Yasushi Nagasaki - 12 Jan 2023 Form 4 Insider Report for Emmaus Life Sciences, Inc. (EMMA)

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	EMMA	Options	Award	$675,000	+150,000		$4.50^*	150,000	12 Jan 2023	Common Stock	150,000	$4.50	Direct	F1

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

Id	Content
F1	The options vest as to one-third of the option shares on the 12-month anniversary of the grant date and as to the remaining two-thirds of the option shares in 24 equal monthly installments as of the end of each month after such anniversary.