Reid Laurence 4

What Happened Reid Laurence, a director of KalVista Pharmaceuticals, disposed of 17,000 derivative shares on June 11, 2026. The disposition was part of the company’s merger with Chiesi (Merger Consideration $27.00 per share), meaning the securities were cashed out in the transaction. The gross proceeds based on the $27.00 per-share merger price equal approximately $459,000 (less any applicable tax withholdings).

Key Details

• Transaction date: 2026-06-11; filing date: 2026-06-11 (timely filed).
• Transaction type: Disposition to the issuer (derivative securities) in connection with the Merger Agreement; listed as 17,000 shares.
• Per-share merger consideration: $27.00; implied gross value ≈ $459,000 (subject to tax withholding).
• Shares owned after transaction: not specified in the Form 4 (not reported in this filing).
• Relevant footnotes:
  • F1: Sale/disposition resulted from Merger Agreement (cash tender at $27.00/share and subsequent merger).
  • F3: Outstanding in-the-money options were fully vested, cancelled and converted into a cash payment equal to (Merger Consideration − exercise price) × number of shares subject to the option; out-of-the-money options were cancelled for no consideration.
  • F2: Original option vesting schedule noted (1/36th initial vesting then monthly), but options were treated per the merger terms.

Context This was a cash-out tied to a corporate transaction (merger), not an open-market sale or discretionary purchase. For option holders, the merger accelerated vesting and converted in-the-money options into cash payments; options with exercise prices at or above $27 were cancelled without payment. Such merger-driven dispositions are routine when a company is acquired and do not, by themselves, indicate an insider’s view on the company’s future operations.