Lizzul Paul F. 4

What Happened

• Paul F. Lizzul, Chief Medical Officer of First Tracks Biotherapeutics (TRAX), was granted/received a total of 581,540 derivative awards (recorded as acquisitions at $0.00) on 2026-04-20. The entries reflect multiple adjusted grants/awards (RSUs and option adjustments) tied to the spin‑off from AnaptysBio and the Separation and Distribution Agreement. These were not open‑market purchases or sales — they are awards/conversions of pre‑existing AnaptysBio awards into First Tracks securities.

Key Details

• Transaction date: 2026-04-20; Form 4 filed: 2026-04-22 (timely).
• Total derivative awards received: 581,540 units (various RSUs/options), all reported at $0.00 acquisition price.
• Footnote summary:
  • Awards resulted from the AnaptysBio → First Tracks spin‑off and adjustment/conversion of prior AnaptysBio options/RSUs (footnotes F1, F2, F8).
  • RSUs represent a contingent right to 1 share upon settlement (F7).
  • Some awards/options are fully vested (F3); others vest 25% after initial anniversary dates (various start dates) then monthly thereafter (F4–F6, F9–F12).
• The filing does not show a cash value paid at grant; these are not sales or purchases and should not be read as immediate market purchases.
• No indication of a 10b5‑1 plan, tax‑withholding sale, or late filing in the Form 4.

Context

• These entries are derivative grants/adjustments tied to corporate restructuring (spin‑off). They convert or reallocate pre‑existing equity awards rather than reflecting a buy/sell decision by the insider.
• Vesting schedules vary (some immediate/fully vested, others vest over multiple years); vesting is subject to continued service. Such awards become informative to watch only as portions vest and, if/when shares are settled or sold, those later transactions will show economic impact.