Robert J. Keegan - 06 Jun 2023 Form 4 Insider Report for Novan, Inc.

Role: Director
Signature: /s/ John M. Gay, by power of attorney
Issuer symbol: N/A
Transactions as of: 06 Jun 2023
Net transactions value: $0
Form type: 4
Filing time: 08 Jun 2023, 21:21:28 UTC
Previous filing: 09 Jun 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NOVNQ	Common Stock	Options Exercise	$0	+36,101	+573%	$0.000000	42,404	07 Jun 2023	Direct	F1

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	NOVNQ	Restricted Stock Units	Award	$0	+103,092		$0.000000	103,092	06 Jun 2023	Common Stock	103,092		Direct	F2, F3
transaction	NOVNQ	Restricted Stock Units	Options Exercise	$0	-36,101	-100%	$0.000000^*	0	07 Jun 2023	Common Stock	36,101		Direct	F2, F4

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

Explanation of Responses:

Id	Content
F1	The Reporting Person was granted restricted stock units ("RSUs") on June 7, 2022. Each RSU represented a contingent right to receive one share of the Issuer's Common Stock. 36,101 RSUs fully vested on June 7, 2023 and were settled in shares of the Issuer's Common Stock.
F2	Each RSU represents a contingent right to receive one share of the Issuer's Common Stock.
F3	The RSUs shall be fully vested on the first anniversary of the grant date of such RSUs, subject to the Reporting Person's continued service as of the vesting date.
F4	The RSUs fully vested on June 7, 2023.