Nabel Gary J. 4

What Happened
Gary J. Nabel, a director of Candel Therapeutics (CADL), received a derivative award on 2026-06-23 covering 32,000 shares. The Form 4 reports an acquisition at $0.00 (derivative instrument); no cash was paid at grant and no immediate sale occurred. The award is subject to a time-based vesting schedule per the footnote.

Key Details

• Transaction date: 2026-06-23; Form 4 filed 2026-06-24 (timely filing).
• Instrument: derivative award (option-like award) for 32,000 shares; reported price $0.00 and reported acquisition value $0.
• Vesting: Shares underlying the award vest on the earlier of (i) June 23, 2027 or (ii) the date of the next annual meeting, but vesting stops if the reporting person leaves the Board unless the Board decides otherwise (see footnote).
• Shares owned after transaction: not specified in the provided filing excerpt.
• No indication of a 10b5‑1 plan, tax withholding, gift, or cashless sale in this report.

Context
This was a director compensation award (derivative grant), not an open-market purchase or sale. The award becomes exercisable only as it vests; it does not represent immediately tradable shares. Such grants are common for board service and are informational about compensation, not a direct signal of buying or selling activity.