Sec Form 4 Filing - Newton Charles W. @ Lyell Immunopharma, Inc. - 2023-11-16

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Newton Charles W. 2. Issuer Name and Ticker or Trading Symbol Lyell Immunopharma, Inc. [ LYEL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) C/O LYELL IMMUNOPHARMA, INC., 201 HASKINS WAY 3. Date of Earliest Transaction (MM/DD/YY) 11/16/2023 (Street) SOUTH SAN FRANCISCO, CA94080 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Common Stock 8,729 ( 1 ) 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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) $ 1.87 11/16/2023 A 3,612,000 ( 2 ) 02/04/2031 Common Stock 3,612,000 ( 3 ) ( 4 ) 3,612,000 D Stock Option (right to buy) $ 6.24 11/16/2023 D 3,612,000 ( 5 ) 02/04/2031 Common Stock 3,612,000 ( 3 ) ( 4 ) 0 D Stock Option (right to buy) $ 1.87 11/16/2023 A 190,000 ( 6 ) 02/04/2031 Common Stock 190,000 ( 3 ) ( 4 ) 190,000 D Stock Option (right to buy) $ 6.24 11/16/2023 D 190,000 ( 5 ) 02/04/2031 Common Stock 190,000 ( 3 ) ( 4 ) 0 D Stock Option (right to buy) $ 1.87 11/16/2023 A 516,000 ( 7 ) 02/04/2031 Common Stock 516,000 ( 3 ) ( 4 ) 516,000 D Stock Option (right to buy) $ 6.24 11/16/2023 D 516,000 ( 8 ) 02/04/2031 Common Stock 516,000 ( 3 ) ( 4 ) 0 D Stock Option (right to buy) $ 1.87 11/16/2023 A 500,000 ( 9 ) 03/15/2032 Common Stock 500,000 ( 3 ) ( 4 ) 500,000 D Stock Option (right to buy) $ 5.98 11/16/2023 D 500,000 ( 10 ) 03/15/2032 Common Stock 500,000 ( 3 ) ( 4 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Newton Charles W. C/O LYELL IMMUNOPHARMA, INC. 201 HASKINS WAY SOUTH SAN FRANCISCO, CA94080 Chief Financial Officer Signatures /s/ Hector Casab, as Attorney-in-Fact 11/20/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 2,941 shares acquired on May 18, 2022, 5,787 shares acquired on May 18, 2023 and 1 share acquired on November 17, 2023 under the Issuer's 2021 Employee Stock Purchase Plan. ( 2 )2,483,250 shares were vested as of November 16, 2023 and the remaining unvested shares will vest in equal monthly installments over the following twenty-seven months based on the original vesting commencement date. ( 3 )The transactions reported herein reflect a one-time stock option repricing (the "Option Repricing") effective on November 16, 2023 (the "Repricing Date"). The Option Repricing applies to options with exercise prices greater than $2.37 per share held by all continuing employees of the Issuer as of the Repricing Date. ( 4 )Pursuant to the Option Repricing, the exercise price of the repriced options, including the Option, has been amended to reduce the exercise price to $1.87 per share, the closing price of the Issuer's common stock on the Repricing Date. However, if an employee exercises a repriced option before the end of a retention period of one year (subject to earlier termination in certain circumstances), such employee will be required to pay the original exercise price per share of such repriced option. In addition, the vesting schedule for the unvested shares underlying repriced options held by executive officers, including the reporting person, was extended for an additional year. There is no change to the expiration dates of or number of shares underlying the repriced options. ( 5 )1/4 of the option shares vested on February 5, 2022, with the remaining option shares vesting in equal monthly installments over the following thirty-six months. ( 6 )130,625 shares were vested as of November 16, 2023 and the remaining unvested shares will vest in equal monthly installments over the following twenty-seven months based on the original vesting commencement date. ( 7 )311,750 shares were vested as of November 16, 2023 and the remaining unvested shares will vest in equal monthly installments over the following thirty-one months based on the original vesting commencement date. ( 8 )1/48th of the total shares vest in equal monthly installments over the forty-eight months following June 16, 2021. ( 9 )218,750 shares were vested as of November 16, 2023 and the remaining unvested shares will vest in equal monthly installments over the following thirty-nine months based on the original vesting commencement date. ( 10 )12.5% of the option shares vested on August 9, 2022, with the remaining option shares to vest in equal monthly installments over the following forty-two months.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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