Handley Michael K 4

What Happened
Michael K. Handley, CEO of Valion Bio, converted (exercised) 2,206 restricted stock units (RSUs) into 2,206 shares on May 18, 2026. The filing shows the acquired shares as N/A for price/value and the same 2,206 shares were reported disposed of at $0.00 (reported as a derivative disposition). Dispositions reported at $0 are commonly used to satisfy tax-withholding or similar obligations when RSUs vest and convert to shares.

Key Details

• Transaction date: 2026-05-18 (reported on Form 4 filed 2026-05-20) — filing appears timely (within two business days).
• Transaction type/code: M = Exercise/Conversion of a derivative (RSU conversion).
• Shares converted/acquired: 2,206 (price reported N/A).
• Shares disposed: 2,206 at $0.00 (total reported $0 — typical for withheld shares).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 — each Restricted Stock Unit converts into one share of common stock. F2 — the RSU grant (35,294 RSUs) vests with 25% on the one‑year anniversary and the balance in 12 equal quarterly installments so that 100% vests by the fourth anniversary.

Context

• This was a conversion of vested RSUs rather than an open‑market buy or sale. When RSUs vest, companies often withhold shares (or transfer shares at $0) to cover taxes; that appears to be what the $0 disposition reflects.
• Such transactions are administrative (vesting/withholding) rather than a directional buy or sell signal; they do not by themselves indicate CEO sentiment about the stock.