William B. Horne - Nov 30, 2022 Form 4 Insider Report for Alzamend Neuro, Inc. (ALZN)

Role
Director
Signature
/s/ William B. Horne
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 17, 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 Options (Right to Buy) 0 Nov 30, 2022 Common Stock 250K $1.50 Direct F1
holding ALZN Stock Options (Right to Buy) 2M Nov 30, 2022 Common Stock 2M $0.00 Direct F2
holding ALZN Stock Options (Right to Buy) 250K Nov 30, 2022 Common Stock 250K $1.50 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Mr. Horne was granted options, exercisable for 10 years, to purchase 250,000 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 These options were fully vested on issuance.
F3 The stock options vested ratably over 36 months beginning on the date of grant. and are fully vested.