Stilley William B. III 4
4 · ADIAL PHARMACEUTICALS, INC. · Filed Jan 28, 2021
Insider Transaction Report
Form 4
Stilley William B. III
DirectorChief Executive Officer10% Owner
Transactions
- Award
Common Stock
2021-01-26+201,109→ 917,046 total
Footnotes (1)
- [F1]The reporting person acquired 201,109 shares of issuer common stock in exchange for an 28.7% interest in Purnovate, LLC ("Purnovate") pursuant to Purnovate's merger into a wholly owned subsidiary of the issuer, as contemplated by that certain Equity Purchase Agreement, dated December 7, 2020, as amended. The shares issued to the reporting person in the merger are currently being held in escrow and are subject to forfeiture during the two-year period following the merger to satisfy claims arising as a result of Purnovate's breach of any of its representations and warranties or covenants in the purchase agreement.