Ajim Tamboli, Chief Financial Officer of First Tracks Biotherapeutics, Inc. (NASDAQ:TRAX), filed a Form 4 on November 3, 2026, disclosing the acquisition of 42,500 performance stock units on November 1, 2026.

Key Highlights

  • Grant date: November 1, 2026, is the date of the earliest transaction reported in the filing.
  • Security type: 42,500 performance stock units (PSUs) were acquired, each representing a contingent right to receive one share of common stock upon settlement for no consideration.
  • Price paid: The price of the derivative security is listed as $0.
  • Vesting conditions: PSUs vest upon the issuer's achievement of certain share price metrics, with 50% of achieved PSUs vesting on the one-year anniversary and the remaining 50% on the two-year anniversary of the applicable Certification Date.
  • Final vesting deadline: All achieved PSUs that have not previously vested will vest on December 15, 2030, subject to the reporting person's continued service to the issuer on each vesting date.
  • Resulting ownership: Following the transaction, Tamboli beneficially owns 42,500 derivative securities (PSUs) directly.

Ajim Tamboli's PSU Grant Details and Vesting Structure

According to the filing, Ajim Tamboli, serving as Chief Financial Officer of First Tracks Biotherapeutics, Inc., acquired 42,500 PSUs on November 1, 2026. The filing describes each PSU as "a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration." The transaction code is listed as "A" (acquisition), and the price of the derivative security is recorded as $0.

The filing explains that vesting of the PSUs is contingent on the issuer's achievement of certain share price metrics, referred to as "Performance Metrics." Once a Performance Metric is met, the PSUs subject to that tranche become "Achieved PSUs." The filing states that "50% of the Achieved PSUs for each satisfied tranche shall vest on the one-year anniversary of the Certification Date of the achievement of the applicable Performance Metric, and the remaining 50% of the Achieved PSUs shall vest on the two-year anniversary of the applicable Certification Date."

The filing further notes that any achieved PSUs that remain unvested under the standard schedule will vest on December 15, 2030, or on the Certification Date if a share price target is achieved on that date itself, in each case "subject to the Reporting Person's service to the Issuer on each vesting date." Prior to this grant, the filing reflects no pre-existing PSU or common stock holdings reported in Table I for Tamboli. The Form 4 was signed by Ajim Tamboli and filed on November 3, 2026.

What Was Disclosed

The filing disclosed the grant of 42,500 PSUs to CFO Ajim Tamboli on November 1, 2026, at no cost, with vesting tied to share price performance metrics and a final vesting deadline of December 15, 2030, subject to continued service.