Patel Nirajkumar 4
4 · Kaival Brands Innovations Group, Inc. · Filed Mar 8, 2022
Insider Transaction Report
Form 4
Patel Nirajkumar
DirectorCEO, CFO, President, Treasurer10% Owner
Transactions
- Disposition to Issuer
Restricted Stock Units
2022-03-05−500,000→ 0 total→ Common Stock (500,000 underlying) - Disposition to Issuer
Restricted Stock Units
2022-03-05−120,833→ 0 total→ Common Stock (120,833 underlying) - Award
Stock Options
2022-03-05−600,000→ 600,000 totalExercise: $2.85Exp: 2032-03-04→ Common Stock (600,000 underlying)
Footnotes (4)
- [F1]Each restricted stock unit ("RSU") represents a contingent right to receive one share of KAVL's common stock.
- [F2]On May 28, 2020, the reporting person was granted 250,000 RSUs. The RSUs vest over a three-year period, with a portion vesting immediately on the grant date, and the reminder partially vesting every three months. On March 5, 2022, the RSUs were cancelled by the mutual agreement of KAVL and the reporting person. Any unvested RSU shares were cancelled.
- [F3]On May 28, 2020, the reporting person was granted 500,000 RSUs. The RSUs vest only in an event of a change of control of KAVL or KAVL achieves in excess of $1 billion in accumulated total gross revenues during the period beginning on March 9, 2020 and ending on October 31, 2023. On March 5, 2022, the RSUs were cancelled by the mutual agreement of KAVL and the reporting person. No vested prior to the cancellation date.
- [F4]300,000 shares vested on the grant date. The remaining shares will vest on March 5, 2023.