Jeff Baxter - Jan 26, 2023 Form 4 Insider Report for VBI Vaccines Inc/BC (VBIV)

Role: CEO, President, Director
Signature: /s/ Jeff Baxter
Stock symbol: VBIV
Transactions as of: Jan 26, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/30/2023, 04:02 PM
Previous filing: Jan 31, 2022
Next filing: Jul 28, 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	VBIV	Option (Right to Buy Common Shares)	Award	$0	+100K		$0.00	100K	Jan 26, 2023	Common Shares	100K	$0.58	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The reporting person is a participant in the Issuer's Incentive Plan (the "Plan"). The board of directors of the Issuer approved the option grant on January 26, 2023 (the "Grant Date"). The options were granted pursuant to that certain option agreement entered into by and between the Issuer and the reporting person, dated January 26, 2023 (the "Option Agreement"). 25% of the options vest and become exercisable on the one-year anniversary of the Grant Date, with the remaining 75% of the options vesting and becoming exercisable in 24 equal monthly installments beginning on the first day of the month following the one-year anniversary of the Grant Date, subject to the reporting person's employment on the relevant vesting date.
F2	The options expire 10 years from the Grant Date unless terminated sooner in accordance with the Plan or the Option Agreement.

Content

The reporting person is a participant in the Issuer's Incentive Plan (the "Plan"). The board of directors of the Issuer approved the option grant on January 26, 2023 (the "Grant Date"). The options were granted pursuant to that certain option agreement entered into by and between the Issuer and the reporting person, dated January 26, 2023 (the "Option Agreement"). 25% of the options vest and become exercisable on the one-year anniversary of the Grant Date, with the remaining 75% of the options vesting and becoming exercisable in 24 equal monthly installments beginning on the first day of the month following the one-year anniversary of the Grant Date, subject to the reporting person's employment on the relevant vesting date.

The options expire 10 years from the Grant Date unless terminated sooner in accordance with the Plan or the Option Agreement.