntityRegistrantName" 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style="-sec-extract:summary;margin-top:4pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" 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id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGV4dHJlZ2lvbjo4MTEzNzAwYmFmOWU0YjZlOGJmN2RmMzZmY2YyODQyMV8xODc5_8d5f39c0-e8ec-4f56-8b43-1f013b7d0c22">431-9900</ix:nonNumeric></span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(Former Name or Former Address, if Changed Since Last Report)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span 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style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr></table></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGFibGU6YTMwNTI3MDlhMjE1NGE1ZmFiZjNiOTdlODBhYmM1OWIvdGFibGVyYW5nZTphMzA1MjcwOWEyMTU0YTVmYWJmM2I5N2U4MGFiYzU5Yl8wLTAtMS0xLTA_27891905-859d-47bd-9ce7-99f61651bd1c">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr></table></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGFibGU6YzdjOWI0ZTNlZTA1NDQ0ZmEwMjZiZjkxM2YyNjJiZjkvdGFibGVyYW5nZTpjN2M5YjRlM2VlMDU0NDRmYTAyNmJmOTEzZjI2MmJmOV8wLTAtMS0xLTA_c46840b2-62e5-4985-8085-c0d1781b143b">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 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Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Trading Symbol</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGFibGU6MWYwNTcyOTE4Y2NlNGQ0M2E1ZTk5ZGI5OTYwYjkzMDkvdGFibGVyYW5nZToxZjA1NzI5MThjY2U0ZDQzYTVlOTlkYjk5NjBiOTMwOV8xLTAtMS0xLTA_c31a09b4-fcb5-43c0-ad5b-282046f7a1f4">Common Stock, par value $0.001 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGFibGU6MWYwNTcyOTE4Y2NlNGQ0M2E1ZTk5ZGI5OTYwYjkzMDkvdGFibGVyYW5nZToxZjA1NzI5MThjY2U0ZDQzYTVlOTlkYjk5NjBiOTMwOV8xLTEtMS0xLTA_8bfed365-4944-4dc6-9e0e-7ab32ad384af">ATHX</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGFibGU6MWYwNTcyOTE4Y2NlNGQ0M2E1ZTk5ZGI5OTYwYjkzMDkvdGFibGVyYW5nZToxZjA1NzI5MThjY2U0ZDQzYTVlOTlkYjk5NjBiOTMwOV8xLTItMS0xLTA_dde31f5a-e259-4817-8e2c-cc8593d62f9f">The NASDAQ Stock Market LLC</ix:nonNumeric></span></td></tr></table></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company&#160;&#160;<ix:nonNumeric contextRef="i15036918e22045b48a7379b7b3d101bf_D20210226-20210226" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjg1MzUwYmQ2MDBkYjQ4N2M4Y2Y5MTFlMTMxMDI5MWM4L3NlYzo4NTM1MGJkNjAwZGI0ODdjOGNmOTExZTEzMTAyOTFjOF8xL2ZyYWc6ODExMzcwMGJhZjllNGI2ZThiZjdkZjM2ZmNmMjg0MjEvdGV4dHJlZ2lvbjo4MTEzNzAwYmFmOWU0YjZlOGJmN2RmMzZmY2YyODQyMV8xODgw_e07b7432-2bcd-4177-a276-fe633c571e36">&#9744;</ix:nonNumeric></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</span></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:6pt"><span><br/></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item&#160;5.02&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 26, 2021, the Athersys, Inc. (the &#8220;Company&#8221;) entered into retention agreements with each of Mr. William Lehmann, Jr., its Interim Chief Executive Officer, Dr. John Harrington, its Executive Vice President and Chief Scientific Officer, Mr. Ivor Macleod, its Chief Financial Officer, and Ms. Laura Campbell, its Senior Vice President of Finance.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each retention agreement provides for a cash retention award and a stock option award, with vesting in each case tied to a continued service requirement.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cash retention awards are in the following amounts:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Lehmann, $286,743, Dr. Harrington, $503,287, Mr. Macleod, $211,150, and Ms. Campbell, $156,456.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vesting of the cash retention awards requires continued service through May 1, 2022, except in the case of Dr. Harrington, whose award vests in five installments over a multi-year period concluding on July 1, 2023.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vesting of retention award would be accelerated upon a termination without cause of the applicable executive officer&#8217;s employment, subject to the executive officer&#8217;s execution and non-revocation of a release of claims in the Company&#8217;s favor.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The stock options were granted on March 1, 2021 in the following amounts:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Lehmann, 500,000, Dr. Harrington, 750,000, Mr. Macleod, 250,000, and Ms. Campbell, 100,000. Each stock option has an exercise price equal to the closing price on the date of grant and will vest 1/3 on May 1, 2022 and 2/3 on May 1, 2023, subject to the applicable executive officer&#8217;s continued service through the applicable vesting date.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vesting of the stock options would be accelerated upon a termination without cause of the applicable executive officer&#8217;s employment, subject to the executive officer&#8217;s execution and non-revocation of a release of claims in the Company&#8217;s favor.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The retention letter with Mr. Lehmann additionally provides for a supplemental base salary of $10,000 per month for so long as he is serving as Interim Chief Executive Officer, and for a target bonus for 2021 equal to 60% of his base salary actually earned in 2021, inclusive of any such supplemental base salary.