Cowan Elvia 4

What Happened

• Elvia Cowan, SVP, Finance & CAO of Vaxcyte (PCVX), exercised options to acquire 3,000 shares at $25.92 per share (total exercise cost $77,760) on April 7, 2026, and on the same day sold 3,000 shares in the open market at $60.00 per share for $180,000. The Form 4 also reports a 3,000‑share derivative conversion/disposition with a $0.00 price on the same date (the filing does not provide additional detail on that line).

Key Details

• Transaction date: April 7, 2026 (reported on Form 4 filed April 8, 2026) — filing appears timely.
• Exercise (code M): 3,000 shares acquired at $25.92 each — $77,760 total.
• Sale (code S): 3,000 shares sold at $60.00 each — $180,000 proceeds; noted as effected pursuant to a Rule 10b5‑1 trading plan (adopted Dec 8, 2025).
• Derivative line: 3,000 shares shown as disposed at $0.00 (no dollar value explained in the form).
• Shares owned after transaction: not specified in the provided filing details.
• Vesting note: option subject to vesting — 1/4 vested July 1, 2023, then 1/48 vesting monthly thereafter, subject to continued service.

Context

• This filing shows an option exercise paired with an immediate share sale (same‑day exercise and sale), and the sale was executed under a pre-established 10b5‑1 plan. Exercise-plus-sale transactions are often administrative (to cover exercise cost and/or taxes), but the form does not state motivations. The separate derivative disposal at $0.00 is reported without explanation in the filing.