Garner Elizabeth 4

What Happened
Director Elizabeth Garner had a total of 21,368 derivative shares (options) reported as disposed to the issuer on May 11, 2026. Each disposition shows $0.00 per share and $0 total — these were not open‑market sales but option cancellations/conversions that occurred at the Effective Time of Kezar’s merger transaction.

Key Details

• Transaction date: 2026-05-11 (Effective Time of the Merger Agreement).
• Reported dispositions: 3,500; 5,000; 5,000; 1,779; 889; 2,600; 2,600 = 21,368 total. Price per share reported: $0.00; total reported value: $0.
• Shares owned after transaction: not specified in the provided filing data.
• Footnotes: F1 — Out‑of‑the‑money options (exercise price ≥ $6.955) were automatically cancelled with no consideration. F2 — In‑the‑money options (exercise price < $6.955) were converted into a cash payout equal to (Cash Amount − exercise price) × number of shares and one contingent value right (CVR) per underlying share, per the Merger Agreement.
• Filing timeliness: Reported with period and filing date of 2026-05-11 (no late filing flag indicated).

Context
These entries reflect merger-driven option cancellations/conversions rather than a director-initiated buy or sell. Out‑of‑the‑money options were cancelled for no consideration; any in‑the‑money options were converted into cash and CVRs as specified by the merger terms. Such corporate-transaction-driven dispositions are procedural and do not necessarily indicate the insider’s view of the company’s prospects.