================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 10)
BIOTIME INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON SHARES, PAR VALUE $.01 PER SHARE 09066L105
- ------------------------------------------- ---------------------------------
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
909 Third Avenue, 30th Floor
New York, New York 10022
- --------------------------------------------------------------------------------
(212) 350-5100
- --------------------------------------------------------------------------------
(Name,address,and telephone number of person authorized
to receive notices and communications)
December 2, 2002
- --------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
(Page 1 of 12 Pages)
================================================================================
Doc No. 1221098
CUSIP No. 09066L105 13D Page 2 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
13-3791931
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: 00
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 739,392
SHARES
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 739,392
REPORTING
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 739,392
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.5%
8.5%
- ------------------- --------------------------------------------------------------------------------------------- ------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 3 of 12 Pages
- ---------------------------------------------------------------------- -----------------------------------------------
- ------------------- ---------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
13-3714238
- ------------------- --------------------------------------------------------------------------------------------- -----------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ---------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ---------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------- --------------------------------------------------------------------------------------------- -----------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ---------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ------------------- ---------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 90,750
SHARES
- ------------------------------ ------- --------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------------------ ------- --------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 90,750
REPORTING
- ------------------------------ ------- --------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------------------ ------- --------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 90,750
- ------------------- --------------------------------------------------------------------------------------------- -----------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- ---------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------- ---------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 4 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
13-3793447
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
BENEFICIALLY 8 SHARED VOTING POWER: 90,750
OWNED BY
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 90,750
REPORTING PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------- --------------------------------------------------------------------------------------------- ------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 5 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GREENBROOK VALLEY LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
BENEFICIALLY 8 SHARED VOTING POWER: 90,750
OWNED BY
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 90,750
REPORTING PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------- --------------------------------------------------------------------------------------------- ------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 6 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GREENMINT LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
BENEFICIALLY 8 SHARED VOTING POWER: 90,750
OWNED BY
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 90,750
- ------------------------------ ------- -------------------------------------------------------------------------- ------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 90,750
REPORTING PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7%
- ------------------- -------------------------------------------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 7 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 2,199,478
SHARES
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 830,142
OWNED BY
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,199,478
REPORTING
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 830,142
- ------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 3,029,620
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 21.8%
- ------------------- -------------------------------------------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------- -------------------------------------------------- -------------------------------------------------------------
CUSIP No. 09066L105 13D Page 8 of 12 Pages
- ---------------------------------------------------------------------- ------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- ------------------- --------------------------------------------------------------------------------------------- ------------------
(A) [X]
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (B) [_]
- ------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):
- ------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ------------------- ----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 10,895
SHARES
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 830,142
OWNED BY
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,895
REPORTING
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 830,142
- ------------------------------ ------- ---------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 841,037
- ------------------- --------------------------------------------------------------------------------------------- ------------------
[_]
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
- ------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.2%
- ------------------- -------------------------------------------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------- -------------------------------------------------- -------------------------------------------------------------
This Amendment No. 10 ("Amendment No. 10") amends and supplements the
Statement on Schedule 13D (as amended by Amendment No. 1, dated May 14, 1998,
Amendment No. 2, dated August 18, 2000, Amendment No. 3, dated December 8, 2000,
Amendment No. 4, dated March 30, 2001, Amendment No. 5, dated August 31, 2001,
Amendment No. 6, dated April 1, 2002, Amendment No. 7 dated April 17, 2002,
Amendment No. 8 dated May 31, 2002, and Amendment No. 9 dated July 3, 2002 (the
"Statement")) relating to the common stock, par value $.01 per share (the
"Shares"), of BioTime Inc., a California corporation (the "Company"), and is
filed by and on behalf of Greenbelt Corp. ("Greenbelt"), Greenway Partners, L.P.
("Greenway"), Greenhouse Partners, L.P. ("Greenhouse"), Greenbrook Valley LLC
("Greenbrook"), Greenmint LLC ("Greenmint"), Alfred D. Kingsley and Gary K.
Duberstein (collectively, the "Reporting Persons"). Unless otherwise defined
herein, all capitalized terms used herein shall have the meanings previously
ascribed to them in the previous filing of the Statement.
