Equity

3 Months Ended

Mar. 31, 2014

Equity

Note 5.  Equity

For the quarter ended March 31, 2014, equity related transactions were as follows:

● Opexa recognized stock based compensation expense of $77,814 related to shares of restricted common stock issued to certain members of Opexa’s management on November 8, 2013 during the three months ended March 31, 2014.

● On February 28, 2014, 109,617 shares of restricted common stock with an aggregate fair value of $199,503 were issued to certain members of Opexa’s management and certain non-employee directors for service on Opexa’s Board. Opexa recognized stock based compensation expense of $21,896 related to these shares during the three months ended March 31, 2014. The restricted shares issued to management vest in full on the earlier of the first anniversary of the grant date or termination of employment without cause following a change of control. The restricted shares issued to non-employee directors vest in four quarterly increments beginning on March 31, 2014.

● On March 19, 2014, 6,000 shares of restricted common stock with an aggregate fair value of $12,000 were issued to a non-employee director for service on Opexa’s Board. Opexa recognized stock based compensation of $466 related to these shares during the three months ended March 31, 2014. The shares vest in three quarterly increments beginning on June 30, 2014.