Lee Michael Stewart 4

What Happened
Michael Lee, a director of Fate Therapeutics (FATE) and a Redmile Group nominee, received a grant of 87,900 derivative stock options on June 12, 2026. The reported transaction shows a $0.00 price (no cash paid at grant). This was an award/grant (not a purchase or sale) — the options give the right to acquire shares in the future subject to vesting and exercise conditions.

Key Details

• Transaction date: June 12, 2026; Form 4 filed June 15, 2026 (filing appears timely).
• Transaction type/code: A (award/grant), derivative security.
• Quantity: 87,900 stock options; price reported $0.00 (no cash paid at grant).
• Shares/options owned after transaction: Not specified in the provided filing excerpt.
• Vesting: Options vest in full upon the earlier of (i) June 12, 2027 or (ii) the Issuer's 2027 Annual Meeting, subject to continued board service. (Footnote F1)
• Beneficial ownership/assignment: The award was granted to Mr. Lee as a Redmile nominee and he has assigned all economic, pecuniary and voting rights in respect of the award to Redmile; Mr. Lee disclaims beneficial ownership. The award may also be deemed beneficially owned by Jeremy Green as principal of Redmile; Redmile and Mr. Green disclaim ownership except to the extent of pecuniary interest. (Footnotes F2–F4)

Context
This is a derivative award (stock options) that does not result in immediate share ownership or a market sale. The options only translate into shares if and when they vest and are exercised; because Mr. Lee holds the award as a nominee and assigned the rights to Redmile, the economic interest appears to belong to Redmile (an institutional investor), not Mr. Lee personally. Such grants are routine for board service and do not by themselves indicate a director buying or selling company stock.