Martin J. Wygod - Sep 1, 2021 Form 4 Insider Report for Forian Inc. (FORA)

Role: Director
Signature: /s/ Edward Spaniel, Jr., Attorney-in-Fact
Stock symbol: FORA
Transactions as of: Sep 1, 2021
Transactions value $: $6,000,000
Form type: 4
Date filed: 9/3/2021, 04:17 PM
Previous filing: Jun 3, 2021
Next filing: Sep 15, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FORA	3.5% Convertible Note due 2025	Award	$6M				$6M	Sep 1, 2021	Common Stock	501K	$11.98	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On September 1, 2021, the reporting person purchased a $6,000,000 convertible promissory note (the "Note") in a private placement by Forian Inc. (the "Issuer"). At the election of the reporting person, all principal and accrued interest under the Note may be converted into the Issuer's common stock. If and when the Note is converted, the reporting person is entitled to receive, in addition to shares of common stock, a warrant to purchase shares of common stock equal to 20% of the principal amount of the Note converted (the "Warrant"). The Warrant will terminate on September 1, 2025, regardless of when or if it is issued. The exercise price of the Warrant is $11.98 per share.
F2	Excludes shares issuable at the election of the reporting person upon conversion of accrued interest into shares of common stock.

Content

On September 1, 2021, the reporting person purchased a $6,000,000 convertible promissory note (the "Note") in a private placement by Forian Inc. (the "Issuer"). At the election of the reporting person, all principal and accrued interest under the Note may be converted into the Issuer's common stock. If and when the Note is converted, the reporting person is entitled to receive, in addition to shares of common stock, a warrant to purchase shares of common stock equal to 20% of the principal amount of the Note converted (the "Warrant"). The Warrant will terminate on September 1, 2025, regardless of when or if it is issued. The exercise price of the Warrant is $11.98 per share.

Excludes shares issuable at the election of the reporting person upon conversion of accrued interest into shares of common stock.