BORGESON JOHN A. 4

What Happened John A. Borgeson, Chief Financial Officer of Kodiak Sciences (KOD), exercised 30,000 stock options (cost $1.04/share, $31,200 total) and simultaneously sold the 30,000 shares on 2026-06-04. The open-market sales generated aggregate proceeds of approximately $1,023,009 (25,896 shares at a weighted avg $34.01 ≈ $880,723; 4,104 shares at a weighted avg $34.67 ≈ $142,286). The filing shows the derivative (option) position was terminated in connection with the exercise.

Key Details

• Transaction date: 2026-06-04; Form 4 filed 2026-06-05 (timely).
• Exercise: 30,000 shares acquired at $1.04/share for $31,200.
• Sales: 25,896 shares sold at weighted avg $34.01 (range $33.49–$34.48 per footnote); 4,104 shares sold at weighted avg $34.67 (range $34.49–$35.05 per footnote). Total proceeds ≈ $1,023,009.
• Reporting codes: M used for option exercise; separate M line shows derivative disposition at $0 reflecting cancellation of the option upon exercise.
• Footnotes: Sales were made pursuant to a 10b5-1 trading plan adopted Sept 29, 2025 (F1). Option shares were fully vested (F4). Weighted-average prices and price ranges provided (F2, F3).
• Shares owned after the transactions are not reported in the information you provided.

Context This was an exercise of vested options followed by immediate open‑market sales (effectively a cashless exercise / sell-to-cover pattern). The trades were executed under a pre-established 10b5-1 plan, which means the sales were pre-planned and are generally considered routine disposition of exercised option shares rather than a spontaneous market signal.