Pratik Shah - Nov 8, 2022 Form 4 Insider Report for ARS Pharmaceuticals, Inc. (SPRY)

Role: Director, 10%+ Owner
Signature: /s/ Kathleen Scott, Attorney-in-Fact
Stock symbol: SPRY
Transactions as of: Nov 8, 2022
Transactions value $: $0
Form type: 4
Date filed: 11/10/2022, 05:00 PM
Previous filing: Feb 2, 2022
Next filing: Feb 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPRY	Common Stock	Award		+10.2M			10.2M	Nov 8, 2022	By The Pratik Shah Living Trust dated June 15, 2011	F1, F2

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	SPRY	Employee Stock Option (right to buy)	Award		+355K			355K	Nov 8, 2022	Common Stock	355K	$1.44	Direct	F3, F4, F5

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

Explanation of Responses:

Id	Content
F1	Received in exchange for 8,593,116 shares of common stock of ARS Pharmaceuticals, Inc. ("ARS") pursuant to an Agreement and Plan of Merger and Reorganization by and among ARS, the Issuer and Sabre Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub"), as amended (the "Merger Agreement"). Under the terms of the Merger Agreement, on November 8, 2022, Merger Sub merged with and into ARS (the "Merger"), with ARS surviving the Merger as a wholly-owned subsidiary of the Issuer. Upon the closing of the Merger, each share of ARS common stock was converted into the right to receive 1.1819 shares of the Issuer common stock. Subsequent to the Merger, the name of the Issuer was changed from Silverback Therapeutics, Inc. to ARS Pharmaceuticals, Inc.
F2	These shares are held in a trust for the benefit of the Reporting Person. The Reporting Person is trustee of the trust.
F3	The shares subject to the option vest in a series of thirty-six (36) equal monthly installments measured from the vesting commencement date.
F4	Received in exchange for a stock option to acquire 300,000 shares of common stock of ARS with the exercise price of $1.70 per share pursuant to the Merger Agreement.
F5	Upon the closing of the Merger, each outstanding option to purchase shares of ARS common stock was assumed by the Issuer and converted into an option to purchase the Issuer's common stock.