ITEM 2. IDENTITY AND BACKGROUND
Each of Greenbrook and Greenmint is a Delaware limited liability company
whose principal business is being a general partner of Greenhouse. The present
principal occupation of Mr. Kingsley is serving as senior managing director of
Greenway, president of Greenbelt, and the sole member of Greenbrook. The present
principal occupation of Mr. Duberstein is serving as managing director of
Greenway, vice president, secretary and treasurer of Greenbelt, and the sole
member of Greenmint. Mr. Kingsley and Mr. Duberstein are citizens of the United
States. During the last five years, none of the Reporting Persons has (i) been
convicted in a criminal proceeding, or (ii) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws. The business address of each of the Reporting Persons is 909 Third
Avenue, 30th Floor, New York, NY 10022.
Except as set forth above, the information set forth in Item 2 of the
Statement remains unchanged.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On August 12, 2002, the Company completed a private placement of 1,852,785
Shares. Mr. Kingsley purchased 89,285 Shares in that private placement at a
price of $1.12 per Share using personal funds.
An additional 64,932 Shares were earned by Greenbelt pursuant to the "2002
Consulting Agreement," as hereinafter defined, through December 3, 2002.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of December 3, 2002, the Reporting Persons beneficially owned
in the aggregate 3,040,515 Shares constituting 21.9% of the outstanding Shares.
Pursuant to Rule 13d-3 under the Securities and Exchange Act of 1934, (i) such
aggregate number includes 310,769 previously reported March Aggregate Warrant
Shares (as adjusted for expired warrants), and (ii) 64,932 Shares (the
"Greenbelt Consulting Shares") earned through December 3, 2002 that the Company
is obligated to deliver to Greenbelt under the "2002 Consulting Agreement" as
hereinafter defined. The percentage of Shares beneficially owned by the
Reporting Persons is determined based upon an aggregate of 13,865,802 Shares
outstanding consisting of (a) the 13,490,101 Shares outstanding on November 8,
2002, based upon the Company's Quarterly Report on Form 10-Q for the quarterly
period ended September 30, 2002, (b) the 310,769 remaining March Aggregate
Warrant Shares, and (c) the 64,932 Greenbelt Consulting Shares. The Reporting
Page 9 of 12
Persons may be deemed to have direct beneficial ownership of Shares as set forth
in the following table. In such table, pursuant to Rule 13d-3, (i) the Greenbelt
Consulting Shares are deemed outstanding for determining the percentage
ownership of Shares by Greenbelt and (ii) the Kingsley Warrant Shares and March
Kingsley Warrant Shares are deemed outstanding for determining the percentage
ownership of Shares by Kingsley, who is the direct beneficial owner thereof.
NAME NUMBER OF SHARES APPROXIMATE PERCENTAGE
---- ---------------- OF OUTSTANDING SHARES
----------------------
Greenbelt 739,392 5.5%
Greenway 90,750 0.7%
Kingsley 2,199,478 15.9%
Duberstein 10,895 0.1%
Greenbelt has direct beneficial ownership of 739,392 Shares, including the
Greenbelt Consulting Shares. Each of Messrs. Kingsley and Duberstein, as
executive officers and directors of Greenbelt, may be deemed to beneficially own
the Shares that Greenbelt beneficially owns. Each of Messrs. Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3) Shares which Greenway may
be deemed to possess direct beneficial ownership. Greenbrook and Greenmint, as
general partners of Greenhouse, may be deemed to own beneficially Shares that
Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein, as the sole member of Greenbrook and Greenmint, respectively, may be
deemed to beneficially own, respectively, Shares which Greenbrook and Greenmint
may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein, and
Greenbrook and Greenmint, disclaims beneficial ownership of such Shares for all
other purposes.
(b) If Greenbelt were to receive the Greenbelt Consulting Shares
earned through December 3, 2002, it would then have the sole power to vote or
direct the vote of 739,392 Shares and the sole power to dispose or direct the
disposition of such Shares. Messrs. Kingsley and Duberstein may be deemed to
share with Greenbelt the power to vote or to direct the vote and to dispose or
to direct the disposition of such Shares.
Greenway has the sole power to vote or direct the vote of 90,750 Shares and
the sole power to dispose or direct the disposition of such Shares. Greenhouse,
Greenbrook, Greenmint and Messrs. Kingsley and Duberstein may be deemed to share
with Greenway the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
If Mr. Kingsley were to exercise in full the Kingsley Warrant, the August
Kingsley Warrant and the March Kingsley Warrant, which are all presently
exercisable, he would have the sole power to vote or direct the vote of
2,199,478 Shares and the sole power to dispose or direct the disposition of such
Shares.
