Francesca Barone - Feb 28, 2022 Form 4 Insider Report for Candel Therapeutics, Inc. (CADL)

Role: Chief Scientific Officer
Signature: /s/ John Canepa, as Attorney-In-Fact for Francesca Barone
Stock symbol: CADL
Transactions as of: Feb 28, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/1/2022, 05:34 PM
Previous filing: Feb 7, 2022
Next filing: Nov 30, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CADL	Stock Option (Right to Buy)	Award	$0	+110K		$0.00	110K	Feb 28, 2022	Common Stock	110K	$4.12	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This option is subject to time-based and performance-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following the Grant Date, subject to the Reporting Person's continued service on each such vesting date; provided, however, that one-third of the shares underlying this option shall only become exercisable if the average market price of the Issuer's common stock equals or exceeds $13.50 for any ten consecutive trading days prior to or as of December 31, 2022, and an additional one-third of the shares underlying this option shall only become exercisable if the average market price of the Issuer's common stock equals or exceeds $20.00 for any ten consecutive trading days prior to or as of December 31, 2022.

Content

This option is subject to time-based and performance-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following the Grant Date, subject to the Reporting Person's continued service on each such vesting date; provided, however, that one-third of the shares underlying this option shall only become exercisable if the average market price of the Issuer's common stock equals or exceeds $13.50 for any ten consecutive trading days prior to or as of December 31, 2022, and an additional one-third of the shares underlying this option shall only become exercisable if the average market price of the Issuer's common stock equals or exceeds $20.00 for any ten consecutive trading days prior to or as of December 31, 2022.