Michaelson Jennifer 4

What Happened Jennifer Michaelson, Chief Scientific Officer of Cullinan Therapeutics (CGEM), exercised stock options and sold shares on March 5, 2026. She exercised 4,000 shares at $4.30 per share (cash cost $17,200) and sold 8,000 common shares in the open market for a weighted average price of $15.68, generating approximately $125,440. The filing also reports 4,000 shares disposed at $0.00 in connection with the exercise (reported under the exercise code), which commonly reflects shares withheld or surrendered to cover taxes or exercise-related obligations.

Key Details

• Transaction date: 2026-03-05; Form 4 filed 2026-03-09 (period of report 2026-03-05). No late filing flag indicated.
• Exercise: 4,000 shares acquired at $4.30 each = $17,200.
• Sale: 8,000 shares sold at weighted avg $15.68 = ~$125,440; sales occurred at prices ranging $15.38–$16.31 (per footnote).
• Derivative disposition: 4,000 shares reported disposed at $0.00 in connection with the exercise (code M).
• Plan/authorization: Sale effected pursuant to a Rule 10b5-1 plan established August 7, 2025 (footnote F1).
• Vesting note: The underlying awards had 25% vesting on July 4, 2020, with remainder vesting in 36 monthly installments (footnote F3).
• Shares owned after transaction: Not provided in the supplied summary—see the full Form 4 for current beneficial ownership.

Context

• This was an exercise of options plus an open-market sale. Exercises are acquisition events (buying stock via option exercise); the subsequent sale is a disposition (common liquidity/compensation action). The $0.00 disposed line likely indicates shares surrendered/withheld for taxes or to cover exercise costs (a common practice), per how such items are usually reported.
• Sales were made under a pre-established 10b5-1 trading plan, which typically schedules trades in advance and is intended to avoid trading on material nonpublic information.