SEC Form 3 · accession 0001144204-18-006720
INNOVATE BIOPHARMACEUTICALS, INC. · INNT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jay P. Madan
Officer — President · Director
Period of report
Jan 29, 2018
Accepted (ET)
Feb 8, 2018 · 7:36 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001551986
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | holding | — | — | — | 129,593 | I | See Footnote | |
| Common StockF2 | holding | — | — | — | 122,104 | I | See Footnote | |
| Common StockF3 | holding | — | — | — | 122,104 | I | See Footnote | |
| Common StockF4 | holding | — | — | — | 122,104 | I | See Footnote | |
| Common Stock | holding | — | — | — | 529,131 | 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)F5 | $2.08 | holding | — | — | — | — | Mar 20, 2027 | Common Stock | 113,060 | — | D |
| Stock Option (Right to Buy)F6 | $2.34 | holding | — | — | — | — | Aug 29, 2027 | Common Stock | 90,448 | — | D |
Explanation of responses
- F1These shares are held by Madan Global, Inc. Mr. Madan is affiliated with Madan Global, Inc. and has voting and investment power over the shares held by Madan Global, Inc.
- F2These shares are held by OM Healthcare Partners LLC. Mr. Madan is affiliated with OM Healthcare Partners LLC and has voting and investment power over the shares held by OM Healthcare Partners LLC.
- F3These shares are held by OM Healthcare Partners II LLC. Mr. Madan is affiliated with OM Healthcare Partners II LLC and has voting and investment power over the shares held by OM Healthcare Partners II LLC.
- F4These shares are held by OM Healthcare Partners III LLC. Mr. Madan is affiliated with OM Healthcare Partners III LLC and has voting and investment power over the shares held by OM Healthcare Partners III LLC.
- F520% of these shares vested on March 21, 2017. 1/60 of the shares vested on March 31, 2017 and vest thereafter on the last day of each month thereafter, until all of the shares have vested on the four-year anniversary of the vesting commencement date, subject to Mr. Madan continuing to be a Service Provider (as defined in the Company's 2015 Stock Incentive Plan) through each such date.
- F61/36 of the shares vest and become exercisable on the corresponding day of each monthly anniversary of July 1, 2017, or on the last day of each month, to the extent each month thereafter does not have the corresponding day, until all shares have vested on the third anniversary of July 1, 2017, subject to Mr. Madan continuing to be a Service Provider (as defined in the Company's 2015 Stock Incentive Plan) through each such date.
Remarks
Exhibit 24 - Power of Attorney