Adam S. Grossman - Mar 7, 2022 Form 4 Insider Report for ADMA BIOLOGICS, INC. (ADMA)

Role: President and CEO, Director
Signature: /s/ Adam S. Grossman, by Brian Lenz as Attorney-in-fact
Stock symbol: ADMA
Transactions as of: Mar 7, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/9/2022, 04:58 PM
Previous filing: Oct 26, 2021
Next filing: Mar 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADMA	Common Stock	Award	$0	+300K	+14.21%	$0.00	2.41M	Mar 7, 2022	Direct	F1, F2, F3, F4, F5
holding	ADMA	Common Stock						1.13M	Mar 7, 2022	See Footnote	F6
holding	ADMA	Common Stock						581K	Mar 7, 2022	See Footnote	F7

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	ADMA	Employee Stock Option (right to buy)	Award	$0	+600K		$0.00	600K	Mar 7, 2022	Common Stock	600K	$1.67	Direct	F8

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

Explanation of Responses:

Id	Content
F1	These shares represent restricted stock units ("RSUs") that will vest quarterly on the date of grant, over four years, subject to the reporting person's continued service as of the applicable vesting date.
F2	Includes (i) 300,000 RSUs granted on March 7, 2022 and reported on this Form 4, subject to vesting as set forth in footnote (1); (ii) 907,500 Time-Based RSUs granted on September 29, 2021, subject to time based vesting conditions (the "Time-Based RSUs"), of which (x) 50% of the Time Based RSUs shall vest on December 31, 2022 ("Initial Vesting Date") and (y) 50% of the Time-Based RSUs shall vest in eight (8) equal quarterly installments over a period of two years following the Initial Vesting Date, becoming fully vested on December 31, 2024 and that will be settled into common stock upon vesting, subject to the reporting person's continued employment on the applicable vesting date;
F3	(continue from footnote 2) (iii) 742,500 Milestone-Based RSUs granted on September 29, 2021, subject to milestone-based vesting conditions (the "Milestone-Based RSUs") established by the Board of Directors, upon the recommendation of the Compensation Committee of the Board of Directors, of which (x) 22.2% of the Milestone-Based RSUs shall become vested upon the completion of a debt refinancing which adds non-dilutive capital to the Company's balance sheet before or during the calendar year ending December 31, 2022, (y) 33.3% of the Milestone-Based RSUs shall become vested upon the achievement of a 15% gross margin on BIVIGAM without intermediates by the end of the fourth quarter of 2022, and (z) 44.5% of the Milestone-Based RSUs shall become vested upon the achievement of $35 million in quarterly revenues in or before the fourth quarter of 2022 and that will be settled into common stock upon vesting,
F4	(continue from footnote 3) subject to the reporting person's continued employment on the applicable vesting date; (iv) 162,893 unvested RSUs granted on February 25, 2021, of which 137,362 RSUs will vest quarterly on each anniversary of the date of grant, over four years, subject to the reporting person's continued service as of the applicable vesting date and 25,531 RSUs are subject to cliff vesting with one-third of such RSUs vesting on each anniversary of the date of grant over three years, subject to the reporting person's continued service as of the applicable vesting date, and in each case will be settled into common stock upon vesting;
F5	(continue from footnote 4) (v) 50,000 unvested RSUs granted on February 28, 2020, which vest quarterly on each anniversary of the date of grant, over four years, subject to the reporting person's continued service as of the applicable vesting date and will be settled into common stock upon vesting; and (vi) 247,690 shares of common stock owned by the reporting person, which reflects shares previously purchased in the open market and the prior net settlement upon vesting of previously granted RSUs after the withholding of shares to cover applicable taxes.
F6	These shares are owned by Areth, LLC ("Areth"). The reporting person is a control person of Areth.
F7	These shares are owned by Hariden, LLC ("Hariden"). The reporting person is the managing member of Hariden.
F8	The options vest over four years with 25% of the shares of common stock underlying the options vesting on the one year anniversary of the date of grant and the remaining 75% of such shares vesting monthly in equal installments over the next three years, becoming fully vested on March 7, 2026.