SEC Form 3
FORM 3 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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1. Name and Address of Reporting Person*
(Street)
| 2. Date of Event Requiring Statement (Month/Day/Year) 01/29/2018 | 3. Issuer Name and Ticker or Trading Symbol INNOVATE BIOPHARMACEUTICALS, INC. [ INNT ] | |||||||||||||
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)
| 5. If Amendment, Date of Original Filed (Month/Day/Year) | ||||||||||||||
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Beneficially Owned | |||
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1. Title of Security (Instr. 4) | 2. Amount of Securities Beneficially Owned (Instr. 4) | 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 4. Nature of Indirect Beneficial Ownership (Instr. 5) |
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||
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1. Title of Derivative Security (Instr. 4) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) | 4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 6. Nature of Indirect Beneficial Ownership (Instr. 5) | ||
Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Stock Option (Right to Buy) | (1) | 11/01/2025 | Common Stock | 1,356,718 | 0.3 | D | |
Stock Option (Right to Buy) | (2) | 11/01/2025 | Common Stock | 678,359 | 0.3 | D | |
Stock Option (Right to Buy) | (3) | 03/21/2027 | Common Stock | 113,060 | 2.08 | D | |
Stock Option (Right to Buy) | (4) | 08/29/2027 | Common Stock | 75,373 | 2.34 | D |
Explanation of Responses: |
1. 100% of these shares have vested and are exercisable. |
2. 25% of these shares vested on November 2, 2015, and 1/48 of these shares vest and become exercisable on the corresponding day of each month thereafter, or on the last day of each month, to the extent each month thereafter does not have the corresponding day, until all of the shares have vested on the third anniversary of November 2, 2015, subject to Mr. Prior continuing to be a Service Provider (as defined in the Company's 2015 Stock Incentive Plan) through each such date. |
3. 20% 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. Prior continuing to be a service provider (as defined in the Company's 2015 Stock Incentive Plan) through each such date. |
4. 1/36 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. Prior 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 |
/s/ Kendyle Woodard, as Attorney-in-Fact | 02/08/2018 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |