Carl Spana - Jun 24, 2022 Form 4 Insider Report for PALATIN TECHNOLOGIES INC (PTN)

Role
President and CEO, Director
Signature
/s/ Carl Spana, by Stephen A. Slusher, Attorney-In-Fact
Stock symbol
PTN
Transactions as of
Jun 24, 2022
Transactions value $
$0
Form type
4
Date filed
6/28/2022, 04:31 PM
Previous filing
Jun 24, 2022
Next filing
Oct 25, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PTN Common Stock Award $0 +43.5K +0.42% $0.00 10.5M Jun 24, 2022 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 PTN Stock Option (Right to Buy) Award $0 +575K $0.00 575K Jun 24, 2022 Common Stock 575K $0.55 Direct F2
transaction PTN Stock Option (Right to Buy) Award $0 +216K $0.00 216K Jun 24, 2022 Common Stock 216K $0.55 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Restricted share units granted under the 2011 Stock Incentive Plan (the "Plan"), each of which represents the right to receive, without further payment, one share of common stock. On June 22, 2021, the Company granted performance-based restricted stock units to its executive officers which were contingent upon an increase in common stock available for issuance under the Plan, which increase was approved by our stockholders on June 24, 2022. The Compensation Committee certified on June 22, 2022, contingent upon approval of an increase in common stock available under the Plan, that a defined performance objective as to 75% of the target number of share units for the fiscal year ending June 30, 2022 had been achieved, based on performance criteria relating to advancement of melanocortin receptor-1 programs, including initiation of clinical trials, and progress in commercialization of Vyleesi.
F2 Stock options granted under the Plan, each of which represents the right to receive, upon payment of the exercise price, one share of common stock. On June 22, 2021, the Company granted time-based options to its executive officers which vest at the rate of 25% per year, starting in June 2022, contingent upon an increase in common stock available for issuance under the Plan, which increase was approved by our stockholders on June 24, 2022.
F3 Stock options granted under the Plan, each of which represents the right to receive, upon payment of the exercise price, one share of common stock. On June 22, 2021, the Company granted performance-based options to its executive officers which were contingent upon an increase in common stock available for issuance under the Plan, which increase was approved by our stockholders on June 24, 2022. The Compensation Committee certified on June 22, 2022, contingent upon approval of an increase in common stock available under the Plan, that a defined performance objective as to 75% of the target number of stock option shares for the fiscal year ending June 30, 2022 had been achieved, based on performance criteria relating to advancement of melanocortin receptor-1 programs, including initiation of clinical trials, and progress in commercialization of Vyleesi.