X0303 4 2010-03-05 0 0001037760 CEPHEID CPHD 0001427842 Dailey Peter J C/O CEPHEID 904 CARIBBEAN DRIVE SUNNYVALE CA 94089 0 1 0 0 SVP, Research and Development Common Stock 2010-03-05 4 M 0 15000 9.02 A 20000 D Common Stock 2010-03-05 4 S 0 15000 17.50 D 5000 D Employee Stock Option (right to buy) 9.02 2010-03-05 4 M 0 15000 0.00 D 2013-06-12 Common Stock 15000 65000 D This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on May 29, 2008. 5,000 shares are subject to a right of repurchase, which right lapses as to one-half of the shares on January 23, 2011 and the balance on January 23, 2012. 25% of the shares subject to the grant vested and became exercisable on June 12, 2007 and 2.0833% of the shares vest and are exercisable on each monthly anniversary of the First Vesting Date until 100% vested. /s/ Peter J. Dailey by Joseph H. Smith, Attorney-in-Fact 2010-03-08