Mr. Duberstein has the sole power to vote or direct the vote of 10,895
Shares and the sole power to dispose or direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the
Reporting Persons since the filing of Amendment No. 9 is set forth in Items 2
and 6 hereof, which are incorporated herein by reference.
(d) No other person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the Shares reported in this Statement.
(e) Not applicable.
Page 10 of 12
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
On December 2, 2002, Greenbelt and the Company further extended and
modified their Consulting Agreement (the "2002 Consulting Agreement") setting
forth the terms pursuant to which Greenbelt will act as a financial adviser to
the Company for the period April 1, 2002 through March 31, 2003, unless sooner
terminated. The 2002 Consulting Agreement provides for the payment by the
Company to Greenbelt for its financial advisory services of certain cash
consideration and the issuance of 100,000 Shares over the term of the agreement.
A copy of the 2002 Consulting Agreement is attached hereto as Exhibit 18 and is
incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed herewith:
DESCRIPTION
-----------
18. 2002 Consulting Agreement dated December 2, 2002 between
BioTime Inc. and Greenbelt Corp.
19. Joint Filing Agreement dated December 3,2002
Page 11 of 12
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: December 3, 2002
GREENHOUSE PARTNERS, L.P GREENMINT LLC
By: Greenmint LLC,
its general partner By: /s/Gary K. Duberstein
----------------------
Gary K. Duberstein,
By: /s/Gary K. Duberstein Member
---------------------
Gary K. Duberstein,
Member GREENBROOK VALLEY LLC
By: /s/Alfred D. Kingsley
-------------------------
GREENWAY PARTNERS, L.P. Alfred D. Kingsley
By: Greenhouse Partners, L.P., Member
its general partner
By: Greenmint LLC, its general partner
By: /s/Gary K. Duberstein
---------------------
Gary K. Duberstein,
Member
GREENBELT CORP.
By: /s/Alfred D. Kingsley
---------------------
Alfred D. Kingsley,
President
/s/Alfred D. Kingsley
---------------------
Alfred D. Kingsley
/s/Gary K. Duberstein
---------------------
Gary K. Duberstein
Page 12 of 12
EXHIBIT INDEX
DESCRIPTION
-----------
18. 2002 Consulting Agreement dated December 2, 2002 between BioTime Inc.
and Greenbelt Corp.
19. Joint Filing Agreement dated December 3, 2002.
Exhibit 18
December 2, 2002
BioTime, Inc.
935 Pardee Street
Berkeley, California 94710
Attention: Paul Segall, Chief Executive Officer
RE: Financial Adviser Agreement
Dear Paul:
This letter sets forth the terms on which the letter agreement between
BioTime, Inc. ("BioTime") and Greenbelt Corp. ("Financial Adviser"), dated April
30, 1998, as amended, (the "Agreement") shall be extended and modified.
1. Expiration Date. The term of the Agreement will continue in
effect from April 1, 2002 through March 31, 2003. BioTime acknowledges that the
Financial Advisor has provided services under the Agreement subsequent to March
31, 2002 while the parties were discussing new compensation arrangements for
services rendered.
2. Compensation. BioTime agrees to pay Greenbelt a cash fee of
$60,000 and to issue to Greenbelt 100,000 common shares (the "Shares") in
quarterly installments as follows: (a) $30,000 in cash will be payable within
three days after the date of this Agreement, and the balance of the cash will be
payable in two quarterly installments of $15,000 each on January 2, 2003 and
March 31, 2003, and (b) 75,000 Shares will be issuable on January 2, 2003 for
services rendered through December 31, 2002, and 25,000 Shares will be issuable
on March 31, 2003 for services rendered from January 1, 2003 through that date.
In the event that the Agreement is terminated by either party and such
termination takes effect on a date other than the last day of a calendar
quarter, the amount of cash and number of Shares issuable with respect to the
calendar quarter will be pro rated, to the nearest whole Share, by multiplying
the amount of cash payable and Shares issuable for that quarter by a fraction
the numerator of which is the number of days that have elapsed from the first
day of the calendar quarter through the date of termination, and the denominator
of which is the number of days in the calendar quarter.
