Lee D. Flowers - 01 Dec 2021 Form 4 Insider Report for HCW Biologics Inc. (HCWB)

Role: SVP of Business Development
Signature: /s/ Nicole Valdivieso, as Attorney-in-Fact for Lee D. Flowers
Issuer symbol: HCWB
Transactions as of: 01 Dec 2021
Net transactions value: +$600
Form type: 4
Filing time: 03 Dec 2021, 11:10:42 UTC
Previous filing: 10 Sep 2021
Next filing: 09 Jun 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HCWB	Common Stock	Options Exercise	$600	+4,285	+4.7%	$0.1400^*	95,952	01 Dec 2021	Direct

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	HCWB	Stock Option (Right to Buy)	Options Exercise	$0	-4,285	-25%	$0.000000	12,857	01 Dec 2021	Common Stock	4,285	$0.1400	Direct	F1

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

Explanation of Responses:

Id	Content
F1	20% of the total shares subject to the stock option grant vested on September 16, 2020; 20% of the total shares subject to the stock option grant vested on September 16, 2021; 25% of the total shares subject to the stock option grant will vest on September 16, 2022; and 35% of the total shares subject to the stock option grant will vest on September 16, 2023.