Stephan Jackman - Nov 29, 2022 Form 4 Insider Report for Alzamend Neuro, Inc. (ALZN)

Role
Chief Executive Officer, Director
Signature
/s/ Stephan Jackman
Stock symbol
ALZN
Transactions as of
Nov 29, 2022
Transactions value $
$0
Form type
4
Date filed
11/30/2022, 03:30 PM
Previous filing
Sep 20, 2022
Next filing
May 2, 2023

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 ALZN Stock Option (Right to Buy) Award $0 +2M $0.00* 0 Nov 29, 2022 Common Stock 2M $1.17 Direct F1
holding ALZN Stock Option (Right to Buy) 0 Nov 29, 2022 Common Stock 2M $1.50 Direct F2
holding ALZN Stock Option (Right to Buy) 3M Nov 29, 2022 Common Stock 3M $1.00 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On November 29, 2022, Mr. Jackman was granted options to purchase 2,000,000 shares of common stock of Alzamend Neuro, Inc. (the "Issuer"), of which (i) 50% would vest if the Issuer completed and announced topline data, within three years from the grant date, from a Phase II clinical trial of AL001 that would support a new drug application ("NDA") in Alzheimer's Disease and (ii) 50% would vest if the Issuer completed and announced topline data, within four years from the grant date, from a Phase II clinical trial of ALZN002 that would support an NDA in Alzheimer's Disease.
F2 Mr. Jackman was granted options, exercisable for 10 years, to purchase 2,000,000 shares of the Issuer's common stock, of which (i) 50% would vest if the Issuer's common stock closed at or above $10.00 per share for 90 consecutive trading days, and (ii) 10% would vest for each $2.00 per share increment above $10.00 per share for 90 consecutive trading days, with 100% vesting if the Issuer's common stock closed at or above $20.00 per share for 90 consecutive trading days. After November 27, 2026, the number of any unvested shares subject to the option would decrease by 25%. On November 22, 2022, the Issuer modified the vesting criteria of these options to reduce the price targets, which were previously between $10.00 and $40.00 per share, and to extend the period of time for vesting before the 25% of unvested shares subject to the option would be decreased.
F3 The stock options vested ratably over 48 months beginning on the date of grant. and are fully vested.