Jin-An Jiao - 31 May 2022 Form 4 Insider Report for HCW Biologics Inc. (HCWB)

Role: VP of Development
Signature: /s/ Jin-an Jiao
Issuer symbol: HCWB
Transactions as of: 31 May 2022
Net transactions value: +$2,160
Form type: 4
Filing time: 02 Jun 2022, 16:16:07 UTC
Previous filing: 07 Dec 2021
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	$1,800	+12,856	+42%	$0.1400^*	43,427	31 May 2022	Direct
transaction	HCWB	Common Stock	Options Exercise	$360	+1,714	+3.9%	$0.2100^*	45,141	31 May 2022	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	-12,856	-42%	$0.000000	18,001	31 May 2022	Common Stock	12,856	$0.1400	Direct	F1
transaction	HCWB	Stock Option (Right to Buy)	Options Exercise	$0	-1,714	-20%	$0.000000	6,857	31 May 2022	Common Stock	1,714	$0.2100	Direct	F2

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

Explanation of Responses:

Id	Content
F1	These option shares were part of a stock option grant covering 51,428 shares of common stock. 20% of the total shares subject to the stock option grant vested on May 30, 2020; 20% of the total shares subject to the stock option grant vested on May 30, 2021; 25% of the total shares subject to the stock option grant will vest on May 30, 2022; and 35% of the total shares subject to the stock option grant will vest on May 30, 2023.
F2	20% of the total shares subject to the stock option grant will vest on December 22, 2021; 20% of the total shares subject to the stock option grant will vest on December 22, 2022; 25% of the total shares subject to the stock option grant will vest on December 22, 2023; and 35% of the total shares subject to the stock option grant will vest on December 22, 2024.

Content

These option shares were part of a stock option grant covering 51,428 shares of common stock. 20% of the total shares subject to the stock option grant vested on May 30, 2020; 20% of the total shares subject to the stock option grant vested on May 30, 2021; 25% of the total shares subject to the stock option grant will vest on May 30, 2022; and 35% of the total shares subject to the stock option grant will vest on May 30, 2023.

20% of the total shares subject to the stock option grant will vest on December 22, 2021; 20% of the total shares subject to the stock option grant will vest on December 22, 2022; 25% of the total shares subject to the stock option grant will vest on December 22, 2023; and 35% of the total shares subject to the stock option grant will vest on December 22, 2024.