PAPA JOSEPH C 4

What Happened

• Joseph C. Papa, a director of Candel Therapeutics (CADL), was granted a derivative award for 32,000 shares/options on June 23, 2026. The Form 4 lists the acquisition at $0.00, indicating no cash was paid at grant; the award is a time‑based option-like grant (derivative instrument).

Key Details

• Transaction date: 2026-06-23; Filing date: 2026-06-24 (filed one day after the transaction).
• Reported amount: 32,000 shares (derivative award) at $0.00 per share.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: The award is subject to time-based vesting — vesting and exercisability occur on the earlier of (i) June 23, 2027 or (ii) the next Annual Meeting of Stockholders. Vesting stops if Mr. Papa leaves the board unless the board decides otherwise.
• Filing timeliness: Filed promptly the next day (appears timely under typical insider reporting rules).

Context

• This was a compensation grant (an award of a derivative instrument), not an open‑market purchase or sale. Such awards are common for directors and represent potential future equity if vesting and any exercise occurs. The economic value to the holder depends on vesting, any exercise price, and future stock performance.