Cheung Lily 4

What Happened

• Lily Cheung, Chief Human Resource Officer of Pliant Therapeutics (PLRX), had stock option awards repriced and reissued by the company effective April 17, 2026. The filing shows dispositions to the issuer and contemporaneous grants (derivative transactions) for 123,000, 52,000 and 51,750 option shares, for a total of 226,750 options. Each transaction is reported at $0.00 because these are derivative award adjustments (no cash sale or open-market purchase reported).

Key Details

• Transaction date: April 17, 2026 (board approval occurred April 15, 2026; repricing effective April 17, 2026)
• Reported transactions: cancellations/dispositions to the issuer of 123,000; 52,000; and 51,750 option shares, and simultaneous grants of the same amounts (total 226,750). Price reported: $0.00 (derivative award repricing, not a cash trade).
• Shares owned after transaction: not specified in the provided filing summary.
• Plan and vesting: Awards issued under the 2020 Stock Option and Incentive Plan; vesting remains as previously reported and is subject to continued service. (Footnote F2.)
• Expiration correction: original Form 4 expiry date corrected to January 19, 2033. (Footnote F3.)
• Retention/reversion terms: Under the repricing, options will revert to their original exercise price if exercised during a defined "Retention Period" (up to 18 months or upon certain termination or sale events) or under other specified termination/resignation-for-cause scenarios. (Footnotes F4–F5.)
• Timeliness: Filing and report date are both April 17, 2026 — the filing appears timely per the reported period.

Context

• These entries reflect an option repricing/regrant (derivative adjustment), not an open-market buy or sale of common stock. That means no immediate cash proceeds or purchases were reported.
• Vesting schedules and most other award terms remain unchanged; the repriced options carry special reversion rules during the retention period as noted above.
• For retail investors: this is a compensation-related adjustment rather than a straightforward insider purchase or sale; interpret it as an administrative change to option economics rather than a direct bullish/bearish trade signal.