3. Investment Representations. Financial Adviser represents and
warrants to BioTime that:
(a) Financial Adviser has received and read BioTime's
Annual Report on Form 10-K for the year ended December 31, 2001, including the
risks described in the "Risk Factors" section, BioTime's Quarterly Reports on
Form 10-Q for the three and six month periods ended March 31, 2002 and financial
statements for the three and nine month periods ended September 30, 2002, and
BioTime's Proxy Statement for its annual meeting of shareholders held October
28, 2002 (collectively, the "SEC Filings"). Financial Adviser is relying on the
information provided in the SEC Filings or otherwise communicated to Financial
Adviser in writing by BioTime. Financial Adviser has not relied on any statement
or representations inconsistent with those contained in the SEC Filings.
Financial Adviser has had a reasonable opportunity to ask questions of and
receive answers from the executive officers and directors of BioTime, or one or
more of its officers, concerning BioTime and to obtain additional information,
to the extent possessed or obtainable without unreasonable effort or expense,
necessary to verify the information in the SEC Filings. All such questions have
been answered to Financial Adviser's satisfaction;
(b) Financial Adviser understands that the Shares are
being offered and sold without registration under the Securities Act of 1933
(the "1933 Act") or qualification under the California Corporate Securities Law
of 1968, or under the laws of other states, in reliance upon the exemptions from
such registration and qualification requirements for non-public offerings.
Financial Adviser acknowledges and understands that the availability of the
aforesaid exemptions depends in part upon the accuracy of certain of the
representations, declarations and warranties contained herein, which Financial
Adviser hereby makes with the intent that they may be relied upon by BioTime and
its officers and directors in determining Financial Adviser's suitability to
purchase the Shares. Financial Adviser understands and acknowledges that no
federal, state or other agency has reviewed or endorsed the offering of the
Shares or made any finding or determination as to the fairness of the offering
or completeness of the information in the SEC Filings;
(c) Financial Adviser understands that the Shares may
not be offered, sold, or transferred in any manner, unless subsequently
registered under the 1933 Act, or unless there is an exemption from such
registration and an opinion of counsel for BioTime has been rendered stating
that such offer or transfer will not violate any federal or state securities
laws;
(d) Financial Adviser understands and agrees that all
certificates evidencing the Shares shall bear an appropriate legend to the
effect that the securities have not been registered under the 1933 Act and may
not be sold or transferred in the absence of such registration or an exemption
therefrom.
(e) Financial Adviser has such knowledge and
experience in financial and business matters to enable it to utilize the
information contained in the SEC Filings, or otherwise made available to
Financial Adviser to evaluate the merits and risks of an investment in the
Shares and to make an informed investment decision with respect thereto.
(f) Financial Adviser is purchasing the Shares solely
for Financial Adviser's own account and for long-term investment purposes, and
not with a view to, or for sale in connection with, any distribution of the
Shares; and
(g) Financial Adviser is an "accredited investor," as such
term is defined in Regulation D promulgated under the 1933 Act.
