KENNETH S. CRAGUN - 30 Nov 2022 Form 4 Insider Report for Alzamend Neuro, Inc. (ALZN)

Role: SVP of Finance
Signature: /s/ Kenneth S. Cragun
Issuer symbol: ALZN
Transactions as of: 30 Nov 2022
Net transactions value: $0
Form type: 4
Filing time: 30 Nov 2022, 15:30:19 UTC
Previous filing: 21 Nov 2022
Next filing: 11 Jan 2023
SEC: View on sec.gov

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
holding	ALZN	Stock Option (Right to Buy)						0	30 Nov 2022	Common Stock	1,000,000	$1.50	Direct	F1
holding	ALZN	Stock Option (Right to Buy)						1,500,000	30 Nov 2022	Common Stock	1,500,000	$1.50	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Mr. Cragun was granted options, exercisable for 10 years, to purchase 1,000,000 shares of the Issuer's common stock, of which (i) 50% would vest if the Issuer's common stock closed at or above $10.00 per share for 90 consecutive trading days, and (ii) 10% would vest for each $2.00 per share increment above $10.00 per share for 90 consecutive trading days, with 100% vesting if the Issuer's common stock closed at or above $20.00 per share for 90 consecutive trading days. After November 27, 2026, the number of any unvested shares subject to the option would decrease by 25%. On November 22, 2022, the Issuer modified the vesting criteria of these options to reduce the price targets, which were previously between $10.00 and $40.00 per share, and to extend the period of time for vesting before the 25% of unvested shares subject to the option would be decreased.
F2	The stock options vest ratably over 48 months beginning on December 15, 2018.

Content

Mr. Cragun was granted options, exercisable for 10 years, to purchase 1,000,000 shares of the Issuer's common stock, of which (i) 50% would vest if the Issuer's common stock closed at or above $10.00 per share for 90 consecutive trading days, and (ii) 10% would vest for each $2.00 per share increment above $10.00 per share for 90 consecutive trading days, with 100% vesting if the Issuer's common stock closed at or above $20.00 per share for 90 consecutive trading days. After November 27, 2026, the number of any unvested shares subject to the option would decrease by 25%. On November 22, 2022, the Issuer modified the vesting criteria of these options to reduce the price targets, which were previously between $10.00 and $40.00 per share, and to extend the period of time for vesting before the 25% of unvested shares subject to the option would be decreased.

The stock options vest ratably over 48 months beginning on December 15, 2018.