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) 07/18/2018 | 3. Issuer Name and Ticker or Trading Symbol Tilray, Inc. [ TLRY ] | |||||||||||||
| 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) | 05/20/2028 | Class 2 Common Stock | 350,000 | 7.76 | D | |
| Restricted Stock Units | (2)(3) | (2)(3) | Class 2 Common Stock | 100,000 | 0.00(4) | D | |
| Explanation of Responses: |
| 1. The shares subject to this option shall vest at the rate of 25% of the shares on the twelve (12) month anniversary of April 1, 2018 (the "Vesting Commencement Date"), and the remaining option shares will vest quarterly thereafter at the rate of 6.25% of the total number of shares on each quarterly anniversary of the Vesting Commencement Date thereafter for so long as the Reporting Person remains in Continuous Service (as defined in the Company's 2018 Equity Incentive Plan), such that the total number of shares shall be fully vested on the four-year anniversary of the Vesting Commencement Date. |
| 2. Two vesting requirements must be satisfied for the RSU to vest - a time and service requirement and a Liquidity Event requirement. The time and service requirement is as follows: The RSUs shall vest at the rate of 25% of the RSUs on the twelve (12) month anniversary of January 1, 2017 (the "Vesting Commencement Date"), and the remaining RSUs will vest quarterly thereafter at the rate of 6.25% of the total number of RSUs on each quarterly anniversary of the Vesting Commencement Date thereafter for so long as the Reporting Person remains in Continuous Service (as defined in the Company's 2018 Equity Incentive Plan), such that the total number of RSUs shall be fully vested on the four-year anniversary of the Vesting Commencement Date. |
| 3. Two vesting requirements must be satisfied for the RSU to vest - a time and service requirement and a Liquidity Event requirement. The Liquidity Event requirement will be satisfied as to any then-outstanding RSU on the first to occur of: (1) a Change in Control; or (2) the date following the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company's Class 2 Common Stock ("Common Stock") on which all shares of Common Stock issued or issuable under the Company's 2018 Equity Incentive Plan are not subject to the Lock-Up Period described in Section 13 of the Restricted Stock Unit Agreement (the "Lock-Up Period Expiration Date"), provided that the Reporting Person has remained in Continuous Service ( as defined in the Company's 2018 Equity Incentive Plan) through the effective date of such Change in Control or Lock-Up Period Expiration Date, as applicable. |
| 4. Each RSU represents a contingent right to receive one share of the Issuer's Class 2 Common Stock. |
| Remarks: |
| /s/ Edward W. Pastorius Jr. | 07/18/2018 | |
| ** 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. | ||