REXAHN PHARMACEUTICALS, INC. 4

4 · REXAHN PHARMACEUTICALS, INC. · Filed May 3, 2006

Form 4

Period: 2005-09-12

Chief Business Officer Sr. VP

Transactions

Disposition to Issuer
Stock option (right to buy)
2005-12-08−250,000→ 0 total
Exercise: $0.24Exp: 2014-09-15→ Common stock (250,000 underlying)
Award
Stock option (right to buy)
2005-12-08+500,000→ 500,000 total
Exercise: $0.80Exp: 2015-01-20→ Common stock (500,000 underlying)
Award
Stock option (right to buy)
2005-12-08+250,000→ 250,000 total
Exercise: $0.80Exp: 2014-09-15→ Common stock (250,000 underlying)
Disposition to Issuer
Stock option (right to buy)
2005-12-08−500,000→ 0 total
Exercise: $0.24Exp: 2015-01-20→ Common stock (500,000 underlying)

Footnotes (4)

[F1]The options vest and become exercisable as to 30% of the options on September 15, 2005; another 30% of the options on September 15, 2006; and the remaining 40% of the options on September 15, 2007.
[F2]The transaction involved an amendment of outstanding options to change the exercise price with respect to 250,000 options from $0.24 to $0.80, resulting in the deemed cancellation of the original options and the grant of replacement options with the same vesting and exercisability terms as the cancelled options.
[F3]The options vest and become exercisable as to 30% of the options on January 20, 2006; another 30% of the options on January 20, 2007; and the remaining 40% of the options on January 20, 2008.
[F4]The transaction involved an amendment of outstanding options to change the exercise price with respect to 500,000 options from $0.24 to $0.80, resulting in the deemed cancellation of the original options and the grant of replacement options with the same vesting and exercisability terms as the cancelled options.

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