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: BROWN MORGAN R (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-04	Common Stock	M	57500	$0.00	Acquired	121312	Direct
2020-12-04	Common Stock	S	17250	$1.5666	Disposed	104062	Direct
2020-12-05	Common Stock	M	70754	$0.00	Acquired	174816	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-04	Restricted Stock Unit	$0	M	57500	Disposed	2028-12-04	Common Stock (57500)	Direct
2020-12-05	Restricted Stock Unit	$0	M	70754	Disposed	2029-12-05	Common Stock (70754)	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 $1.54 - $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.