Lipocine Inc. — Director's Dealing 2020

Dec 8, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lipocine Inc. (LPCN)
CIK: 0001535955
Period of Report: 2020-12-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-04	Common Stock	M	145000	—	Acquired	1118612	Direct
2020-12-04	Common Stock	S	43500	$1.5663	Disposed	1075112	Direct
2020-12-05	Common Stock	M	122978	—	Acquired	1198090	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-04	Restricted Stock Unit	$0	M	145000	Disposed	2028-12-04	Common Stock (145000)	Direct
2020-12-05	Restricted Stock Unit	$0	M	122978	Disposed	2029-12-05	Common Stock (122978)	Direct

Footnotes

F1: Represents shares of Lipocine Inc. common stock ("LPCN Common Stock") acquired upon the vesting of restricted stock units.

F2: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3: Represents the weighted average price of shares sold at a price that ranged from $1.53 - $1.60

F4: Subject to vesting whereby 50% of the shares subject to the award will vest on the one year anniversary of December 4, 2019 and the remaining 50% of the shares subject to the award will vest on the two year anniversary of December 4, 2020.