Kenneth S. Cragun - Nov 30, 2022 Form 4 Insider Report for Alzamend Neuro, Inc. (ALZN)

Signature
/s/ Kenneth S. Cragun
Stock symbol
ALZN
Transactions as of
Nov 30, 2022
Transactions value $
$0
Form type
4
Date filed
11/30/2022, 03:30 PM
Previous filing
Nov 21, 2022
Next filing
Jan 11, 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
holding ALZN Stock Option (Right to Buy) 0 Nov 30, 2022 Common Stock 1M $1.50 Direct F1
holding ALZN Stock Option (Right to Buy) 1.5M Nov 30, 2022 Common Stock 1.5M $1.50 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Mr. Cragun was granted options, exercisable for 10 years, to purchase 1,000,000 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.
F2 The stock options vest ratably over 48 months beginning on December 15, 2018.