Hoerter Steven L. 4

What Happened

• Steven L. Hoerter, a director of MBX Biosciences, was granted equity awards on May 1, 2026. The Form 4 shows two award entries: 11,938 shares (non‑cash grant) and 74,249 shares reported as a derivative acquisition. Both were reported at $0.00 per share (no cash exchanged).
• Together the grants total 86,187 restricted stock units (RSUs). One award is described as a straight RSU grant that vests in full on November 6, 2026; the other has a vesting schedule of 50% on the grant date and the remaining 50% in equal monthly installments over six months. These are compensation awards, not open‑market purchases or sales.

Key Details

• Transaction date: 2026-05-01; Form filed 2026-05-04 (reporting date).
• Grants: 11,938 shares @ $0.00; 74,249 shares (derivative) @ $0.00.
• Total RSUs granted: 86,187.
• Shares owned after transaction: not specified in the summary provided (see official Form 4 for post‑transaction holdings).
• Footnotes of note:
  • F1: RSUs vest in full on Nov 6, 2026, subject to continued service.
  • F3: One grant vested 50% on grant date, remainder vests monthly over six months, subject to continued service.
  • F2: Some shares referenced in the filing are held by the Steven L. Hoerter Revocable Trust (he is trustee and disclaims beneficial ownership except for pecuniary interest).
• No indication in the filing of a 10b5‑1 plan, tax withholding sale, or immediate sale of shares.

Context

• RSUs are derivative compensation that convert into actual shares only upon vesting; they do not involve a cash purchase or an immediate sale. Such grants are common for directors’ compensation and do not by themselves signal a buy/sell decision in the open market.
• For retail investors, award grants are useful to track insider alignment with the company but should be interpreted alongside other insider trades and company fundamentals.