STAFFORD PAULA B 4
4 · Novan, Inc. · Filed Feb 4, 2020
Insider Transaction Report
Form 4
Novan, Inc.NOVN
STAFFORD PAULA B
Director
Transactions
- Award
Stock Appreciation Right
2020-02-01+600,000→ 600,000 totalExercise: $0.82Exp: 2030-01-05→ Common Stock (600,000 underlying)
Footnotes (2)
- [F1]The Issuer granted the stock appreciation right (the "SAR") on January 6, 2020 on a contingent basis upon sufficient shares of the Company's common stock being made available under the 2016 Incentive Award Plan or, if necessary to provide for sufficient shares, the Company obtaining stockholder approval for amendments to the 2016 Incentive Award Plan required to provide sufficient shares for the SAR Award at the next annual stockholders' meeting. Such shares became available under the 2016 Incentive Award Plan on February 1, 2020.
- [F2]The SAR generally vests in equal quarterly installments, such that the SAR will vest in full on December 31, 2021, subject to Ms. Stafford'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 Ms. Stafford's continuous service with the Issuer or a subsidiary of the Issuer through the date of the change in control.