Was the KalVista (KALV) CEO’s share sale a discretionary trade?

The filing describes the CEO’s share sale as non-discretionary. Shares were sold under a “sell to cover” arrangement to fund tax withholding from Restricted Stock Unit vesting, meaning the transaction was driven by tax obligations rather than active portfolio or valuation decisions.

KalVista (NASDAQ: KALV) CEO exercises RSUs and sells shares for taxes

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

KalVista Pharmaceuticals CEO Benjamin L. Palleiko reported routine equity compensation activity and a related tax sale. On March 6, 2026, he exercised 15,625 Restricted Stock Units (RSUs), receiving an equal number of KalVista common shares for no cash consideration. The RSUs vest in 16 equal quarterly installments starting June 6, 2024, subject to continued service. On March 9, 2026, he sold 6,693 common shares at a weighted average price of $16.0814 per share solely to cover tax withholding obligations from the RSU vesting, described as a non-discretionary “sell to cover” transaction. After these transactions, he holds 451,815 common shares directly and 125,001 RSUs, giving him a substantial ongoing equity stake.

Insider Trade Summary

Net Seller: 6,693 shares ($107,633)

Net Sell 3 txns

Insider Palleiko Benjamin L

Role CHIEF EXECUTIVE OFFICER

Sold 6,693 shs ($108K)

Type	Security	Shares	Price	Value
Sale	Common Stock	6,693	$16.0814	$108K
Exercise	Restricted Stock Unit	15,625	$0.00	--
Exercise	Common Stock	15,625	$0.00	--

Holdings After Transaction: Common Stock — 451,815 shares (Direct); Restricted Stock Unit — 125,001 shares (Direct)

Footnotes (1)

Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs. The sale was to satisfy tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary transaction by the Reporting Person. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.08 to $16.4102 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. 1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on June 6, 2024, subject to continued service through each vesting date.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/10/2026 - 06:47 PM

FAQ

What insider transactions did KalVista (KALV) CEO Benjamin Palleiko report?

KalVista CEO Benjamin Palleiko reported exercising 15,625 RSUs into common stock and selling 6,693 shares. The sale was solely to cover tax withholding from the RSU vesting, structured as a non-discretionary “sell to cover” transaction rather than an elective open-market sale.

How many KalVista (KALV) shares did the CEO sell and at what price?

Benjamin Palleiko sold 6,693 KalVista common shares at a weighted average price of $16.0814 per share. The footnotes explain these shares were sold only to satisfy tax withholding obligations tied to RSU vesting, not as a discretionary decision to reduce his ownership.

How many KalVista (KALV) shares and RSUs does the CEO hold after these transactions?

Following the reported transactions, Benjamin Palleiko holds 451,815 KalVista common shares and 125,001 Restricted Stock Units. This indicates he retains a significant equity position after the tax-related sale, aligning his financial interests with those of other shareholders through ongoing stock-based exposure.

How do the KalVista (KALV) CEO’s RSUs vest over time?

The CEO’s RSUs vest in 16 equal parts, with one-sixteenth of the total vesting on each quarterly anniversary of the June 6, 2024 vesting commencement date. Continued service with the company is required on each vesting date for the corresponding portion of RSUs to fully vest.

What does each KalVista (KALV) RSU represent for the CEO?

Each Restricted Stock Unit granted to the CEO represents a contingent right to receive one share of KalVista common stock upon settlement for no cash consideration. Actual receipt of shares occurs as the RSUs vest and settle, subject to the vesting schedule and continued service conditions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Palleiko Benjamin L

(Last)

(First)

(Middle)

C/O KALVISTA PHARMACEUTICALS, INC.

200 CROSSING BOULEVARD

(Street)

FRAMINGHAM

01702

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
KalVista Pharmaceuticals, Inc. [ KALV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/06/2026		M		15,625	A	⁽¹⁾	458,508	D
Common Stock	03/09/2026		S⁽²⁾		6,693	D	$16.0814⁽³⁾	451,815	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	03/06/2026		M			15,625	⁽⁴⁾	⁽⁴⁾	Common Stock	15,625	$0	125,001	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.

2. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs. The sale was to satisfy tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary transaction by the Reporting Person.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.08 to $16.4102 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. 1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on June 6, 2024, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR