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Vaxcyte, Inc.·4

Mar 2, 8:08 PM ET

Cowan Elvia 4

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Vaxcyte (PCVX) SVP Finance Elvia Cowan Exercises Options, Receives RSUs

What Happened
Elvia Cowan, SVP, Finance & CAO of Vaxcyte, exercised stock options on Feb 26, 2026 to acquire 7,716 shares at $25.92 per share (total cash paid $199,999). On the same date she was granted RSU awards (10,681 shares and a separate derivative award of 17,855 units). Following vesting events, 243 shares (Feb 28) and 326 shares (Mar 2) were surrendered to the company to cover tax withholding (total surrendered = 569 shares, ~$35,266). Aside from the withholding, no open-market sales were reported — the exercise was effectively a cash exercise to take possession of the shares.

Key Details

  • Transaction dates/prices:
    • 2026-02-26: Exercised options for 7,716 shares at $25.92/share = $199,999.
    • 2026-02-26: RSU grants reported — 10,681 shares and 17,855 RSU-equivalent units (reported as derivative award) at $0.
    • 2026-02-28: 243 shares surrendered at $61.98/share = $15,061 (tax withholding).
    • 2026-03-02: 326 shares surrendered at $61.98/share = $20,205 (tax withholding).
  • Shares surrendered for tax withholding: 569 shares (~$35.3K total), per footnote F2.
  • Shares owned after the transactions: filing does not specify total beneficial ownership following these entries.
  • Vesting/other notes (from filing footnotes):
    • F1: RSUs vest 1/4 on Sept 7, 2026, then 1/8 every six months thereafter (subject to continued service).
    • F3/F4: Option vesting schedules noted (monthly thereafter following initial cliffs).
    • F2: Shares surrendered were to satisfy tax withholding on RSU vesting.
  • Timeliness: Filing dated 2026-03-02 for transactions on 2026-02-26 — appears timely (filed within required business-day window).

Context

  • This was an option exercise plus RSU grants, not an open-market sale. The payment of $199,999 indicates a cash exercise (shares acquired rather than sold immediately). The small number of shares surrendered were used solely to satisfy tax withholding on vested RSUs, a common administrative step that is not the same as a market sale.
  • RSU grants are subject to vesting schedules; until vested they do not represent immediately tradable shares. This filing is largely administrative (exercise + grant + tax withholding) rather than a signal of large insider selling.