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing summary does not purport to be complete and is qualified in its entirety by the full text of the retention agreements, copies of which are attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4 and are incorporated herein by reference.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:6pt"><span><br/></span></div><div style="margin-top:6pt"><span><br/></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01 Financial Statements and Exhibits. </span></div><div style="margin-top:5pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:97.660%"><tr><td style="width:1.0%"></td><td style="width:9.678%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.644%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.278%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Exhibit No.</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Description</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline" href="ex101-20210302.htm">10.1</a></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Mr. William Lehmann, Jr.</span></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline" href="ex102-20210302.htm">10.2</a></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Dr. John Harrington</span></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline" href="ex103-20210302.htm">10.3</a></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Mr. Ivor Macleod</span></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline" href="ex104-20210302.htm">10.4</a></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Ms. Laura Campbell</span></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">104</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></div></td></tr></table></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date: March 2, 2021 </span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:57.904%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ATHERSYS, INC.</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Ivor Macleod</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Ivor Macleod<br/>Title: &#160;&#160;Chief Financial Officer</span></td></tr></table></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div></body></html>
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athx-20210226
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
February 26, 2021
Athersys, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
001-33876
20-4864095
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3201 Carnegie Avenue,
Cleveland,
Ohio
44115-2634
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (
216
)
431-9900
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.001 per share
ATHX
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 26, 2021, the Athersys, Inc. (the "Company") entered into retention agreements with each of Mr. William Lehmann, Jr., its Interim Chief Executive Officer, Dr. John Harrington, its Executive Vice President and Chief Scientific Officer, Mr. Ivor Macleod, its Chief Financial Officer, and Ms. Laura Campbell, its Senior Vice President of Finance.
Each retention agreement provides for a cash retention award and a stock option award, with vesting in each case tied to a continued service requirement.
The cash retention awards are in the following amounts:
Mr. Lehmann, $286,743, Dr. Harrington, $503,287, Mr. Macleod, $211,150, and Ms. Campbell, $156,456.
Vesting of the cash retention awards requires continued service through May 1, 2022, except in the case of Dr. Harrington, whose award vests in five installments over a multi-year period concluding on July 1, 2023.
Vesting of retention award would be accelerated upon a termination without cause of the applicable executive officer's employment, subject to the executive officer's execution and non-revocation of a release of claims in the Company's favor.
The stock options were granted on March 1, 2021 in the following amounts:
Mr. Lehmann, 500,000, Dr. Harrington, 750,000, Mr. Macleod, 250,000, and Ms. Campbell, 100,000. Each stock option has an exercise price equal to the closing price on the date of grant and will vest 1/3 on May 1, 2022 and 2/3 on May 1, 2023, subject to the applicable executive officer's continued service through the applicable vesting date.
Vesting of the stock options would be accelerated upon a termination without cause of the applicable executive officer's employment, subject to the executive officer's execution and non-revocation of a release of claims in the Company's favor.
The retention letter with Mr. Lehmann additionally provides for a supplemental base salary of $10,000 per month for so long as he is serving as Interim Chief Executive Officer, and for a target bonus for 2021 equal to 60% of his base salary actually earned in 2021, inclusive of any such supplemental base salary.
The foregoing summary does not purport to be complete and is qualified in its entirety by the full text of the retention agreements, copies of which are attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No.
Description
10.1
Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Mr. William Lehmann, Jr.
10.2
Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Dr. John Harrington
10.3
Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Mr. Ivor Macleod
10.4
Retention Letter, dated as of February 26, 2021 between Athersys, Inc. and Ms. Laura Campbell
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 2, 2021
ATHERSYS, INC.
By:
/s/ Ivor Macleod
Name: Ivor Macleod
Title:   Chief Financial Officer