Jackman Stephan 4
4 · Alzamend Neuro, Inc. · Filed Nov 30, 2022
Insider Transaction Report
Form 4
Jackman Stephan
DirectorChief Executive Officer
Transactions
- Award
Stock Option (Right to Buy)
2022-11-29+2,000,000→ 0 totalExercise: $1.17Exp: 2032-11-28→ Common Stock (2,000,000 underlying)
Holdings
- 0
Stock Option (Right to Buy)
Exercise: $1.50Exp: 2029-11-17→ Common Stock (2,000,000 underlying) - 3,000,000
Stock Option (Right to Buy)
Exercise: $1.00Exp: 2028-11-15→ Common Stock (3,000,000 underlying)
Footnotes (3)
- [F1]On November 29, 2022, Mr. Jackman was granted options to purchase 2,000,000 shares of common stock of Alzamend Neuro, Inc. (the "Issuer"), of which (i) 50% would vest if the Issuer completed and announced topline data, within three years from the grant date, from a Phase II clinical trial of AL001 that would support a new drug application ("NDA") in Alzheimer's Disease and (ii) 50% would vest if the Issuer completed and announced topline data, within four years from the grant date, from a Phase II clinical trial of ALZN002 that would support an NDA in Alzheimer's Disease.
- [F2]Mr. Jackman was granted options, exercisable for 10 years, to purchase 2,000,000 shares of the Issuer's common stock, of which (i) 50% would vest if the Issuer's common stock closed at or above $10.00 per share for 90 consecutive trading days, and (ii) 10% would vest for each $2.00 per share increment above $10.00 per share for 90 consecutive trading days, with 100% vesting if the Issuer's common stock closed at or above $20.00 per share for 90 consecutive trading days. After November 27, 2026, the number of any unvested shares subject to the option would decrease by 25%. On November 22, 2022, the Issuer modified the vesting criteria of these options to reduce the price targets, which were previously between $10.00 and $40.00 per share, and to extend the period of time for vesting before the 25% of unvested shares subject to the option would be decreased.
- [F3]The stock options vested ratably over 48 months beginning on the date of grant. and are fully vested.