Audhya Paul K. 4

What Happened

• Audhya Paul, Chief Medical Officer of KalVista Pharmaceuticals (KALV), had 12,500 restricted stock units (RSUs) settle on May 21, 2026 (two entries of 6,250 shares). As part of the settlement, 6,250 shares were delivered and 6,250 shares were withheld/treated in connection with the settlement. On May 22, 2026 she sold 2,685 shares in an open-market "sell to cover" transaction at $26.78 per share, generating $71,916 in proceeds. The RSU settlement is recorded as a conversion/exercise of a derivative (code M) and the sale is recorded as a sale (code S).

Key Details

• Transaction dates: RSU settlement/conversion on 2026-05-21; open-market sale on 2026-05-22. Sale price: $26.78; sale proceeds: $71,916.
• Shares involved in settlement: two entries of 6,250 shares (total 12,500 RSUs settled on 5/21/2026).
• Shares sold: 2,685 shares disposed on 5/22/2026 to cover tax withholding (footnote F2 indicates this was a sell-to-cover to satisfy tax withholding, not a discretionary sale).
• Footnotes: F1—each RSU converts to 1 share upon settlement at no consideration; F3—these awards vest 1/16th each quarter beginning May 21, 2025. F2—sale was to satisfy tax withholding obligations.
• Shares owned after transaction: not disclosed in the provided summary of the filing.
• Filing date: Form 4 filed 2026-05-26 for transactions dated 2026-05-21 and 2026-05-22. (This timing likely covers the May 22 sale under SEC two-business-day rules; the May 21 settlement may be close to the deadline—check the filed Form 4 cover page for any late-filing notation.)

Context

• These transactions reflect RSU vesting/settlement and routine tax-related share withholding/sell-to-cover activity rather than a voluntary open-market investment decision. The derivative code M here indicates conversion/settlement of RSUs (no purchase price). The separate open-market sale was used to fund tax withholding obligations, per the filing footnote.