Robert J. Trenschel Form 4 PALISADE BIO / Robert J. Trenschel ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Trenschel Robert J.

(Last) (First) (Middle)

C/O PALISADE BIO, INC.

5800 ARMADA DR., SUITE 210

(Street)

CARLSBAD CA 92008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PALISADE BIO, INC. [ PALI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/27/2021		A		304,479	A	(1)	304,479	I	By Yuma Regional Medical Center(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$41.2	04/27/2021		A		10,182		(3)	04/25/2029	Common Stock	10,182	(4)	10,182	D
Stock Option (Right to Buy)	$41.2	04/27/2021		A		1,298		(5)	06/19/2029	Common Stock	1,298	(6)	1,298	D
Stock Option (Right to Buy)	$26.85	04/27/2021		A		4,406		(7)	07/10/2030	Common Stock	4,406	(8)	4,406	D
Warrant (right to buy)	$41.2	04/27/2021		A		40,785		03/08/2019	03/08/2029	Common Stock	40,785	(9)	40,785	I	By Yuma Regional Medical Center(2)
Warrant (right to buy)	$41.2	04/27/2021		A		13,595		08/15/2019	08/15/2029	Common Stock	13,595	(10)	13,595	I	By Yuma Regional Medical Center(2)
Warrant (right to buy)	$26.85	04/27/2021		A		1,223		10/15/2020	10/15/2030	Common Stock	1,223	(11)	1,223	I	By Yuma Regional Medical Center(2)

Explanation of Responses:

1. Received in exchange for 11,198,208 shares of common stock of Leading BioSciences, Inc. ("LBS"), pursuant to the Agreement and Plan of Merger, dated December 16, 2020, among Seneca Biopharma Inc., Townsgate Acquisition Sub 1, Inc. and LBS (the "Merger"). Per the terms of the Merger, each share of LBS's common stock was converted into the right to receive 0.02719 shares of Seneca's common stock. In the Merger, the name of the Issuer was changed from Seneca Biopharma, Inc. to Palisade Bio, Inc.

2. The Reporting Person is the President and Chief Executive Officer of Yuma Regional Medical Center and shares voting and investment power over the securities held by Yuma Regional Medical Center.

3. The stock option vested according to the following schedule: 25% of the shares underlying the option vested on the grant date and the remaining 75% vested in three equal quarterly installments thereafter beginning on June 30, 2019.

4. Received in the Merger in exchange for a stock option to acquire 374,500 shares of LBS common stock for $1.12 per share.

5. The stock option is fully vested.

6. Received in the Merger in exchange for a stock option to acquire 47,758 shares of LBS common stock for $1.12 per share.

7. The stock option vests according to the following schedule: 25% of the shares underlying the option vests on the grant date and the remaining 75% vests in three equal quarterly installments thereafter beginning on September 30, 2020.

8. Received in the Merger in exchange for a stock option to acquire 162,069 shares of LBS common stock for $0.73 per share.

9. Received in the Merger in exchange for a warrant to purchase 1,500,000 shares of LBS common stock for $1.12 per share.

10. Received in the Merger in exchange for a warrant to purchase 500,000 shares of LBS common stock for $1.12 per share.

11. Received in the Merger in exchange for a warrant to purchase 45,000 shares of LBS common stock for $0.73 per share.

Remarks:

	/s/ JD Finley, Attorney-in-Fact for Robert J. Trenschel	04/29/2021
	** 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 4 (b)(v).
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