Cummings James F. 4

What Happened

• James F. Cummings, Chief Medical Officer of Vaxart, received two equity awards on March 16, 2026: 227,000 shares delivered as restricted stock units (RSUs) and a 455,000-share derivative award (stock option). Both items are reported with a $0.00 acquisition price, meaning these are company awards/grants rather than open-market purchases or sales. No cash was paid by the insider in these reported transactions.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely filing — within the standard 2 business days).
• Reported amounts and prices: 227,000 RSUs @ $0.00; 455,000 derivative shares (option grant) @ $0.00.
• Shares owned after transaction: Not specified in the filing.
• Footnotes / vesting:
  • F1 (RSUs): 25% of the RSUs vest on each anniversary of the vesting commencement date (March 16, 2026), so the RSUs fully vest on the fourth anniversary.
  • F2 (option): 25% of the option vests March 16, 2027, then vests in 36 equal monthly installments thereafter, with full vesting on March 16, 2030.
• No indication of immediate sale (not a cashless exercise) or a 10b5-1 plan; these are standard compensation awards.

Context

• These entries are awards/compensation grants (neutral in the short term) rather than insider purchases (which some investors view as a bullish signal) or sales (which can be liquidity-driven). For the derivative option grant, vesting schedules mean the shares/options will not be fully usable by the insider until the stated vesting dates.