SEC Form 4 · accession 0001654954-18-001715
CorMedix Inc. · CRMD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Khoso Baluch
Officer — Chief Executive Officer · Director
Period of report
Feb 16, 2018
Accepted (ET)
Feb 20, 2018 · 4:01 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001410098
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | holding | — | — | — | 225,373 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right to Buy Common Stock)F1 | $0.57 | Feb 16, 2018 | A | 225,000 | A | — | Feb 16, 2028 | Common Stock | 225,000 | 225,000 | D |
| Stock Option (Right to Buy Common Stock)F2 | $2.52 | holding | — | — | — | — | Sep 30, 2026 | Common Stock | 1,250,000 | 1,250,000 | D |
| Stock Option (Right to Buy Common Stock)F3 | $2.52 | holding | — | — | — | — | Sep 30, 2026 | Common Stock | 300,000 | 300,000 | D |
| Stock Option (Right to Buy Common Stock)F4 | $2.52 | holding | — | — | — | — | Sep 30, 2026 | Common STock | 300,000 | 300,000 | D |
Explanation of responses
- F1The options vest 25% on the date of grant (2/16/2018), and 25% on the first, second and third anniversaries of the date of grant, subject to Optionee's continued service through such date.
- F2These options were granted 9/30/2016. The option vests as follows: 25% on 10/3/2017, 25% on 10/3/2018, 25% on 10/3/2019, and 25% on 10/3/2020.
- F3These options were granted 9/30/2016. The option vests on the date the Company's common stock attains an average closing price over any period of 30 consecutive trading days equal to or greater than 2.75 times the closing price per share on the lesser of 9/23/16 or 10/3/16 (the "Stock Price Condition"); provided, that if the Stock Price Condition is met prior to 12/31/18 then the option will not vest until 12/31/18. The option will be forfeited (i) if the stock price on 12/31/18 is below the closing price per share on the lesser of 9/23/16 or 10/3/2016; or (ii) if the Stock Price Condition is not met by 10/3/2020.
- F4These options were granted 9/30/2016. The option vests based on certain performance milestones. If such milestones are met prior to 12/31/18, then the option will not vest until 12/31/18. The option will be forfeited if such milestones are not met by 10/3/2020.