Form 4: RELMADA Director Fabiana Fedeli Acquires 164,000 SARs

RELMADA Therapeutics Director Fabiana Fedeli acquired 164,000 Stock Appreciation Rights with an exercise price of $4.06, vesting quarterly starting March 2026.

Summary

• Fabiana Fedeli, a Director of RELMADA THERAPEUTICS, INC. (RLMD), acquired 164,000 Stock Appreciation Rights (SARs).
• The transaction date for this acquisition was December 12, 2025.
• The exercise price for these Stock Appreciation Rights is $4.06.
• The SARs will vest in 16 equal quarterly installments, with the first installment commencing on March 12, 2026.
• The expiration date for these Stock Appreciation Rights is December 12, 2035.
• Following this transaction, Fabiana Fedeli beneficially owns 164,000 Stock Appreciation Rights directly.

Sentiment

Score: 7

Explanation: The acquisition of Stock Appreciation Rights by a director, with a long-term vesting schedule, generally indicates alignment of interests and confidence in future company performance, contributing positively to sentiment.

Positives

• The acquisition of Stock Appreciation Rights by a director aligns management's interests with shareholder value, as the SARs gain value only if the company's stock price increases above the exercise price.
• The long-term vesting schedule (16 equal quarterly installments commencing March 12, 2026, and expiring December 12, 2035) indicates a commitment to long-term performance and retention of key personnel.

Future Outlook

The grant of Stock Appreciation Rights with a multi-year vesting schedule suggests a forward-looking incentive structure designed to motivate the director to contribute to long-term shareholder value creation.

Industry Context

The grant of Stock Appreciation Rights is a common form of equity-based compensation in the biotechnology and pharmaceutical industries, used to attract, retain, and incentivize directors and executives by aligning their financial interests with the company's stock performance.

Comparison to Industry Standards

• Stock Appreciation Rights (SARs) are a standard equity compensation tool, similar to stock options, widely used across various industries, including biotech, to incentivize performance without requiring an upfront investment from the recipient.
• The vesting schedule of 16 equal quarterly installments over four years is a typical structure for long-term incentive plans, designed to promote sustained performance and retention.

Related Party Transactions

• The acquisition of Stock Appreciation Rights by Fabiana Fedeli, a Director, constitutes a related party transaction as it involves compensation from the company to a member of its board of directors. This is a standard form of executive compensation.

Stakeholder Impact

• Shareholders: The grant of SARs aligns the director's financial incentives with the company's stock performance, potentially benefiting shareholders through increased focus on long-term value creation.
• Employees: While not directly impacting all employees, such compensation structures for leadership can signal stability and a commitment to growth, which can indirectly benefit the broader employee base.

Next Steps

• The Stock Appreciation Rights will begin vesting in 16 equal quarterly installments starting March 12, 2026.

Key Dates

Recommendation

The acquisition of Stock Appreciation Rights by a director, while a positive signal of alignment, is a routine compensation event and does not provide sufficient new information to alter a fundamental investment thesis. It reinforces a 'hold' position by demonstrating continued insider commitment to the company's long-term success.

Keywords

RELMADA THERAPEUTICS, RLMD, Fabiana Fedeli, Form 4, Stock Appreciation Rights, SARs, Director compensation, Insider transaction, Equity compensation