Lyons C Neil 4
4 · REGENERX BIOPHARMACEUTICALS INC · Filed Apr 14, 2009
Insider Transaction Report
Form 4
Lyons C Neil
CFO & Treasurer
Transactions
- Award
Stock Options (right to buy)
2009-04-10+116,592→ 116,592 totalExercise: $0.57Exp: 2019-04-10→ Common Stock (116,592 underlying)
Footnotes (2)
- [F1]The option vests in three equal installments on June 30, 2009, September 30, 2009 and December 31, 2009, provided that the reporting person has not incurred a Termination of Service (as defined in the option plan) before any applicable vesting date. Notwithstanding any provision of the option plan or any agreement between the reporting person and the issuer, if there is a Change in Control (as defined in the option plan or the reporting person's employment agreement), the option is not subject to any accelerated vesting. The option shall be forfeited in its entirety (whether vested or unvested) if the reporting person's employment with the issuer is terminated for Cause (as defined in the reporting person's employment agreement) at any time.
- [F2]Notwithstanding any provision of any agreement between the reporting person and the issuer, if the reporting person voluntarily terminates employment with the issuer, the option shall be considered to be vested and exercisable only through the most recently completed vesting installment. If the reporting person's employment is terminated without Cause, then the option shall be considered to be vested and exercisable through the most recently completed vesting installment, and shall be credited with an additional amount of daily pro-rata vesting for the period since the last installment date. If the reporting person's base salary is increased to at least the amount in effect as of March 31, 2009, then no additional vesting shall occur with respect to the option thereafter, provided that daily pro-rata vesting shall be credited for the period since the date of the last vesting installment (and any unvested portion of the option shall terminate at that time).