Forte Biosciences Director Stephen Doberstein Disposes 55,353 Awards

What Happened

• Stephen K. Doberstein, a director of Forte Biosciences, disposed of a total of 55,353 company award units on 2026-08-27. The Form 4 reports these as "Disposition to the issuer" (transaction code D) and as derivative instrument transactions (options/RSUs), with per-transaction price listed as N/A.
• These dispositions were the result of the Merger Agreement dated July 26, 2026, under which Forte was acquired by argenx (argenx BV). Under the agreement, outstanding RSUs were converted into a cash payment equal to the merger consideration ($77.00 per share) and certain options were cancelled and converted into cash equal to the excess (if any) of $77.00 over the option exercise price; options with exercise prices ≥ $77 were cancelled with no consideration.

Key Details

• Transaction date: 2026-08-27 (filed same day).
• Aggregate units disposed: 55,353 (individual entries: 2,000; 1,000; 1,000; 2,000; 31,000; 18,353).
• Reported price: N/A on the Form 4 (derivative conversions; cash consideration described in footnotes).
• Post-transaction shares owned: Not specified on the provided filing details.
• Relevant footnotes from the filing:
  • F1: Options with exercise price < $77 were cashed out for (77 − exercise price) × number of option shares.
  • F2: Options with exercise price ≥ $77 were cancelled with no payout.
  • F3/F4: Each RSU equals one share; RSUs were converted into a lump-sum cash payment equal to $77.00 × number of RSU shares.
• Filing timeliness: Reported on 2026-08-27, the same date as the transactions (no late filing indicated in provided data).

Context

• These were derivative cancellations/conversions tied to the merger—not open-market sales. RSUs convert to a fixed cash amount per share ($77); option payouts depend on each option’s exercise price (less than $77).
• For perspective, if all 55,353 units had been RSUs the gross cash would be roughly $4,262,181 (55,353 × $77). Actual cash received may be lower because option payouts equal only the spread over exercise prices and some options may have been cancelled with no payout.
• This type of transaction reflects corporate-level merger consideration treatment of equity awards and is different from an insider selling shares for personal reasons.