LIU JEAN I 4

What Happened

• Jean I. Liu, a non-employee director of Connect Biopharma Holdings Ltd (CNTB), was granted 5,061 fully vested ordinary shares on March 31, 2026. The shares were issued as compensation in lieu of cash under the company's Non-Employee Director Compensation Program. The filing shows an acquisition price of $0.00 because the shares were awarded, not bought; their cash-equivalent value was determined by the company’s formula (see footnote).

Key Details

• Transaction date: 2026-03-31. Transaction code: A (award/grant).
• Shares granted: 5,061 fully vested ordinary shares. Reported acquisition price: $0.00 (award in lieu of cash).
• Shares owned after transaction: not specified in the provided filing details.
• Footnote: The shares were issued in lieu of Ms. Liu’s 2026 annual board retainer. The number of shares was calculated by dividing the equity value by the average closing price of the ordinary shares over the 30 consecutive trading days ending March 31, 2026, rounded down to the nearest whole share.
• Filing timeliness: Reported on 2026-04-02 for a 2026-03-31 transaction — filed within the usual Form 4 reporting window (not indicated as late).

Context

• This was a compensation grant to a non-employee director, not an open-market purchase or sale. Such awards are routine for director pay and do not, by themselves, signal a buying or selling conviction about the company’s stock. Purchases by insiders tend to be more informative about personal bullishness than compensation grants.