Paul Peter Tak - Apr 28, 2023 Form 4 Insider Report for Candel Therapeutics, Inc. (CADL)

Role: Chief Executive Officer, Director
Signature: /s/ Jason A. Amello as Attorney-In-Fact for Paul Peter Tak
Stock symbol: CADL
Transactions as of: Apr 28, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/2/2023, 05:10 PM
Previous filing: Dec 12, 2022
Next filing: Nov 28, 2023

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	+180K		$0.00	180K	Apr 28, 2023	Common Stock	180K	$1.29	Direct	F1

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

Explanation of Responses:

Id	Content
F1	One third of the shares underlying this option shall vest and become exercisable in forty-eight equal monthly installments following April 28, 2023, subject to the Reporting Person's continued service on each vesting date. One third of the shares underlying this option shall vest and become exercisable if the average closing market price of the Issuer's common stock exceeds $3.00 per share for at least 20 consecutive trading days prior to the expiration of the option. The final third of shares underlying this option shall vest and become exercisable if the average closing market price of the Issuer's common stock exceeds $4.50 per share for at least 20 consecutive trading days prior to the expiration of the option. If either stock price hurdle is achieved prior to April 28, 2024, the applicable award would vest fully on April 28, 2024, so long as the Reporting Person remains an employee or service provider of the Issuer through such date.

Content

One third of the shares underlying this option shall vest and become exercisable in forty-eight equal monthly installments following April 28, 2023, subject to the Reporting Person's continued service on each vesting date. One third of the shares underlying this option shall vest and become exercisable if the average closing market price of the Issuer's common stock exceeds $3.00 per share for at least 20 consecutive trading days prior to the expiration of the option. The final third of shares underlying this option shall vest and become exercisable if the average closing market price of the Issuer's common stock exceeds $4.50 per share for at least 20 consecutive trading days prior to the expiration of the option. If either stock price hurdle is achieved prior to April 28, 2024, the applicable award would vest fully on April 28, 2024, so long as the Reporting Person remains an employee or service provider of the Issuer through such date.