John J. Canepa - 28 Feb 2022 Form 4 Insider Report for Candel Therapeutics, Inc. (CADL)

Role: Chief Financial Officer
Signature: /s/ John Canepa
Issuer symbol: CADL
Transactions as of: 28 Feb 2022
Net transactions value: $0
Form type: 4
Filing time: 01 Mar 2022, 17:40:38 UTC
Previous filing: 02 Aug 2021
SEC: View on sec.gov

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	+110,000		$0.000000	110,000	28 Feb 2022	Common Stock	110,000	$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.