Form 4: Sorrento Therapeutics, Inc. (SRNE), Ji Henry, transaction 10/16/2020

Summary

A Form 4 for Henry Ji, a director and officer of Sorrento Therapeutics, Inc. [SRNE] whose remarks give the title President, CEO and Chairman of the Board of Directors, reporting a performance-based non-qualified stock option. The option covers 24,935,882 shares at $17.3 and expires 08/07/2030. A footnote states the compensation committee approved the award on August 7, 2020, subject to stockholder approval, and the stockholders approved it on October 16, 2020. The award will vest in nine tranches of 2,493,588 shares and a final tranche of 2,493,590 shares as the market capitalization reaches certain milestone thresholds. The form is signed /s/ Henry Ji, Ph.D. on 10/20/2020.

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Full text

SEC Form 4

FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 | OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5 | OMB APPROVAL | OMB Number: 3235-0287 Estimated average burden hours per response: 0.5 | OMB Number: | 3235-0287 | Estimated average burden | hours per response: | 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person * Ji Henry (Last) (First) (Middle) C/O SORRENTO THERAPEUTICS, INC. 4955 DIRECTORS PLACE (Street) SAN DIEGO CA 92121 (City) (State) (Zip) | Ji Henry | (Last) | (First) | (Middle) | C/O SORRENTO THERAPEUTICS, INC. | 4955 DIRECTORS PLACE | SAN DIEGO | CA | 92121 | (City) | (State) | (Zip) | 2. Issuer Name and Ticker or Trading Symbol Sorrento Therapeutics, Inc. [ SRNE ] | 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) See Remarks | X | Director | 10% Owner | X | Officer (give title below) | Other (specify below) | See Remarks
3. Date of Earliest Transaction
 (Month/Day/Year) 10/16/2020
4. If Amendment, Date of Original Filed
 (Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person | X | Form filed by One Reporting Person | Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr.
 3) | 2. Transaction Date
 (Month/Day/Year) | 2A. Deemed Execution Date, if any
 (Month/Day/Year) | 3. Transaction Code (Instr.
 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr.
 3, 4 and 5) | 5.
 Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr.
 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr.
 4) | 7. Nature of Indirect Beneficial Ownership (Instr.
 4)
Code | V | Amount | (A) or (D) | Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr.
 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date
 (Month/Day/Year) | 3A. Deemed Execution Date, if any
 (Month/Day/Year) | 4. Transaction Code (Instr.
 8) | 5.
 Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr.
 3, 4 and 5) | 6. Date Exercisable and Expiration Date
 (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr.
 3 and 4) | 8. Price of Derivative Security (Instr.
 5) | 9.
 Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr.
 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr.
 4) | 11. Nature of Indirect Beneficial Ownership (Instr.
 4)
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares
Non-Qualified Stock Option (right to buy) | $ 17.3 | 10/16/2020 (1) | A | 24,935,882 | (2) | 08/07/2030 | Common Stock | 24,935,882 | $ 0.00 | 24,935,882 | D
Explanation of Responses:
1. The performance-based stock option award (the "Award") was approved by the compensation committee of the board of directors of the Issuer on August 7, 2020, subject to stockholder approval of the Award. The Issuer's stockholders approved the Award on October 16, 2020.
2. The Award will vest in nine tranches of 2,493,588 shares and a final tranche of 2,493,590 shares, in each case upon the market capitalization of the Issuer's common stock reaching certain milestone thresholds.
Remarks:
President, CEO and Chairman of the Board of Directors
/s/ Henry Ji, Ph.D. | 10/20/2020
** Signature of Reporting Person | Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
 4

 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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