Martin G. Kelly 4
4 · Novan, Inc. · Filed Aug 2, 2019
Insider Transaction Report
Form 4
Novan, Inc.NOVN
Martin G. Kelly
Director
Transactions
- Award
Stock Appreciation Right
2019-07-31+1,000,000→ 1,000,000 totalExercise: $3.80Exp: 2020-02-01→ Common Stock (1,000,000 underlying)
Footnotes (2)
- [F1]The Issuer granted the stock appreciation right (the "SAR") on August 16, 2018, subject to stockholder approval of the amendment to the Issuer's 2016 Incentive Award Plan (the "2016 Plan Amendment") under which the SAR was granted. The Issuer's stockholders approved the 2016 Plan Amendment on July 31, 2019.
- [F2]The SAR generally vests 100% on February 1, 2020, subject to Mr. Martin's continuous service with the Issuer or a subsidiary of the Issuer through such date. The SAR vests on an accelerated basis in full in the event of a qualified termination of service or a change in control, again subject to Mr. Martin's continuous service with the Issuer or a subsidiary of the Issuer through the date of the change in control.