DOUGLAS RICHARD 4

What Happened

• Douglas Richard, a Novavax (NVAX) director, received awards on June 18, 2026 and converted previously granted derivative awards that vested on June 20, 2026.
• On 6/18/2026 he was granted 21,270 shares (option grant under the 2015 Stock Incentive Plan) and 14,180 restricted stock units (RSUs), both reported at $0.00 (total 35,450 awards). Footnotes F2 and F3 state these awards vest 100% on the first anniversary of the 6/18/2026 grant, subject to continued service.
• On 6/20/2026 he had an exercise/conversion of 18,880 derivative shares (reported as acquired) and a same-day disposition of 18,880 shares at $0.00. Footnote F4 indicates these 18,880 RSUs were from a June 20, 2025 grant that vested on 6/20/2026.

Key Details

• Transaction dates: Grants on 2026-06-18; conversion/disposition on 2026-06-20. Filing date: 2026-06-23.
• Prices/values reported: all items shown at $0.00 in the filing.
• Shares involved: 21,270 (option grant), 14,180 (RSU grant), 18,880 (vested RSUs converted and disposed).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes: F1 defines RSUs as rights to one share each; F2/F3 vesting is on the first anniversary of 6/18/2026; F4 confirms the vested 6/20/2025 RSUs matured on 6/20/2026.
• Timeliness: Filing was submitted 2026-06-23, within a few days of the reported transactions.

Context

• The 6/18 entries are awards (grants) that vest on their first anniversary if the director remains in service — these are prospective compensation, not open-market purchases.
• The 6/20 entries are conversions/exercises of previously granted RSUs that vested; the simultaneous disposition at $0.00 (as reported) is consistent with non-cash transfers commonly used for tax withholding or immediate settlement, though the filing does not detail the reason.
• These are director-level compensation and derivative vesting transactions; they are disclosures of grant and conversion activity, not necessarily directional bets on the stock.