Joshua Schafer - Jan 9, 2023 Form 4 Insider Report for KEMPHARM, INC (ZVRA)

Role: CCO & EVP, Bus. Development
Signature: /s/ Timothy J. Sangiovanni, Attorney-in-Fact for Joshua Schafer
Stock symbol: ZVRA
Transactions as of: Jan 9, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/11/2023, 08:49 PM
Previous filing: Jan 10, 2023
Next filing: Mar 15, 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	ZVRA	Stock Option (right to buy)	Award	$0	+300K		$0.00	300K	Jan 9, 2023	Common Stock	300K	$4.54	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Grant to the Reporting Person of a stock option under the Issuer's 2023 Employment Inducement Award Plan (the "Plan"). 25% of the shares will vest on January 6, 2024 and the remaining 75% of the shares will vest in equal annual installments thereafter, provided that at the relevant vesting dates such optionee's employment relationship has not been terminated as defined in the Plan. All shares underlying the option will vest in full and become immediately exercisable upon a change of control of the Issuer or if the Reporting Person is terminated without cause or resigns for good reason. The option expires ten years after the date of grant.

Content

Grant to the Reporting Person of a stock option under the Issuer's 2023 Employment Inducement Award Plan (the "Plan"). 25% of the shares will vest on January 6, 2024 and the remaining 75% of the shares will vest in equal annual installments thereafter, provided that at the relevant vesting dates such optionee's employment relationship has not been terminated as defined in the Plan. All shares underlying the option will vest in full and become immediately exercisable upon a change of control of the Issuer or if the Reporting Person is terminated without cause or resigns for good reason. The option expires ten years after the date of grant.