Lipocine Inc. — Director's Dealing 2020

Dec 17, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lipocine Inc. (LPCN)
CIK: 0001535955
Period of Report: 2020-12-15

Reporting Person: Patel Mahesh V. (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-16	Common Stock	M	45000	—	Acquired	1243090	Direct
2020-12-16	Common Stock	S	15000	$1.35	Disposed	1228090	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-15	Stock Option (Right to Buy)	$1.37	A	375000	Acquired	2030-12-15	Common Stock (375000)	Direct
2020-12-16	Restricted Stock Unit	$0	M	45000	Acquired	2027-01-25	Common Stock (45000)	Direct

Footnotes

F1: Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of December 15, 2021, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorata basis over the following two years.

F2: Subject to vesting whereby 1/4 of the shares subject to the award will vest on December 31, 2017 and the remaining 3/4 of the shares subject to the award will vest on the receipt by the Company of FDA approval of TLANDO.

F3: Represents shares of Lipocine Inc. common stock ("LPCN Common Stock") acquired upon the vesting of restricted stock units.

F4: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.