Patel Mahesh V. 4

What Happened
Mahesh V. Patel, CEO of Lipocine Inc. (LPCN), was granted 52,781 derivative shares on June 29, 2026. The award is reported at $2.49 per share for a total reported value of $131,425. This was an award/grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: June 29, 2026; filing date: June 30, 2026 (filed timely).
• Price reported: $2.49 per share; total reported value: $131,425.
• Nature: Derivative award (likely restricted stock/RSUs) subject to vesting.
• Vesting (footnote): 1/3 vests on June 29, 2027; the remaining 2/3 vest monthly on a prorated basis over the subsequent two years (fully vested around June 29, 2029).
• Shares owned after the transaction: not specified in the filing.
• Transaction code: A = Award/Grant.

Context
An award/grant is different from a market purchase or sale: these derivative shares generally vest over time and are intended as compensation or retention, so they do not reflect an immediate cash investment or liquidation. Because the award is subject to multi-year vesting, its economic benefit to the CEO depends on continued service and future vesting events.