X0303 4 2008-07-31 0 0001418919 CPEX Pharmaceuticals, Inc. CPEX 0001031294 MCGOVERN MICHAEL PO BOX 420528 ATLANTA GA 30342 1 0 1 0 Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 8.0805 A 260022 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 7.6316 A 262522 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 9.6517 A 265022 D Common Stock, $0.01 par value 2008-07-31 4 M 0 6920 5.387 A 271942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 5.1176 A 274442 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 6.3746 A 276942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 5000 8.7988 A 281942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 3000 10.5181 A 284942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 5000 9.9929 A 289942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 4000 8.2152 A 293942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 7000 9.0142 A 300942 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2500 12.0983 A 303442 D Common Stock, $0.01 par value 2008-07-31 4 M 0 2000 11.2229 A 305442 D Common Stock, $0.01 par value 2008-07-31 4 M 0 6000 7.9054 A 311442 D Common Stock, $0.01 par value 2008-07-31 4 M 0 8000 9.6831 A 319442 D Common Stock, $0.01 par value 10000 I By spouse Right to purchase 8.0805 2008-07-31 4 M 0 2500 8.0805 D 2010-04-01 Common Stock, $0.01 par value 2500 0 D Right to purchase 7.6316 2008-07-31 4 M 0 2500 7.6316 D 2010-07-01 Common Stock, $0.01 par value 2500 0 D Right to purchase 9.6517 2008-07-31 4 M 0 2500 9.6517 D 2010-10-01 Common Stock, $0.01 par value 2500 0 D Right to purchase 5.387 2008-07-31 4 M 0 6920 5.387 D 2011-05-09 Common Stock, 40.01 par value 6920 0 D Right to purchase 5.1176 2008-07-31 4 M 0 2500 5.1176 D 2011-07-01 Common Stock, $0.01 par value 2500 0 D Right to purchase 6.3746 2008-07-31 4 M 0 2500 6.3746 D 2011-08-30 Common Stock, $0.01 par value 2500 0 D Right to purchase 8.7988 2008-07-31 4 M 0 5000 8.7988 D 2012-02-12 Common Stock, $0.01 par value 5000 0 D Right to purchase 10.5181 2008-07-31 4 M 0 3000 10.5181 D 2010-05-22 Common Stock, $0.01 par value 3000 0 D Right to purchase 9.9929 2008-07-31 4 M 0 5000 9.9929 D 2012-06-21 Common Stock, $0.01 par value 5000 0 D Right to purchase 8.2152 2008-07-31 4 M 0 4000 8.2152 D 2013-03-21 Common Stock, $0.01 par value 4000 0 D Right to purchase 9.0142 2008-07-31 4 M 0 7000 9.0142 D 2013-05-21 Common Stock, $0.01 par value 7000 0 D Right to purchase 12.0983 2008-07-31 4 M 0 2500 12.0983 D 2013-12-31 Common Stock, $0.01 par value 2500 0 D Right to purchase 11.2229 2008-07-31 4 M 0 2000 11.2229 D 2014-06-07 Common Stock, $0.01 par value 2000 0 D Right to purchase 7.9054 2008-07-31 4 M 0 6000 7.9054 D 2014-11-10 Common Stock, $0.01 par value 6000 0 D Right to purchase 9.6831 2008-07-31 4 M 0 8000 9.6831 D 2015-05-24 Common Stock, $0.01 par value 8000 0 D On June 30, 2008, CPEX Pharmaceuticals, Inc. became an independent public company when it was spun off from Bentley Pharmaceuticals, Inc. through a distribution of CPEX common stock to the stockholders of Bentley. In accordance with the Employee Matters Agreement between Bentley and CPEX, outstanding Bentley option awards held by the reporting person were converted into new CPEX options and adjusted Bentley options. The reporting person received an option to purchase one share of CPEX common stock for every ten common shares underlying his outstanding Bentley options immediately before the spin-off. The per share exercise price of the CPEX options was equal to the product of (1) the exercise price per share of his Bentley option, multiplied by (2) the closing per share trading price of CPEX common stock on a when issued basis on June 30, 2008 divided by the closing stock price of Bentley on that same day. All other terms of the awards remained consistent with the original award terms. In accordance with the Employee Matters Agreement between CPEX and Bentley, these options were fully vested on the date of grant, as they reflect terms consistent with the terms of the awards as originally granted to the reporting person by Bentley. Represents shares owned by the spouse of the reporting person. Michael McGovern 2008-08-04