SEC Form 4 · accession 0001683168-16-000331
CV Sciences, Inc. · CVSI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Table I — non-derivative securities
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (right to buy)F1 | $0.368 | Oct 5, 2016 | A | 250,000 | A | Oct 5, 2016 | Jul 5, 2026 | Common Stock | 250,000 | 250,000 | D |
Explanation of responses
- F1See remarks below.
Remarks
(1) On July 6, 2016, the Reporting Person was granted an option to purchase 1,000,000 shares of the Issuer's Common Stock. The option is performance-based, and vests and becomes exercisable as follows: (i) the first time the Issuer completes development of a U.S. Food & Drug Administration ("FDA") current good manufacturing practice grade batch of successfully synthetically formulated Cannabidiol ("CBD") for use in drug development activities (25% vesting of the shares subject to the option); (ii) the first time the Issuer files an investigational new drug application with the FDA in connection with a development program utilizing CBD as the active pharmaceutical ingredient (a "CBD Drug Product") (25% vesting of the shares subject to the option); (iii) the first time the Issuer commences a Phase I clinical trial as authorized by the FDA for a CBD Drug Product (25% vesting of the shares subject to the option); and (iv) the first time the Issuer commences a Phase II clinical trial as authorized by the FDA for a CBD Drug Product (25% vesting of the shares subject to the option). On October 5, 2016, the first performance criteria was met resulting in vesting of the option as to 250,000 shares.