X0306 4 2015-04-20 0 0001037760 CEPHEID CPHD 0001240656 SMITH JOSEPH H C/O CEPHEID 904 CARIBBEAN DRIVE SUNNYVALE CA 94089 0 1 0 0 EVP, Bus Dev and GC Common Stock 2015-04-20 4 M 0 34352 9.075 A 48837 D Common Stock 2015-04-20 4 S 0 34352 55.1756 D 14485 D Common Stock 2015-04-21 4 M 0 57514 19.85 A 71999 D Common Stock 2015-04-21 4 S 0 51308 54.0156 D 20691 D Common Stock 2015-04-21 4 S 0 6206 54.9791 D 14485 D Non-qualified Stock Option (Right to Buy) 9.075 2015-04-20 4 M 0 34352 0.00 D 2006-01-01 2015-04-27 Common Stock 34352 0 D Non-qualified Stock Option (Right to Buy) 19.85 2015-04-21 4 M 0 57514 0.00 D 2009-04-24 2015-04-24 Common Stock 57514 0 D The transactions reported on this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the reporting person. The sales price reported is the weighted average sale price for the number of shares sold. Full information regarding the number of shares sold at each separate price will be supplied upon request by the Securities & Exchange Commission staff, the Issuer or a security holder of the Issuer. 1/48th of the shares subject to the grant vest and become exercisable monthly from the grant date, until such time as the option is 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. 25% of the shares subject to the grant vest and become exercisable on the one-year anniversary of the grant date, then 2.0833% of the shares subject to the grant vest and become exercisable each month thereafter, until such time as the option is 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. /s/ Jacobin Zorin, Attorney-In-Fact 2015-04-21