James Sapirstein - Jun 30, 2021 Form 4 Insider Report for AzurRx BioPharma, Inc. (FWBI)

Role
PRES, CEO & CHAIRMAN OF BOARD, Director
Signature
/s/ James Sapirstein
Stock symbol
FWBI
Transactions as of
Jun 30, 2021
Transactions value $
$0
Form type
4
Date filed
7/2/2021, 05:07 PM
Next filing
Jan 3, 2022

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 FWBI Stock options (right to buy) Other $0 -900K -75% $0.00 300K Jun 30, 2021 Common Stock, par value $0.0001 per share 900K $0.85 Direct F1, F2
transaction FWBI Stock options (right to buy) Award $0 +900K $0.00 900K Jun 30, 2021 Common Stock, par value $0.0001 per share 900K $0.85 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 30, 2021, the board of directors of AzurRx BioPharma, Inc. (the "Company") rescinded and cancelled stock option awards previously made to Mr. Sapirstein on July 16, 2020 covering 900,000 shares under the Company's Amended and Restated 2014 Omnibus Equity Incentive Plan and granted new stock options under the Company's 2020 Omnibus Equity Incentive Plan, as amended and restated, on substantially similar terms to the rescinded stock options.
F2 The stock options vest with respect to 300,000 shares in 18 equal monthly installments over a term of 18 months beginning 19 months after the grant of such options on July 16, 2020, and with respect to the remaining shares, if at all, upon the achievement of certain performance targets. Vesting is conditioned on Mr. Sapirstein's continued employment by the Company on the applicable vesting date.
F3 The stock option vests (i) with respect to 300,000 shares over a term of 18 months in 18 equal monthly installments starting with the first monthly installment on February 16, 2022, (ii) with respect to 200,000 shares immediately, and (iii) with respect to 400,000 shares, if at all, upon the achievement of certain performance targets. Vesting is conditioned on Mr. Sapirstein's continued employment by the Company on the applicable vesting date.