X0306 4 2014-10-29 0 0001037760 CEPHEID CPHD 0001263113 PERSING DAVID H C/O CEPHEID 904 CARIBBEAN DRIVE SUNNYVALE CA 94089 1 1 0 0 EVP, Chief Med/Tech Officer Common Stock 2014-10-29 4 M 0 366 0.00 A 4200 D Common Stock 2014-10-29 4 F 0 138 51.90 D 4062 D Common Stock 2014-10-30 4 M 0 15000 8.43 A 19062 D Common Stock 2014-10-30 4 S 0 5000 52.55 D 14062 D Common Stock 2014-10-30 4 S 0 5000 53.07 D 9062 D Common Stock 2014-10-30 4 S 0 5000 53.60 D 4062 D Common Stock 2014-10-31 4 M 0 5000 8.43 A 9062 D Common Stock 2014-10-31 4 S 0 5000 54.14 D 4062 D Restricted Stock Units 0.00 2014-10-29 4 M 0 366 0.00 D Common Stock 366 3656 D Non-qualified Stock Option (Right to Buy) 8.43 2014-10-30 4 M 0 15000 0.00 D 2016-04-28 Common Stock 15000 35000 D Non-qualified option (right to buy) 8.43 2014-10-31 4 M 0 5000 0.00 D 2016-04-28 Common Stock 5000 30000 D Vesting of restricted stock units ("RSUs") granted to the Reporting Person. Exempt transaction pursuant to Section 16b-3(e) - payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3. All of the shares reported as disposed of in this Form 4 were relinquished by the Reporting Person and cancelled by the Issuer in exchange for the Issuer's agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of RSUs. The Reporting Person did not sell or otherwise dispose of any of the shares for any reason other than to cover required taxes. The transactions reported on this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the reporting person. Each RSU represents a contingent right to receive one share of the Issuer's common stock. 25% of the RSUs vest on the one-year anniversary of the grant date, then 6.25% of the RSUs vest each quarterly anniversary thereafter, until such time as the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting. 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 2014-10-31