ir.ceruleanrx.com/...filingid=1209191-17-25668&CIK=1401914
Consists of shares of common stock issued in lieu of cash retainers for board and committee service in accordance with an election of the reporting person under the company's non-employee director compensation program. The number of shares is equal to the amount of the cash retainers that would otherwise have been payable to the reporting person for the first fiscal quarter of 2017 divided by $0.73, the closing price of the company's common stock on the NASDAQ Global Market on April 3, 2017.