Susan Rodriguez - 12 Feb 2026 Form 4 Insider Report for AVADEL PHARMACEUTICALS PLC (AVDL)

Role: Chief Operating Officer
Signature: /s/ Robert E. Puopolo, as Attorney-in-Fact
Issuer symbol: AVDL
Transactions as of: 12 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 12 Feb 2026, 17:36:43 UTC
Previous filing: 03 Jun 2025
Next filing: 04 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Rodriguez Susan	Chief Operating Officer	C/O AVADEL PHARMACEUTICALS PLC, 10 EARLSFORT TERRACE, DUBLIN 2, IRELAND	/s/ Robert E. Puopolo, as Attorney-in-Fact	12 Feb 2026	0001812511

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AVDL	Stock Option (Right to Buy)	Disposed to Issuer		-300,000	-100%		0	12 Feb 2026	Ordinary Shares	300,000	$9.59	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Susan Rodriguez is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Reflects the disposition of outstanding options to purchase ordinary shares of Avadel Pharmaceuticals plc ("Issuer"), nominal value $0.01 per share ("Ordinary Shares"), in connection with the consummation of the transactions contemplated by the Transaction Agreement, dated as of October 22, 2025, as amended by Amendment No. 1 to the Transaction Agreement dated November 18, 2025, (together the "Transaction Agreement") by and between Issuer and Alkermes plc ("Parent"), including the consummation of a scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland (the "Scheme") pursuant to which Parent acquired Issuer.
F2	(continued) Pursuant to the Transaction Agreement, on February 12, 2026, the effective time of the Scheme (the "Effective Time"), each outstanding Option (whether or not vested) was canceled and exchanged for the right to receive (i) an amount in cash (less applicable tax and any other mandatory withholdings), equal to the product of (a) the total number of Ordinary Shares subject to such Option, multiplied by (b) the excess of the $21.00 over the applicable exercise price per Ordinary Share under such Option immediately prior to the Effective Time and (ii) a non-transferable contingent value right entitling the holders to a potential additional cash payment of $1.50 per share subject to such Option immediately prior to the Effective Time (without regard to vesting), contingent upon achievement of certain milestones.

Content

Reflects the disposition of outstanding options to purchase ordinary shares of Avadel Pharmaceuticals plc ("Issuer"), nominal value $0.01 per share ("Ordinary Shares"), in connection with the consummation of the transactions contemplated by the Transaction Agreement, dated as of October 22, 2025, as amended by Amendment No. 1 to the Transaction Agreement dated November 18, 2025, (together the "Transaction Agreement") by and between Issuer and Alkermes plc ("Parent"), including the consummation of a scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland (the "Scheme") pursuant to which Parent acquired Issuer.

(continued) Pursuant to the Transaction Agreement, on February 12, 2026, the effective time of the Scheme (the "Effective Time"), each outstanding Option (whether or not vested) was canceled and exchanged for the right to receive (i) an amount in cash (less applicable tax and any other mandatory withholdings), equal to the product of (a) the total number of Ordinary Shares subject to such Option, multiplied by (b) the excess of the $21.00 over the applicable exercise price per Ordinary Share under such Option immediately prior to the Effective Time and (ii) a non-transferable contingent value right entitling the holders to a potential additional cash payment of $1.50 per share subject to such Option immediately prior to the Effective Time (without regard to vesting), contingent upon achievement of certain milestones.