ADMA BIOLOGICS, INC. — Director's Dealing 2021

Oct 2, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADMA BIOLOGICS, INC. (ADMA)
CIK: 0001368514
Period of Report: 2021-09-29

Reporting Person: LENZ BRIAN (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-29	Common Stock	A	495000	—	Acquired	630501	Direct
2021-09-29	Common Stock	A	405000	—	Acquired	1035501	Direct

Footnotes

F1: These shares represent restricted stock units ("RSUs") that will be settled into common stock upon vesting. Subject to the reporting person's continued employment on the applicable vesting date, these RSUs are subject to time based vesting conditions (the "Time-Based RSUs"), of which (x) 50% of the Time Based RSUs shall vest on December 31, 2022 ("Initial Vesting Date") and (y) 50% of the Time-Based RSUs shall vest in eight (8) equal quarterly installments over a period of two years following the Initial Vesting Date, becoming fully vested on December 31, 2024.

F2: These shares represent RSUs that will be settled into common stock upon vesting. Subject to the reporting person's continued employment on the applicable vesting date, these RSUs are subject to milestone-based vesting conditions (the "Milestone-Based RSUs") established by the Board of Directors, upon the recommendation of the Compensation Committee of the Board of Directors, of which (x) 22.2% of the Milestone-Based RSUs shall become vested upon the completion of a debt refinancing which adds non-dilutive capital to the Company's balance sheet before or during the calendar year ending December 31, 2022, (y) 33.3% of the Milestone-Based RSUs shall become vested upon the achievement of a 15% gross margin on BIVIGAM without intermediates by the end of the fourth quarter of 2022, and (z) 44.5% of the Milestone-Based RSUs shall become vested upon the achievement of $35 million in quarterly revenues in or before the fourth quarter of 2022.

F3: Includes (i) 495,000 Time-Based RSUs granted on September 29, 2021 and reported on this Form 4, subject to vesting as set forth in footnote (1) and that will be settled into common stock upon vesting; (ii) 405,000 Milestone-Based RSUs granted on September 29, 2021 and reported on this Form 4, subject to vesting as set forth in footnote (2) and that will be settled into common stock upon vesting; (iii) 63,936 RSUs granted on February 25, 2021, of which 55,000 RSUs will vest quarterly on each anniversary of the date of grant, over four years, subject to the reporting person's continued service as of the applicable vesting date and 8,936 RSUs are subject to cliff vesting with one-third of such RSUs vesting on each anniversary of the date of grant over three years, subject to the reporting person's continued service as of the applicable vesting date, and in each case will be settled into common stock upon vesting;

F4: (continued from footnote 3) (iv) 30,000 RSUs granted on February 28, 2020, which vest quarterly on each anniversary of the date of grant, over four years, subject to the reporting person's continued service as of the applicable vesting date and will be settled into common stock upon vesting; and (v) 41,565 shares of common stock owned by the reporting person, which reflects the prior net settlement upon vesting of previously granted RSUs after the withholding of shares to cover applicable taxes.