John M. Gay - 06 Jun 2023 Form 4 Insider Report for Novan, Inc.

Reporting relationship: Chief Financial Officer
Issuer ticker: N/A
Reported as of: 06 Jun 2023
Net transaction value: $0
SEC form: 4
Accepted by SEC: 08 Jun 2023, 21:22:29 UTC
Prior SEC filing: 10 Aug 2022
Next SEC filing: 20 Apr 2026
Source filing: View source filing
Reporting owner signature: /s/ John M. Gay

Key filing fact

John M. Gay filed Form 4 for Novan, Inc. on 08 Jun 2023.

Key facts

This page summarizes John M. Gay's Form 4 filing for Novan, Inc..
5 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 08 Jun 2023, 21:22.

Change

Previous filing in this sequence was filed on 10 Aug 2022.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

NOVNQ transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +65,000
Change %: +2600%
Price: $0.000000
Shares after: 67,500
Date: 07 Jun 2023
Ownership: Direct
Footnotes: F1

NOVNQ transaction

Common Stock

Tax liability

Transaction value: $0
Shares: -20,669
Change %: -31%
Price: $0.000000
Shares after: 46,831
Date: 07 Jun 2023
Ownership: Direct
Footnotes: F2

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

NOVNQ transaction Derivative

Restricted Stock Units

Award

Transaction value: $0
Shares: +65,000
Change %
Price: $0.000000
Shares after: 65,000
Date: 06 Jun 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 0
Exercise price
Footnotes: F3, F4

NOVNQ transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -65,000
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 07 Jun 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 0
Exercise price
Footnotes: F3, F5

NOVNQ transaction Derivative

Restricted Stock Units

Award

Transaction value: $0
Shares: +200,000
Change %
Price: $0.000000
Shares after: 200,000
Date: 06 Jun 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 0
Exercise price
Footnotes: F3, F6

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 6 footnotes

Footnote F1

The Issuer approved the grant of restricted stock units ("RSUs") to the Reporting Person on February 28, 2023, subject to stockholder approval of the amendment to the Issuer's 2016 Incentive Award Plan (the "2016 Plan Amendment") under which the RSU was granted. The Issuer's stockholders approved the 2016 Plan Amendment on June 7, 2023. Each RSU represented a contingent right to receive one share of the Issuer's Common Stock. 65,000 RSUs fully vested on June 7, 2023 and were settled in shares of the Issuer's Common Stock.

Footnote F2

Estimated number of shares related to settle tax obligation calculated using the June 8, 2023 closing share price of $0.8526.

Footnote F3

Each RSU represents a contingent right to receive one share of the Issuer's Common Stock.

Footnote F4

The RSUs shall be fully vested at the close of business on the business day following the Issuer's annual meeting of stockholders where the 2016 Plan Amendment was approved, subject to the Reporting Person's continued employment with the Issuer as of the vesting date.

Footnote F5

The RSUs fully vested on June 7, 2023.

Footnote F6

One-half of the RSUs shall vest on June 6, 2024 and the remaining one-half of the RSUs shall vest on June 6, 2025, subject to the Reporting Person's continued employment with the Issuer as of each applicable vesting date.