Dowling Joseph D 4
4 · CV Sciences, Inc. · Filed Mar 28, 2018
Insider Transaction Report
Form 4
Dowling Joseph D
DirectorChief Executive Officer
Transactions
- Award
Employee Stock Option (right to buy)
2017-07-14+250,000→ 250,000 totalExercise: $0.36From: 2017-07-14Exp: 2027-04-06→ Common Stock (250,000 underlying) - Award
Employee Stock Option (right to buy)
2017-07-14+250,000→ 250,000 totalExercise: $0.37From: 2017-07-14Exp: 2026-07-05→ Common Stock (250,000 underlying)
Footnotes (3)
- [F1]On July 6, 2016, the Reporting Person was granted an option to purchase 1,000,000 shares of the Issuer's Common Stock. The option is performance-based, and vests and becomes exercisable as follows: (i) the first time the Issuer completes development of a U.S. Food & Drug Administration ("FDA") current good manufacturing practice grade batch of successfully synthetically formulated Cannabidiol ("CBD") for use in drug development activities (25% vesting of the shares subject to the option); (ii) when the Company has final meeting minutes from a pre-investigational new drug application ("IND") meeting as authorized by the FDA for a drug development program utilizing CBD as the active pharmaceutical ingredient (25% vesting of the shares subject to the option); (iii) when the Company is granted an IND (25% vesting of the shares subject to the option); and (iv) when the Company commences its first human dosing under the IND (25% vesting of the shares subject to the option).
- [F2]On July 14, 2017, the second performance criterion was met resulting in vesting of the option as to 250,000 shares.
- [F3]On April 7, 2017, the Reporting Person was granted an option to purchase 1,000,000 shares of the Issuer's Common Stock. The option is performance-based, and vests and becomes exercisable as follows: (i) when the Company has final meeting minutes from a pre-IND meeting as authorized by the FDA for a drug development program utilizing CBD as the active pharmaceutical ingredient (25% vesting of the shares subject to the option); (ii) when the Company is granted an IND (25% vesting of the shares subject to the option); and (iii) when the Company commences its first human dosing under the IND (50% vesting of the shares subject to the option). On July 14, 2017, the first performance criterion was met resulting in vesting of the option as to 250,000 shares.