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

Role: VP of Development
Signature: /s/ Jin-an Jiao
Stock symbol: HCWB
Transactions as of: May 31, 2022
Transactions value $: $2,160
Form type: 4
Date filed: 6/2/2022, 04:16 PM
Previous filing: Dec 7, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HCWB	Common Stock	Options Exercise	$1.8K	+12.9K	+42.05%	$0.14^*	43.4K	May 31, 2022	Direct
transaction	HCWB	Common Stock	Options Exercise	$360	+1.71K	+3.95%	$0.21^*	45.1K	May 31, 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	-12.9K	-41.66%	$0.00	18K	May 31, 2022	Common Stock	12.9K	$0.14	Direct	F1
transaction	HCWB	Stock Option (Right to Buy)	Options Exercise	$0	-1.71K	-20%	$0.00	6.86K	May 31, 2022	Common Stock	1.71K	$0.21	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.