Usman Azam Receives 1,875,000-Share Option; 48-Month Vesting

Rhea-AI Filing Summary

Cue Biopharma director and CEO Usman Azam was granted a stock option on 09/29/2025 to purchase 1,875,000 shares of common stock at an exercise price of $0.72 per share. The option was reported on Form 4 filed 10/02/2025 and becomes exercisable in 48 monthly installments beginning 09/29/2026, with an expiration date of 09/28/2035. After the grant, Azam beneficially owns 1,875,000 underlying shares directly. The filing was signed by an attorney-in-fact on Azam's behalf.

Positive

• Long-term vesting over 48 months aligns CEO incentives with shareholder value creation
• Direct beneficial ownership of 1,875,000 underlying shares shows executive stake in company

Negative

• Potential dilution if 1,875,000 option shares are exercised
• Large single award to CEO could be perceived as concentrated executive compensation

Insights

Corporate Governance Expert

Large option grant to CEO/director aligns leadership incentives but increases potential share dilution.

The Form 4 shows a single award of a stock option for 1,875,000 shares at $0.72 exercisable over 48 months starting 09/29/2026. This ties long-term executive compensation to the company share price over a multi-year vesting schedule.

Because the option vests monthly over four years and expires in 2035, the award creates future dilution risk equal to the underlying shares if fully exercised; the filing states Azam directly owns those 1,875,000 underlying shares following the grant.

Compensation Analyst

Grant price and long exercisability window imply standard long-term incentive design.

The exercise price is $0.72, and the option expires on 09/28/2035, providing a lengthy period for potential exercise. The monthly vesting in 48 installments indicates gradual alignment of Azam's interests with shareholders over four years.

The filing is specific about timing and amounts; no cash payments, performance conditions, or accelerated vesting clauses are disclosed in this Form 4.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Azam Usman

Role CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	1,875,000	$0.00	--

Holdings After Transaction: Stock Option (right to buy) — 1,875,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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).

1. Name and Address of Reporting Person^*

Azam Usman

(Last) (First) (Middle)

C/O CUE BIOPHARMA, INC.

40 GUEST STREET

(Street)

BOSTON MA 02135

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cue Biopharma, Inc. [ CUE ]

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)
09/29/2025

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$0.72	09/29/2025		A		1,875,000		(1)	09/28/2035	Common Stock	1,875,000	$0.0	1,875,000	D

Explanation of Responses:

1. This stock option becomes exercisable in 48 monthly installments beginning on September 29, 2026.

	/s/ Usman Azam by Michael Meluzio, attorney-in-fact	10/02/2025
	** 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.

FAQ

What did Cue Biopharma (CUE) report on this Form 4?

The filing reports a stock option grant to director and CEO Usman Azam for 1,875,000 shares at an exercise price of $0.72 per share.

When does the option vest and expire?

The option vests in 48 monthly installments beginning 09/29/2026 and expires on 09/28/2035.

How many shares does Azam beneficially own after the grant?

After the reported transaction, Azam beneficially owns 1,875,000 shares underlying the option, held directly.

What is the exercise price of the option?

The option exercise price is $0.72 per share.

Who signed the Form 4?

The Form 4 was signed on behalf of Usman Azam by an attorney-in-fact, Michael Meluzio, on 10/02/2025.