William J. Link Phd - May 11, 2023 Form 4 Insider Report for Tarsus Pharmaceuticals, Inc. (TARS)

Role: Director
Signature: /s/ Kim Norman, Attorney-in-Fact
Stock symbol: TARS
Transactions as of: May 11, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/15/2023, 05:57 PM
Previous filing: Mar 17, 2023
Next filing: May 30, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TARS	Common Stock	Other	$0	-216K	-100%	$0.00^*	0	May 11, 2023	By Flying L Investments XI, LLC	F1, F2
transaction	TARS	Common Stock	Other	$0	+41.2K	+60.02%	$0.00	110K	May 11, 2023	By Flying L Partners XI, LLC	F3, F4
holding	TARS	Common Stock						135K	May 11, 2023	Direct

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

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	Represents an in-kind pro-rata distribution, and not a purchase or sale, without additional consideration by Flying L Investments XI, LLC to its partners pursuant to a 10b5-1 plan entered into by Flying L Investments XI, LLC on May 19, 2022.
F2	The shares are held directly held by Flying L Investments XI, LLC. The Reporting Person is the manager of Flying L Investments XI, LLC and may be deemed to have sole voting and investment power over the shares. The Reporting Person disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.
F3	Represents the receipt of shares from a pro-rata in-kind distribution, and not a purchase or sale, without additional consideration by Flying L Investments XI, LLC to its partners.
F4	The shares are held directly held by Flying L Partners XI, LLC. The Reporting Person is the manager of Flying L Partners XI, LLC and may be deemed to have sole voting and investment power over the shares. The Reporting Person disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.