4. Registration Rights.
(a) BioTime agrees, at its expense, upon written
request from the Financial Adviser, to register under the 1933 Act, the Shares
and to take such other actions as may be necessary to allow the Shares to be
freely tradable, without restrictions, in compliance with all regulatory
requirements. A written request for registration shall specify the quantity of
the Shares intended to be sold, the plan of distribution and the identity of the
sellers, which may include the Financial Adviser and assignees of its rights
hereunder (collectively, "Selling Securities Holders"), and whether the
registration shall be pursuant to an underwritten public offering or a "shelf"
registration pursuant to Rule 415 (or similar rule that may be adopted by the
Securities and Exchange Commission). BioTime shall not be obligated to file more
than two such registration statements, other than registration statements on
Form S-3. BioTime shall keep such registration statements effective for a period
of at least nine months, except that registration statements on Form S-3 shall
be kept effective for at least three years (or such lesser period as the parties
may agree, but in no event beyond the completion of the distribution or
distributions being made pursuant thereto). BioTime shall utilize Form S-3 if it
qualifies for such use. BioTime shall make all filings required with respect to
the registration statements and will use its best efforts to cause such filings
to become effective, so that the Shares being registered shall be registered or
qualified for sale under the securities or blue sky laws of such jurisdictions
as shall be reasonably appropriate for distribution of the Shares covered by the
registration statement. BioTime will furnish to the Selling Securities Holders
such numbers of copies of a prospectus, including a preliminary prospectus, in
conformity with the requirements of the 1933 Act and such other related
documents as the Selling Securities Holders may reasonably request in order to
effect the sale of the Shares. To effect any offering pursuant to a registration
statement under this Section, BioTime shall enter into an agreement containing
customary representations and warranties, and indemnification and contribution
provisions, all for the benefit of Selling Securities Holders, and, in the case
of an Underwritten public offering, an underwriting agreement with an investment
banking firm selected by the Financial Adviser and reasonably acceptable to
BioTime, containing such customary representations and warranties, and
indemnification and contribution provisions
2
(b) If, at any time, BioTime proposes to register any
of its securities under the 1933 Act (otherwise than pursuant to paragraph 4(a)
above or on a Form S-8 if such form cannot be used for registration of the
Shares pursuant to its terms), BioTime shall, as promptly as practicable, give
written notice to the Financial Adviser. BioTime shall include in such
registration statement any Shares proposed to be sold by the Selling Securities
Holders. Notwithstanding the foregoing, if the offering of BioTime's securities
is to be made through underwriters, BioTime shall not be required to include
Shares if and to the extent that the managing underwriter reasonably believes in
good faith that such inclusion would materially adversely affect such offering
unless the Selling Securities Holders agree to postpone their sales until 10
days after the distribution is completed.
(c) BioTime shall pay the cost of the registration
statements filed pursuant to this Agreement, including without limitation all
registration and filing fees, fees and expenses of compliance with securities or
blue sky laws (including counsel's fees and expenses in connection therewith),
printing expenses, messenger and delivery expenses, internal expenses of
BioTime, listing fees and expenses, and fees and expenses of BioTime's counsel,
independent accountants and other persons retained or employed by BioTime.
Selling Securities Holders shall pay any underwriters discounts applicable to
Shares.
(d) BioTime agrees that upon the sale of Shares
pursuant to a registration statement or an exemption, upon the presentation of
the certificates containing such legend to it=s transfer agent, it will remove
such legend. Bio Time further agrees to remove the legend at such time as
registration under the 1933 Act shall no longer be required.
5. AMEX Listing. Greenbelt agrees that the issuance of the
Shares under this Agreement is subject to compliance with the rules of the
American Stock Exchange (AMEX). If issuance of any of the Shares would violate
any AMEX rule or if any of the Shares are denied listing on AMEX because the
amount exceeds the amount permissible to be issued to Greenbelt under any AMEX
rule, in lieu of issuing such Shares BioTime will pay Greenbelt an amount of
cash to be agreed upon, but not more than the fair market value of such Shares.
6. Other Provisions. Except as expressly modified by this
letter, all terms and provisions of the Agreement shall remain in effect.
BIOTIME, INC.
By /s/ Paul Segall
----------------------------------------
Paul Segall, Chief Executive Officer
By /s/ Judith Segall
----------------------------------------
Judith Segall, Secretary
GREENBELT CORP.
By /s/ Gary Duberstein
----------------------------------------
Gary Duberstein
Title Vice President
------------------------------------
3
Exhibit 19
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the common stock, no par value, of BioTime Inc., and further agree
that this Joint Filing Agreement be included as an Exhibit to such joint filing.
In evidence thereof, the undersigned, hereby execute this Agreement this 3rd day
of December, 2002.
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenmint LLC, By: Greenhouse Partners, its general partner
its general partner By: Greenmint LLC, its general partner
By: /s/Gary K. Duberstein By: /s/Gary K. Duberstein
------------------------- ----------------------------------------
Gary K. Duberstein, Member Gary K. Duberstein, Member
GREENMINT LLC, GREENBELT CORP.
By: /s/Gary K. Duberstein By: /s/Alfred D. Kingsley
------------------------- ----------------------------------------
Gary K. Duberstein, Alfred D. Kingsley, President
Member
/s/Alfred D. Kingsley
----------------------------------------
Alfred D. Kingsley
GREENBROOK VALLEY LLC /s/Gary K. Duberstein
---------------------------------------
Gary K. Duberstein
By: /s/Alfred D. Kingsley
---------------------
Alfred D. Kingsley,
Member
